25th February, 2011
TheÂ Chairman of Amuwo Odofin Local Government in Lagos State, South West Nigeria, Comrade Ayodele Adewale, has presented the 2011 budget valued at N7.121 billion and tagged â€˜Bbudget of Sustainabilityâ€™.
The amount, Adewale said, represents an increase of 20.5 percent over the 2010 budget which was estimated at N5.909 billion.
The breakdown of the budget shows that N3.2 billion will be generated from the Federal Governmenyâ€™s statutory allocation while N2.487 billion will be generated from statutory allocation from the state.
Adewale said that about N1.3 billion will be generated from the valued added tax while N118 million will be generated internally.
AÂ breakdown further shows that N2.578 billion will be used as recurrent expenditure while the capital expenditure which includes agriculture, works, housing and infrastructure as well as education and health will consume N4.542 billion.
â€œYou will agree with me that this is an obvious display of superior fiscal responsibility and management. By this administration, and a sharp contrast of the fiscal recklessness and insensitivity of the Federal Government budget,â€ Adewale said.
The eveny was attended by prominent policians in the local government.