Lagos Assembly approves N489.6b Budget for 2014

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Lagos State House of Assembly has  approved a total sum of N489. 690 billion to be spent by the state government during the 2014 fiscal year.

The amount is 3.43 per cent lower than  last year’s budget. Out of the total sum, N234.665billion is for recurrent while N255.025 billion is for capital expenditure.

The Assembly, presided over by the Speaker, Hon. Adeyemi Ikuforiji, passed the Budget, having considered the outcome of its Appropriation Committee headed by Hon. Obasa.

The committee had read a breakdown of the budget on sectoral basis, even as the committee has  reduced allocations to some ministries, agencies and departments (MDAs) and added to others, based on their needs.

The breakdown of the budget shows that Education gulps a sum of N51.378 billion, Health, N22.07billion, Works and Infrastructure, N100.12billion and Environment, N25.67 billillion.

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