Fashola Signs N11 Billion Adjustment To 2014 Budget

Posted by African Examiner Latest Headlines, News Wednesday, August 20th, 2014

Governor Babatunde Fashola of Lagos State has signed a bill to re-order the state’s 2014 budget of N489 billion.

Fashola signed the budget into law at the State House, Ikeja on Wednesday, saying that the current health and security challenges as well as the reversal in school fees at the Lagos State University (LASU) necessitated the adjustment in the budget.

The adjustment in the tune of N11.66 billion did not in any way affect the initial size of the 2014 budget which still remains N489billion.

Fashola said the ordering was also necessitated to cater for some hazard allowances and those types of things for people who do hazardous work and lately the unplanned but now compelling need to improve capacity to overcome the challenge of the imported Ebola Virus

Commissioner for Finance, Mr Ayo Gbeleyi said the difference was between the capital and recurrent expenditure, stating that the change was not really significant.

“In this regard, we have a total of N11.66 billion of our budget reordered. This is made up of N7.2billion reordered into recurrent expenditure and N4.46 billion into capital expenditure, so it’s just a slight reduction of one per cent in favour of recurrent expenditure,” he explained.

Fashola, had two weeks ago, written to State House of Assembly to request for a re-ordering of the 2014 budget to address some exigent and pressing issues in the state, saying that the budget re-ordering was necessary to meet demands for more public services, which are “sufficiently compelling and cannot wait until 2015.