2016 budget will create jobs, wealth – Lagos

October 16, 2015 – Permanent Secretary, Lagos State Ministry of Economic Planning and Budget, Mr. Kadri Abayomi, has said that 2016 budget will be used to deepen the goals of job creation, poverty eradication and wealth creation.

He disclosed this while addressing the 2016 Budget Consultative Forum organized by his ministry to promote citizens’ participation in budget preparation, update of stakeholders on the half-year performance of the Y2015 budget as well as obtain inputs, contributions and opinion on the Y2016 budget process.

Kadiri explained further that the forum is also meant to further entrench the seriousness of the present administration in participatory governance by all, stressing that the government would accommodate all shades of opinion in preparing the Y2016 budget in order to satisfy the yearning and aspiration of all residents in the State.

He said the Y2016 Budget will focus on Security, Economy, Infrastructure, Healthcare, Social Welfare, Good Governance, Justice and Sports as major areas of priority, adding that sector allocation in the budget will reflect government priority areas as illustrated in the Lagos State Development Plan 2012-2025.

The Permanent Secretary noted that the Y2016 Budget aims to entrench sustainable government expenditure through the adoption of more accurate revenue estimates and realistic growth in internally generated revenues by deepening the tax base and tax net; ensure sustainable fiscal balance with appropriate level of public sector borrowing and acceptable aggregate public debt.

He said that the Oracle software will be put to optimum use to block leakages and wastages.

He stated further that the budget will also sustain the Capital/Recurrent Ratio within the acceptable range of 60-52: 40-48; focus on government key priority areas; employ budget profiling system for better cash management; lay emphasis on maintenance of public assets; effectively management of ministries, Departments and Agencies (MDAs) in order to reduce their dependence on state’s finances, while also using it to deepen the goals of job creation, poverty eradication and wealth creation.

Kadri averred that all the observations raised at the past Budget Consultative forums and Economic Summits had helped government to run people based government, adding that that most of the roads and other infrastructure that the governments’ attention was drawn to at the last forum have been attended to through rehabilitation or reconstruction.

The Permanent Secretary revealed that the Y2015 Budget funded some major ongoing infrastructural projects and new initiatives such as the Light Rail Project; expansion of Mile 12 to Ikorodu Road, which is nearing completion; Adiyan Water Plant Phase II; New Sewage Treatment Plants at Itedo and Odo Iya Alaro to improve waste water management in the State.

He continued that the expansion of reticulation network for water supply; expansion of Lagos-Badagry Express way Phase II and the construction of Obafemi Awolowo way, Ikorodu were some of the major projects executed with the Y2015 Budget.