Lagos proposes $2.3 billion budget for 2019

Lagos proposes $2.3 billion budget for 2019

Lagos, Nigeria’s commercial capital is proposing to spend $2.3 billion for the year 2019.

This is about N852.13 billion real-time forex rate. Lagos is West Africa’s largest economy and Africa’s 5th largest economy by gross domestic product.

At the belated budget presentation, the outgoing state governor, Akinwunmi Ambode said the budget proposes to earmark about N462.757 billion which is 54 percent for capital expenditure.

The state seems to be heavy in its recurrent side of things as it looks to spend about N389.560 billion representing 46 percent for recurrent expenditure.

There are positives going into the year as Lagos state hopes to earn about N775.231 billion in total revenue as against N606.291 billion realized last year.

The Lagos House of Assembly were at loggerheads with the governor after he failed to present the budget last year as it was the tradition of the state.

It would be recalled that Ambode lost out in a direct primary within his ruling All Progressives Party, APC.