Lagos State Governor Babatunde Fashola (SAN),? yesterday presented the 2012 budget of N485.292 billion to the State House of Assembly for approval.
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?The budget which the government hoped would revamp and put the activities of the government in top gear comprises N227.47 billion for recurrent expenditure and N257.821 billion for capital expenditure. The capital to recurrent ratio of the budget is 53:47 as against the 56:44 in 2011.
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The budget also represents an increase of N40 billion over the 2011 budget which stood at N445.18 billion
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The deficit financing requirement proposed in the budget is N59.781 billion which is 1.19 per cent of the State’s Gross Domestic Product, GDP.
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The total revenue is N399.834 billion and comprises Ordinary Revenue, N289.676 billion and a Federal Transfers of N110.158billion.?
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The components of the total overhead costs of N145.960billion are: Overhead cost, N79.797billion; Dedication Expenditure, N25.595bn; Subvention, N28.668bn, Staff Housing Fund,N0.050 billion; Debt Charges (External),N1.050 billion; Debt Charges (Internal), N6.958 billion and Debt Charges (Bond),N3.842billion.
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Capital Receipts for the Year 2012 Budget is put at N25.677billion and is made up of: Grants, N3.468billion;? Investment Income, N0.289billion and Other Capital Receipts, N21.920billion, while the capital expenditure of N257.821billion consists of: Core Capital, N222.868billion; Capital Development (Dedicated), N21.920billion; Grants, N3.468billion;Counterpart Funding, N3.465billion, Special Expenditure N6 billion and Risk Retention Fund, N0.100 billion.?