Olasunkanmi Akoni and Adeyemi Ogundele
6 January 2009
Governor Babatunde Fashola, of Lagos State yesterday signed the 2009 Appropriation bill of N405 billion, saying it aimed at renewing the commitment of the state government to fulfil the social contract with Lagos residents.
It would be recalled that while presenting the budget tagged 'Budget of Accelerated Growth' to the state House of Assembly on November 10, 2008, Fashola said the budget had been carefully planned to sustain the great leap budget 2008 and ensure the acceleration of the tempo of infrastructural development of the state. Also the state House of Assembly had last week approved the appropriation bill for governor's assent.
Fashola however called on the Federal Government to diversify its interest from oil revenue following the dwindling price of crude oil at the world market.
Speaking at the brief ceremony which took place at the Lagos House in Ikeja, Fashola said the 2009 budget was made up of N159.46bn from the Consolidated Revenue Fund for Recurrent Expenditure and N245.53bn from Development Revenue Fund for Capital Expenditure.
Fashola said that the budget would renew government's commitment to the contract it signed with the Lagos residents adding that it will also serve as the instrument with which his administration would fulfill its aspiration.
His words: "With this year budget we renew our commitment to fulfil the contract we made with Lagosians to do our very best to solve as many of the problems that afflict them.
This budget will be the instrument for the pursuit of our dreams and vision for Lagos.
Year 2008 budget budget gave Lagos a great leap.This budget will be the sustainer of tha leap.
It will require the cooperation of all Lagosians to implement ,through prompt payment of taxes that will provide the revenue to drive it in the face of dwindling oil prices.This budget may be the litimus test for our readiness to diversify the economy.
It will require restraint and forbearance.Strikes and lockouts will no help this budget if successfully implemented with your cooperation,will help to ameliorate conditions that provoke strikes and lockouts.
He appealed to corporate organisations and taxable individuals in the state to fulfill their obligations by paying their taxes promptly; stressing that it is with such tax that the government will carry out its obligation as well.
The governor also used the medium to thank the legislative and judiciary arms of government for the cordial relationship that exists with the executive, adding that such role remained paramount to the smooth running of government.
He said, "The role of the executive, legislative and judiciary had remained paramount to government, we therefore thank all the arms for a job well done. It should however be noted that for every good job, it is more work.
"This 2009 budget will renew our commitment to the contract we have with the people of Lagos Stat."
The 2009 budget estimate is N1.55bn higher than the N403.4bn of the previous year.
Meanwhile Fashola has called on the FG to diversify its interest from oil revenue, which accounts for over 90 per cent of the revenue.
He noted that the global economic meltdown and the dwindling fortune arising from sales of crude oil from the global market, was a litmus test for FG to rediscover and build on other areas of revenue generation.
"With the face of the dwindling crude oil revenue arising from crashing prices at the international market and the world economic meltdown, 2009 will be a litmus test to know if we are ready to diversify our economy," he said.
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