Breaking News

Lagos needs N7trn for infrastructural devt- Akabueze

By Jimoh Babatunde, Olasunkanmi Akoni, Monsur Olowoopejo & Daniel Eteghe
Lagos state Government, yesterday, disclosed that it will require over N7 trillion in the next 10 years to continue with the fast infrastructural development going on across the state.

Governor Babatunde Fashola of Lagos State had, Monday, signed the 2011 Appropriation Bill of N450.775 billion into law.

Commissioner for Economic Planning and Budgeting, Mr. Ben Akabueze, stated this, yesterday, at a media briefing held at Alausa, Ikeja with special focused on budget performance between 2007  and 2010 and analyses of the 2011 budget, which he said priority would be given to  in line with the policy thrust of Lagos State government.

Meanwhile Governor,  Fashola,  yesterday, said that the state’s budget for 2011 will address youth empowerment through agriculture, just as he said  that all the state has been doing in alleviating poverty and sustainable infrastructural renewal will  remain the focus of the budget.

He said: “There are general provisions for adult farmers and all of that, but there is a special provision for youth unemployment through the agricultural youth empowerment scheme for graduates. We are moving them to an area where young graduates have not looked enough at.”

The state government also focused its 2011 budget on the economic sector of the state and will spend N142.085 billion which form 31.5 per cent of its entire budget.

Other sectors to receive the state government attention include the health sector which received the sum of 39.888bn (8.85%), Environment Protection Sector: 36.790bn (8.16%), on General Public Service Sector: N 112.858bn (25.04%), N 64.934bn (14.40%) for the Education Sector, Housing: 26.761bn (5.94%) and Justice, Public Order and Safety is 14.441bn (3.20%).

Akabueze further gave a breakdown on the N198.182 billion recurrent and 252.593 capital totalling N450.775billion budget for the 2011 fiscal year.

The commissioner while giving a vivid analysis of the budget, spread the 10_year budget along six sectors: Water Development $3billion, road and drainage $20billion, power $10 billion, ICT $5 billion, transportation $9.3billion, water and sewage etc, $2.7billion bringing the total sum needed for the next decade to $50 billion.

Akabueze explained that based on this estimate, the yearly budget of the year is about $2 billion, adding that the state did not at anytime promised to deliver all roads in the state in a period of four years against publicity in the media that potholes are now common features in some roads in the state.

He stated that the state opted to denominate budget for the decade in US Dollars to counter inflationary trend and other sundry factors.

The commissioner noted that Internally Generated Revenue (IGR) from the state moved up 74 percent (N66, 187bn) in 2007 to 85 percent (N144, 191bn) in 2010 with a decreased dependency on Federal revenue transfer from 41 to 35 percent.

According to him, the state’s IGR stands at N7 to N15 billion monthly adding that a total of N209 billion was generated in 2010 while the total sum of N228.520 billion was budgeted as realizable IGR for 2011.

Akabueze while explaining areas which form the economic sector said that the improvement of this sector will have great impact on the public as all its programmes concerns the masses.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.