By Alphonsus E.W
The Lagos State Gov. Babatunde Fashola, on Wednesday, October 30 presented budget estimates of N489.7 billion for the year 2014 to the State House of Assembly.
Lagos, the former capital of Nigeria is the nation’s socio-economic hub.
The budget was about N8 billion less than the 2013 estimates of N497.27 billion.
The budget is comprised of a proposed capital expenditure of N225.02 billion and a recurrent figure of N234. 67 billion.
Its capital to recurrent ratio is 58:42 for the year 2014, as against 52:48 in 2013.
The sectoral allocations of the budget in size and percentage terms would be General Public Service N100, 215 billion, which amounts to 20.47%, as against N966, 99 billion for 2013.
Public Order and Safety has N17.97 billion at 3.6%, compared with the N368.03 billion provided for in 2013.
Economic Affairs with N160.05 billion recorded 32.68%, as against N436.17 billion in the 2013 budget.
Environmental Protection was reduced to N39.73 billion, with 8.11%, compared with N44.13 billion in the 2013 financial year.
Others include: Housing and Community Amenities N50.54 billion, amounting to 10.32%, from N46.15 billion in 2013.
The Health sector got N37.81 billion, with 7.72%, compared with N42. 5 billion in 2013.
Also, recreation, culture and religion had N3.48 billion representing 0.71%, as against N5.75 billion in 2013.
A total of N77.42 billion was earmarked for education, which amounted to 15.81%, from N64.34 billion in 2013.
Social Protection has N2.47 billion, representing 0.50% lower than N3.2 billion in 2013.
Adeyemi Ikuforiji, the Speaker of the House, said that the presentation of the budget by the governor before the House was a constitutional matter and would be treated with the seriousness it deserves.