Lagos spends N1.132tr on infrastructure development
LAGOS State government said it has spent N1.132 trillion on infrastructural development in the last eight years out of N2, 749.498 trillion budgeted for the same period. State Commissioner for Budget and Economic Planning, Ben Akabueze, who disclosed this at the 2015 Ministerial press briefing in Lagos last week, said the money was spent on 8,961 projects.
Akabueze said the projects were certified by the ministry and their construction cost N1.132 trillion. He disclosed that the average budget performance in the last eight years was 79 per cent and the total revenue that accrued to the state during the period was N2, 433.349 trillion, 51 per cent of which was generated internally.
The commissioner explained that the total revenue (N2, 433.349tr) represents 89 per cent of the total expenditure of the state.
“This will tell all of us that the state is not living on loan as popularly bandied during the election. Only 11 per cent of our revenue has been funded from loans,” he said.