Lagos Generated N503.7bn Revenue In 2017 – Ambode
Lagos State Governor, Mr Akinwunmi Ambode on Thursday disclosed that his administration generated N503.7 billion revenue in 2017 despite the harsh economic climate in the country.
Governor Ambode, who spoke at the first quarter Town Hall Meeting in 2018, the 10th in the series since his assumption of office, held at De Blue Roof, LTV Complex in Agidingbi, Ikeja said while the State was entering into the new year with confidence of being on a solid prosperity footing and interesting prospects for all Lagosians, it was in deed gratifying that the support of the people enabled government to achieve a lot and commenced the transformation of the landscape of the State.
“Despite the harsh economy, our State budget performed at 82%. Total Revenue generated was N503.7bn representing a performance of 78%; Total Recurrent Expenditure was N281.33bn, a performance of 92% while Total Capital Expenditure was N387.60bn or 76% performance.
“With this, we initiated and delivered many high impact projects and critical infrastructure aimed at making life easier for our people. We disbursed funds to small businesses and individuals to stimulate the economy,” he said.
Ambode listed some of the key projects delivered last year to include the new Tafawa Balewa Square Bus Terminal, new Ojota Pedestrian bridge, Aboru – Abesan link Bridge and adjoining inner roads, Ojodu Berger Slip Road and Pedestrian Bridge, Jubilee Bridges in Ajah and Abule Egba, Freedom and Admiralty Road in Lekki, new Lands Registry, newly upgraded Jubilee Chalet in Epe, among others.
The governor also disclosed that his administration would begin payment of compensation to people whose properties were demolished to pave way for the construction of the Pen Cinema flyover and other projects in the state.
Other areas that will enjoy the compensation, according to Ambode are people whose properties were demolished in Ishawo, Igbogbo, Ikorodu and others.
He added that as at December 2017, the Lagos State Employment Trust Fund had disbursed N4.5 billion to 5,500 beneficiaries who also received training on financial literacy and business management.
“We presented keys to beneficiaries of the first set of allottees of Lagos State Rent-To-Own Housing Scheme. The new Neighbourhood Safety Corps was created and activated. We embarked on the beautification of the State with the erection of monuments, parks and gardens across the State,” he said.
Ambode said the N1.046 trillion budget proposal, when approved by the State House of Assembly, would be used to complete all ongoing projects and consolidate on infrastructural development in areas of education, transportation/traffic management, security and health sector.
For 2018, the governor said his administration’s strategy was to start with programmes that would stimulate the economy accelerate growth and create opportunities for all Lagosians to thrive.
“We are determined to continue to secure the State, improve the wellbeing of all residents and ensure all taxpayers enjoy the dividends of their contributions to our commonwealth,” he stated.