Lagos State House of Assembly yesterday approved a total sum of N489. 690 billion to be spent by the state government during the 2014 fiscal year.
The amount is 3.43% lower than the last year’s budget.
Out of the total sum, N234.665billion is for recurrent while N255.025 billion is for capital expenditure.
The Assembly, presided over by the speaker, Hon. Adeyemi Ikuforiji, passed the budget, having considered the outcome of its Appropriation Committee headed by Hon. Obasa.
The committee had read a breakdown of the budget on sectoral basis, even as the committee is to reduce allocations to some ministries, agencies and departments (MDAs) and added to others, based their needs.
The breakdown of the budget shows that Education gulps a sum of N51.378 billion, Heath, N22.07billion, Works and Infrastructure, N100.12billion and Environment, N25.67billillion.
Others are Agriculture and Cooperative, N23.21billion, Transportation, N29.13billion, Information and Strategy, N28.73billion, Judiciary, N31.28billion, Commerce and Industry, N7.98billion and Women Affairs, Poverty Alleviation, N1.36billion and House of Assembly, N11.8billion.
Following the passage, the Speaker, Hon Ikuforiji, directed the clerk, Mr. Ganiyu Abiru, to communicate the outcome without delay to Governor Babatunde Raji Fashola for his assent.