The Lagos State Governor, Akinwunmi Ambode, on Monday signed the 2018 Appropriation Bill of the state into law with a total budget size of N1.04tn.

The budget size comprised N347, 038, 938, 872.00 to be funded from the Consolidated Revenue Fund, and N699, 082, 242,808.00 to be funded from Development Fund for both capital and recurrent expenditure for the year ending December 31, 2018.

The governor also signed two bills into law – Consolidated Transport Sector Bill and the Lagos State Teaching Service Commission Bill.

The Transport Sector Law, 2018, provides for the development and management of a sustainable transport system in the state, as well as management and maintenance of transport infrastructure.

The Teaching Service Commission Law, 2018, provides for the control and management of teaching service matters in the state, and for connected purposes.

Speaking after the signing, the Commissioner for Finance, Mr. Akinyemi Ashade, put the projection for Internally Generated Revenue at N897bn, saying the remaining part of the budget would be funded by deficit financing.

“The budget is tagged, ‘Budget of Progress and Development,’ and in terms of capital and recurrent expenditure, we have 63 per cent capital and 37 per cent recurrent and that shows that we are really big on infrastructural renewal,” Ashade said.

Culled: thepunchng.com