The Lagos State House of Assembly on Thursday passed the N662.5bn Appropriation Bill presented by the state Governor, Akinwunmi Ambode on December 17, 2015.
The House unanimously approved the 2016 budget after members deliberated on the report of the House Committee on Budget which scrutinised the bill as proposed by the governor.
The report was presented by the Chairman of the House Committee on Budget, Rotimi Olowo.
The Speaker of the House, Mudashiru Obasa, commended members of the committee for expeditiously working on the budget to ensure its passage before the New Year.
“I recall that members of the committee worked even on holidays. They have indeed shown their love for the people Lagos state,” he added.
Ambode had, while presenting the budget, put the Recurrent Expenditure at N278.909bn, while Capital Expenditure stood at N383.678bn, explaining that the Capital to Recurrent ratio was 58:42 as against the 51:49 in 2014 and 2015.
The governor also put the total revenue estimate for the 2016 fiscal year at N542.873bn, saying the balance of N119.714bn would be funded through deficit financing, constituting 0.41 per cent of the state’s GDP based on the 2016 budget alone and a cumulative debt to GDP ratio of about three per cent.