• 377

    USD/NGN

Fashola Budgets N497 Billion For 2013

Fashola Budgets N497 Billion For 2013

Fashola Budgets N497 Billion For 2013

Lagos State Governor Babatunde Fashola yesterday presented a budget of N497.277 billion to the State House of Assembly for approval for the 2013 fiscal year.

A breakdown of the budget shows a capital expenditure of N268.364 billion and a recurrent expenditure of N228.913 billion.

The budget, presented by the governor amid a capacity audience of party faithful, has  components of the total overhead costs of N139.173bn as: Overhead Cost, N66.992bn; Dedication Expenditure, N21.753bn; Subvention, N31.892bn; Debt Charge (External), N0.609 billion; Debt Charges (Internal), N15.938bn and Debt Charge (Bond), N1.989bn.

The Capital Receipts, of the budget which is estimated at N22.912bn, are made up of: Grants, N3.000bn; Investment Income, N0.332bn and other Capital Receipts, N19.580bn.

An indept analysis of the capital expenditure of N268.364bn consists of: Core Capital, N237.209bn; Capital Development (Dedicated), N19.580bn; Grants, N3.000bn; Counterpart Funding, N2.500bn; Special Expenditure, N5.000 billion; Risk Retention Fund, N0.075 billion and Contingency Reserve, N1.000bn.

Analysis of the different sectors of the budget shows that Economic Affairs received the lion share of N156.273 bn, followed by General Public Service, N114.076 bn, Education, N64.343 bn; Housing and Community Amenities, N46.149 bn; Health, N42.498 bn; Public Order  and Safety, N18.799 bn; and Environmental Protection, N44.131b.

The budget is higher by N5.477bn than the N491.8bn budgeted for 2012, representiong 1.08% increase. Presenting the budget to the Assembly, Fashola said the Capital to Recurrent ratio o the budget stood at 54:46 as against 53:47 in 2012.

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