Lagos State House of Assembly has approved a total N489.69b to be spent by the state government during the 2014 fiscal year. The finalised sum is by 3.43 percent lower than the budget for 2013.
Out of the total sum, N234.665 billion is for recurrent while N255.025 billion is for capital expenditure.
The Assembly, presided over by the Speaker, Hon. Adeyemi Ikuforiji, passed the Budget, having considered the outcome of its Appropriation Committee headed by Hon. Obasa.
The Committee had read a breakdown of the budget on sectoral basis, even as the committee has reduced allocations to some ministries, agencies and departments (MDAs) and added to others, based on their needs.
The breakdown of the budget is given below:
Education – N51.378 billion
Health – N22.07billion
Works and Infrastructure – N100.12billion
Environment – N25.67 billion.