Lagos LCDA Presents N2.1bn Budget Proposal

Posted by African Examiner Business News, Latest Headlines Tuesday, March 17th, 2020

Photo: Lagos Governor, Babajide Sanwo-olu

(AFRICAN EXAMINER) – Mr Samson Olatunde, the Chairman of Olorunda Local Council Development Area (LCDA) Iworo, Badagry, Lagos State, on Tuesday presented the 2020 budget estimate of N2.1 billion to the council’s legislative arm.

Presenting the budget proposal to the legislators, Olatunde said that the budget would be revenue-based with aggressive revenue generation.

He said that the LCDA would be seeking N170 million loan from Zenith Bank to purchase road construction equipment, to be paid in 48 instalments.

According to him, this will enable the council to embark on direct labour, road rehabilitation and construction.

Olatunde gave the breakdown of the budget as N2,134,545,822 for total revenue and N2,134,545,822 for total expenditure.

The chairman gave the summary of estimated revenue as follows – Federal Statutory Allocation stands at N770 million; Value Added Tax (VAT) N1,067,208,197; while Internally Generated Revenue (IGR) is N35,193,691.

“State coordinated revenue is N34.5 million, Loan N170 million and the total revenue is N2,134,545,822.

“For estimated expenditure, Personnel cost of staff is N307,384,779, Personnel cost of teachers is N347,958,619, Overheads is N614 million and Statutory deductions is N50 million.

“Others are, Total Recurrent Expenditure is N1,319,643,399, Social Services Expenditure is N61,380,645 and Non-Current Assets is N753 million. Total Expenditure is N2,134,545,822,” he said.

The council boss appealed for timely passage of the budget by the legislators.

Awotunde Olasunkanmi, the Leader of the Legislative Council, however, assured the chairman of quick response to the proposed budget.

Olasunkanmi said that the importance of budgeting was for effective and quality administrative management based on robust and quality budget implementation and due process.

“I sincerely appreciate the chairman for the prompt presentation of this year’s budget to the house.

“This honourable house will proceed on budget retreat from today and come back by Thursday.

“Memo will be sent to heads of departments to come and defend their departmental budget from next week Monday so that it will be passed by the end of the month,” he said.

Olasunkanmi gave an assurance that the budget would be given accelerated attention. (NAN)