14 January 2014

Nigeria: Fashola Signs N489.6 Billion 2014 Appropriation Bill Into Law

Lagos State Governor Babatunde Fashola yesterday signed the state's 2014 Appropriation Bill into law.

Fashola's assent to the N489.6billion appropriation bill is coming on the heels of its passage by the state House of Assembly last Thursday.

The breakdown of the budget showed that N234.65billion has been earmarked for recurrent expenditure, while capital expenditure takes N255billion.

As it concerns the sectors, the state Ministry of Works and Infrastructure takes the lion's share of N100.1billion while Education takes N51.3billion, followed by Environment with N25.6billion.

N1.36billion was allocated to the Ministry of Women Affairs and Poverty Alleviation directly supervised by the state deputy governor, Princess Adejoke Orelope Adefulire.

Accenting to the bill, Fashola said the early signing of the budget showed the government's determination to accelerate the development of the state.

He commended members of the state House of Assembly for their timely passage of the bill, saying the budget will be strictly implemented.

Fashola said, "I must commend the state's legislators for your work and I convey the appreciation of the people of Lagos to you. This signing of the budget is the signal that we must get ready to commence full work. With this signing, we are going to ensure optimum implementation of the budget".

Also speaking, the state commissioner for budgeting and economic planning, Mr Ben Akabueze said the budget is aimed at accelerating the infrastructural development of the state.

The commissioner added that allocating the biggest share of N100.1billion to Works and Infrastructure was not unusual, saying it was in line with government's commitment to address the state's infrastructural deficit.

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