Lagos Assembly Approves Ambode’s N662.588b 2016 BUDGET


…Okays N25bn Employment Trust Fund
 The Lagos State House of Assembly on Thursday passed into law the N662.588bn Year 2016 Appropriation Bill presented by the State Governor, Mr. Akinwunmi Ambode on December 17, 2015.
The Appropriation Bill, tagged “The Peoples Budget,” is the highest in the history of the State and it was an improvement on the N489.69bn appropriated for year 2014 and 2015 respectively.      
The House unanimously approved the budget after members deliberated on the report of House Committee on Budget which scrutinized the Bill as proposed by the Governor.
The report was presented by Chairman of the House Committee on Budget, Hon. Rotimi Olowo on behalf of members of the Committee.
Speaker of the House, Rt. Hon. Mudashiru Obasa, in response, commended members of the Committee for expeditiously working on the budget to ensure its passage before the new fiscal year.
Obasa recalled that members of the Committee worked even on holidays, adding that they had indeed shown their love for the people of the State.
Governor Ambode had, while presenting the budget, put the Recurrent Expenditure at N278,909bn while Capital Expenditure stood at N383,678bn, explaining that the Capital to Recurrent ratio is 58:42 as against 51:49 in 2014 and 2015.
Governor Ambode also put the total revenue estimate for 2016 fiscal year at N542.873Billion saying the balance of N119.714billion would be funded through deficit financing constituting 0.41 percent of the state GDP based on 2016 budget alone and a cumulative debt to GDP ratio of about 3 percent.
In a related development, the House also passed the N25bn Employment Trust Fund bill forwarded to the House by the Governor into law.




Check the Daily Independent newspaper for the full story.

































Comments

Post a Comment

Popular posts from this blog

10 World Most Eloquent People

Image
Only the eloquent can adequately describe eloquence. It includes articulation, a mellifluous tone of voice and poise under pressure. To be eloquent is to speak well in a persuasive and deeply thoughtful way. Though it appears to come easily, eloquence does not often come naturally. The most talented speakers often have training in rhetoric and behavioral psychology. Here are 10 great examples of eloquent speakers who have made their mark on the world. 1. Martin Luther King, Jr “I Have a Dream” is perhaps the most powerful speech in American history. In poetic, unequivocal language, he explains how people can live up to their ideals for the sake of their children. 2. Abraham Lincoln In a speech only two minutes long, Lincoln explained the moral justification for the Civil War in his Gettysburg Address. 3. Winston Churchill In a few short years Churchill transformed himself from a burly, unemployed, failed novelist to a leader of the free world with ...
Read more

St. Finbaar’s College, Akoka wins the annual Helmbridge Science Challenge for secondary schools in Lagos State.

St. Finbarr’s College Akoka, Lagos at the weekend won the annual Helmbridge Science Challenge for secondary schools in Lagos State. The school in a six-week-long competition defeated May Day College and Topgrade Secondary School, Surulere in the preliminaries to qualify for the final. The Akoka boys who walked-over Penny International College Coker, the defending champions, for late coming, went into sporadic jubilation on their victory. The News Agency of Nigeria, NAN reports that 16 schools participated in the competition, including Yaba College of Technology Secondary School, St. Finbaar’s College, Penny Internatinal College, Shining Lord’s Secondary and Technical School. Others are St. Michael’s Anglican College, Jubilee Model Grammar school, Fountain Heights Secondary School, St. Gregory’s College and St. Jude’s Private Secondary School. Also in the competition are Methodist Boys’ High School, Birch Freeman High School, Community Senior Grammar School and ABS College. ...
Read more

BIAFRA: IPOB, MASSOB shut down markets, Uwazuruike expelled

Image
  Visit Late Odumegwu Ojukwu’s house to seek his blessing Uwazuruike expelled, Madu takes over as MASSOB leader Forget Biafra, secession —Nwabueze Over seven thousands members of the Indigenous People of Biafra, IPOB, yesterday,   shut   down markets and all commercial activities in Nnewi, Anambra State in solidarity protest for the release of the Director of Radio Biafra, Mr. Nnamdi Kanu, who has been incarcerated by  the Directorate of State Services, DSS, for over one month. Members of the IPOB mobilized from Onitsha, Asaba, Awka, Ekwulobia, Awka-Etiti, Enugu, Imo, Ebonyi and Abia states, converged at  Nnewi from where they marched to the house of the late Ikemba Nnewi, Dim Chukwuemeka Odumegwu Ojukwu to ask for his blessing even in death. This came as constitutional lawyer and leader of eminent group of Nigerians, The Patriots , Professor Ben Nwabueze (SAN),  admonished  the  groups to have a re-think over th...
Read more