Lagos State Governor, Mr. Babatunde Fashola yesterday presented a budget of N497.277 billion for the 2013 fiscal year to the Lagos State House of Assembly. The proposed budget exceeds the year 2012 budget by 1.08 percent.
Fifty-four (54) percent of the proposed budget will be devoted to capital expenditure while the remaining 46 percent will be for recurrent expenditure as against the ratio of 53 to 47 percent for the year 2012.Overhead cost is made up of N139.173 billion, comprising overhead cost, N66,992 billion, dedicated expenditure N21,753billon, subvention N31, 892 billion, external debt charge of N0.609 billion, internal debut charge of N15, 938 billion and bond debt charge of N1.989 billion. Besides, the budget has a capital receipt of N22, 912 billion divided into grants N3 billion, investment income N0.332 billion, and other capital receipts of N19, 580 billion. See NNEWS SUMMARY FOR DETAILS