The Lagos state budget over the last decade is an average of 583.02billion, which comes as no surprise, being Nigeria’s economic capital and the highest revenue earner in terms of Internally Generated Revenue among the 36 states.
In fact, over the last four years, the IGR of Lagos State alone has been higher than the combined IGR of at least 30 states put together. It is also important to note that Lagos State also has the highest debt profile of N437.9 billion, as at year end 2018. The budget has significantly increased by almost 100% over the last decade from the 2009 budget of N405 billion to a recently proposed 2019 budget of N852.31 billion.
From 2009 till date Lagos State has performed several praise noteworthy projects which tries to cater to the ever-increasing population, estimated to be around 21 million residents today. Such projects include the Bus Rapid Transit (BRT) scheme initiated by the former governor of Lagos State, Babatunde Raji Fashola (2007-2015) to provide a convenient and comfortable means of transportation, in addition to a means of curbing traffic in Lagos which was on the rise; a project which was commended by Lagosians in general. This project was continued by his successor Governor Akinwumi Ambode who continued in this line by constructing the Ikeja Bus Terminal, which is the home to the BRT buses and ensures seamless transit for the passengers.
In terms of road construction, several roads have been in the works which contributes immensely to the capital expenditure which is an average of 314.38 billion over the last decade. This has been instrumental in the re-launch of Blue line rail project, which is to be followed by Red line rail project. Also, road projects have been on-going on the Lekki-Epe expressway, Aradagun – Iworo Epere, Agege Pen Cinema flyover, Oworonshoki, Ogud, Alapere, Oshodi – Murtala Mohammed Airport, amongst others. This means progress for Lagos which is also known to be the capital of traffic. It is projected that by 2022, traffic would be a tale of the past.
The recurrent expenditure over a decade has been on an increase from 159.46 billion to 699.08 billion in 2018, it is important to take into consideration the fact that the dollar to naira exchange rate over the years has also not been favourable ($1 = N160; $1 = 360). To solve the problems of high crime rate in Lagos, the recurrent expenditure of which is 305.05 billion over a decade has been able to provide street lights over the state which is termed “Project Light up Lagos”. This has seen a significant decrease in the crime rate in the state. Futhermore, to boost security, equipment and cars were acquired which were valued at N4.76 billion.
In the health sector, 20 mobile car units and 26 ambulances were acquired in order to provide excellent health care services within the state. A partnership was formed with Kebbi state in 2016 to build a rice mill this would ensure food stability and security. The mill will bring about creation of about 200,000 jobs which is also aimed at curbing poverty in the state.
The educational sector has greatly benefitted from the budget over the last decade from renovations of public schools to completion of new model colleges. In fact, undergraduates have also been trained on entrepreneurship.
It is believed that the next decade would bring about greater improvements in the state, starting with governor-elect Babajide Sanwo-olu. The 2019 budget of N852.317 billion comprising of recurrent expenditure of N389.560billion and capital expenditure of N462.757 billion is aimed at completion of major infrastructures and strengthening economic gains.