Budget Performance: Lagos Generates N183.27 Billion In 6 Months

The Lagos State Government has generated N183.27 billion in six months as part of the 2012 budget performance appraisal.
This figure represents 75 percent cumulative performance for the first half of the year and is expected to rise in the next half of the year.
The government had budgeted N492 billion for the 2012 budget. In the first quarter, the state realized N79.95 billion, representing 75 percent performance out of the N123 billion target it set for the first quarter.
In the second quarter of the year, the state generated N103.32 billion, representing an improved 84 percent budget performance out of the N123 billion it set to realize.
Cumulatively, it sums up to N184.5 billion in six months and represents 75 percent half year performance.
Speaking at the budget review performance at the State House, Ikeja, Lagos, Southwest Nigeria on Tuesday, Governor Babatunde Fashola said the budget performance for the second quarters stood at 85 percent, with a cumulative performance of 75 percent in the first half of the year.
“This is not where we want to be. Our aim is to be at least at 90 percent. But when one contextualizes it in the environment that we operate, one cannot help but salute the effort of the civil servants of the state.
“It shows that we are clearly making progress both on paper and in actual life. For us, it is not time to lay at ease but it is the time to rally everyone together. We cannot lay at ease but we must continue despite the difficult time.
“I see the opportunity ahead if we do not give up and also allow peace to reign, by loving and respecting one another. There is too much to be done and to gain,” he said.
According to Fashola, “we are part of a global human family, Nigeria is part of it and Lagos is a subset of the country. If one sees what is happening in other countries, one will realise that what is happening in the state is not peculiar to Lagos alone.
“Even the national economy is affected, loans that we took four years ago at about 10 percent, we are paying back with 15 percent interest to service them. This is because the foreign currency has increased.
“Even if we have increase in revenue which is not in a substantial form, it is in that context that one will see the result that we are posting in our budget performance. In the first quarter, we posted the performance of 65 percent. And that can only be attributed to the hard work done by the civil servants in the state.”
Commissioner for Economic Planning and Budget, Mr. Ben Akabueze said at the end of the first quarter of the 2012 appropriation year, “we recorded 65 percent budget performance. At the end of the second quarter of the appropriation year, the budget performance was 84 percent.
“At the end of both quarters, the budget performance was at 75 percent. It shows that the trend of budget performance is upward and whatever we have lost in the first quarter, we are catching up on the performance.
“In terms of revenue performance, the revenue is performing at 85 percent. We will continue to make all necessary effort that is required. Capital expenditure is performing at 3 percent. As we intensify effort to complete ongoing projects in the remaining half of the year, we see that also improving.
“Overall, it is an improving trend in our budget performance despite the challenging times we are now. It is a good report card. Our singular most important limiting factor is our revenue. If we get the revenue, we know what to do.”

By Kazeem Ugbodaga