Lagos — Lagos State Governor, Mr. Babatunde Raji Fashola, yesterday, presented the year 2009 budget of N405 billion to the State House of Assembly for consideration.

Presenting the proposed budget tagged 'Budget of Accelerated Growth', the governor noted that the budget has a 0.4 per cent increase over that of 2008.

He stated that the budget was composed of capital expenditure profile of N245.716 billion and a recurrent expenditure of N15.284 billion, maintaining the ratio of 60:40 as in the last budget.

The budget, he further said, has a revenue projection of N288.963 billion made up of Internally Generated Revenue (IGR) of N208.791billion, Federal Transfers of N76 billion and other Revenue (Dedicated) of N4.174 billion.

Fashola also indicated the sectoral components of the capital expenditure as follows:Economic N109.155 billion (44.4%); social N43.945 billion (17.88%); environment N42.735 billion (17.32%); and administration N49.881 billion (20.30%).

While stating that the recurrent expenditure is N159.284 billion, the governor said personnel cost of N42.835 billion is envisaged along with a pension-related provisions of N12.509 billion, overhead cost of N80.196 billion; subvention of N17.5 billion and a public debt charge of N3.00 billion.

He also indicated that a financial requirement of N73.835 billion, translating to 3% of the state GDP, is also envisaged and is to be financed through bond issuance and loans.

Governor Fashola further disclosed that the budget, in taking cognisance of the $45 oil benchmark for the preparation of the Federal Government budget, had anticipated a reduction in statutory allocations.

He explained that major developmental programmes planned for the year 2009 include the 10-lane Lagos-Badagry Expressway, the establishment of a weather agency and completion of on-going projects.

He said the re-ordering of priorities as approved by the House had significantly enhanced the realisation of the goals of development anticipated in the year 2008 Budget of Great Leaps.

He added that his administration would continue to minimise wastages within the public service while also ensuring optimal utilisation of funds accruing to government.

He reported a 71.14% performance of the 2008 Budget, as at the third quarter of the current year.