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2011:Lagos State Approves N450.8 billion Budget.

Lagos State House of Assembly, yesterday, approved N450.778 billion for 2011 budget as against N445.180 billion presented by the state Governor, Babatunde Fashola, December 14, 2010.
Recurrent expenditure stood at N198.182 billion, while the capital expenditure moved up to N252.593 billion.
While presenting the report of the House Committee on Economic Planning and Budget, Chairman of the Committee, Kolapo Osunsanya, said that in the course of the consideration, an additional request for N3.022 billion was forwarded by the Governor to cater for the accreditation requirements of Lagos State University, LASU, programmes by Nigerian Universities Commission, NUC.
According to him, the request increased the budget from N445.180 billion to N448.202 billion with capital expenditure increasing from 248.471 billion to N251.493 billion, while recurrent expenditure remained N196.709 billion. The committee recommended that N250 million be added to the overhead cost of the office of Political and Legislative Powers Bureau for political Empowerment.
The committee also recommended that N578 million (overhead cost) and the sum of N1.1 billion (capital expenditure) be added for the state Judiciary
“N45 million be added to the subvention of the state Public Works Corporation and N600 million be added to the overhead cost of state Internal Revenue Service,” the committee had said.
Other recommendations read “the overhead cost of the state House of Assembly be divided into twelve and one_twelfth of same be paid as monthly overhead cost to the House.
“The sum of N198.182 billion be approved as the total Recurrent Expenditure for the year ending 31st December, 2011. The sum of N252.593 billion be approved as the Capital for the year ending 31st December, 2011and the total budget size for the year 2011 will now be N450.775 billion”.






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