The Lagos State Government on Tuesday said it had projected a revenue outlay of N466 billion for the 2014 fiscal year.
The state’s Commissioner for Budget and Economic Planning, Ben Akabueze, announced the figure while giving a breakdown of the state’s 2014 N489.69 billion budget in Ikeja.
He said that N327.2 billion of the revenue was projected to come from Internally-Generated Revenue (IGR) while N139 billion was expected from federal transfers, including statutory allocations and VAT.
He said that N23.2 billion would be generated from capital contributions such as those made by allottees in various State Government’s estates.
Akabueze said that government expected in the year, some dedicated revenues from the state’s health and tertiary institutions.
He said that most of the dedicated revenue was usually retained by the generating institutions to maintain the services they provided.
The commissioner said the 2014 revenue projection was N50 billion higher than the 2013 revenue projection, stressing that the surplus would enable government to fund ongoing capital projects.
“On recurrent expenditure, we are spending N4 billion more on personnel cost, while our overhead cost would increase from N130 billion to N146 billion.
“This is an increase of about 10 per cent and when you consider we are in an inflationary environment and we have this growing size of government coupled with the extra N2 billion to ministries and agencies, you will understand the increase in our overhead costs for the year.”
The commissioner said the state would spend N50 billion to redeem the first tranche of the bond it issued, adding that the government would not issue any bond in 2014.
He also said that the state had projected a GDP growth of 10 per cent for 2014 as against the federal target of 6.8 per cent.
The state budget, he said, aimed at accelerating infrastructural renewal while N100 billion was earmarked for capital projects.
He identified new schools, hospitals and drainage as some of the critical projects to be delivered by the state in 2014.
Giving specifics, the commissioner said that two new Independent Power Plants would be built to boost power supply in 2014.
Akabueze explained that the ongoing light rail project, Lagos Badagry Expressway, and expansion of Ikorodu road would received attention in the year.
The commissioner also urged residents to pay their taxes and fulfil their other obligations to the state to enable government meet the goals of the budget.
He urged Lagos residents to participate in the ongoing residents registration exercise to enable government plan for development.