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At Last, Ambode Presents Lagos 2019 Budget

Speaker of the house, Mudashiru Obasa and Akinwumi Ambode after the presentation
Lagos State Governor, Akinwunmi Ambode on Tuesday presented the 2019 budget of N852.317 billion to the State House of Assembly for approval.

intrigues and power play  in the Lagos All Progressives Congress, APC, had delayed the presentation of the budget.

The Assembly has had a running battle with the the governor and threatened to impeach him, after accusing him of spending part of the 2019 budget which had not been laid before the House or passed by the lawmakers.

But the intervention of the the National leader of the APC, Asiwaju Bola Tinubu saved the day and paved the way for the governor to present the budget on Tuesday.

However, the 2019 budget is N187.68 billion lesser than that of 2018 which stood at N1.04 trillion.

The proposed budget has a Recurrent Expenditure of ₦389.560 billion and a Capital Expenditure of ₦462.757 billion, with Capital/Recurrent Ratio of 54:46.

The government is going to borrow N77.086 billion from internal loans and other sources to finance the deficit budget.

According to Ambode’s budget, the projected total revenue for 2019 is ₦775.231 billion, of which ₦606.291 billion is expected to be generated internally, ₦168.940 billion from Federal Transfers while a total of ₦77.086 billion will be sourced through deficit financing within the state’s medium term expenditure framework. The breakdown of the allocations is as follows will be rendered by the Ministry of Budget and Planning and Finance subsequently.

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