Lagos State Governor, Akinwunmi Ambode
Lagos State Governor, Akinwunmi Ambode, on Monday assented to the 2016 Budget, saying it will be primarily driven by Internally Generated Revenue.
Ambode said this while signing into law the 2016 Appropriation Bill at the Lagos House, Alausa, Ikeja.
It was presented to him by Mr. Rotimi Olowo, Chairman, Lagos State House of Assembly Committee on Economic Planning and Budget.
The News Agency of Nigeria recalls that Ambode had presented the budget of N662.588 billion to the Assembly for consideration on December 17.
“Consequently, I appeal to all tax payers to fulfil their civic obligations as we promise to leave no stone unturned in delivering value for every Kobo spent,” he said.
Ambode said that the budget would enable his administration focus on the present challenges of security, traffic gridlock resolution, as well as physical and social infrastructural development.
He said those challenges had thrown up new ones quite different from past experience.
According to him, the total revenue estimate for 2016 fiscal year is N542.873 billion, which shows that the balance of N119.714 billion will be funded through deficit financing.
He said the capital expenditure was N386.933 billion and recurrent 

 expenditure of N275.655 billion with an aggregate capital to recurrent ratio 
of 58:42.
The governor commended the legislature for expeditious passage of the bill.
NAN