Lagos: Ambode may inherit N316b debt
The incoming administration of Akinwunmi Ambode in Lagos state may hit the ground running with a debt of about N316 billion hanging on its neck.
This is because, according to Commissioner for Economic Planning and Budget, Mr. Ben Akabueze, the total revenue generated by the Fashola administration in the last eight years was N2.433 trillion, while the aggregate budgetary expenditure for the period is N2.749 trillion, leaving a deficit of N316bn.
Akabueze, who disclosed this on Thursday in Ikeja at a briefing, explained that the total revenue generated represents 89 percent of the total expenditure by the government.
He explained “What these translate to is that only 11 percent of the state’s expenditure has been funded from debt. Of course not all the revenue was generated through IGR. Only 59 percent (N1.4 trillion) of the budgetary expenditure was funded through IGR.”
It also spent over N2.7 trillion in providing infrastructure and other economic needs for residents during the period under review.
The commissioner noted that the average budget performance over the period stood at 79 percent, adding, “the claim that the state is operating on loan is not true.”
According to him, “Average sectoral allocation of the budget from 2008 and 2015 are: General Service; 23.70 percent, Public Order and safety; 3.12 percent, Economic Affairs; 31.58 percent, Environmental protection; 8.56 percent, Housing and community amenities; 9.17 percent, Health; 7.66 percent, Recreation, culture and Religion; 1.5 percent, Education; 14.09 percent and Social protection; 0.60 percent.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Leave a Reply
SPECIAL REPORT: Untold story of how inconsistent salary payment frustrates Cross River road sweepers
In this report, ARINZE CHIJIOKE chronicles the pains of street sweepers in Cross River State, and how inconsistent salary payment...
INVESTIGATION: How insider abuse, shoddy handling of contracts by non-existent firms hamper teachers’ productivity in Kano
In efforts to improve productivity of teachers in public schools in Kano State, the state’s Ministry of Education, disbursed over...
A tale of Kwara public school where pupils learn under the tree without chalkboards
“You cannot make people learn. You can only provide the right conditions for learning to happen.” – Vince Gowmon But...
SPECIAL REPORT: Indiscriminate waste dumps, open defecation pose threat of epidemic in Kwara as govt slow to act
Forty three-year-old Bilikis Abdulrahman covered her pineapple fruit she is selling inside a white bucket container. This, she does to...
SPECIAL REPORT: Women displaced by conflict in North-Central Nigeria become farm helps to survive
Displaced women finding refuge in Abagena camp for Internally Displaced Persons (IDP) camp in Makurdi, Benue State have resorted to...
May 1, 2015 at 8:07 am
Hopefully, now that STATE AND FEDERAL are the same party, Lagos will get more funding and can help offset the debt while still maintaining or getting better at economic development
May 1, 2015 at 10:14 am
Chicken change! the IGR from Oshodi/Isolo LGA will address that in one month. Next base joor!