Tag: Ben Akabueze

  • FG to earmark N43.5bn for routine immunization

    The federal government has earmarked the sum of N43.5 billion for routine immunization programme in 2019.

    The Director General Budgte Office of the Federation Ben Akabueze made this disclosure in Abuja at the Nigeria Value for Money in the Health Sector Workshop.

    In his presentation, the DG budget said there was a need to scale-up allocation to primary health care and also called for equity in the allocation of funds to different areas in the health sector.

    Mr. Akabueze explained that because Nigeria was operating a deficit budget it has become very difficult for the country to further borrow to fund projects in the health sector. According to him, this has placed a limitation on “how much we can borrow.”

    To change things, he said Nigeria must seek ways to attract other sources of funding.

    Earlier, the minister for Budget and National Planning Senator Udoma Udo Udoma assured that the federal government will prioritise health expenditures in the 2019 budget cycle.

    The Minister also disclosed that the government was working to improve the country’s mortality rate which is among the lowest in the continent.

    The interest in allocating more funds to health was triggered by “the constrained fiscal space occasioned by drop in oil price and disruption to crude production continues to reflect on revenues. The present administration came to meet a very constrained fiscal space. Revenue dropped from N10.07 trillion in 2014 fiscal year to as low as N5.68 trillion in 2016. Even though it recovered somewhat to N7.17 trillion and N9.17 trillion in 2019 and 2018, it is still low compared to the amount in 2014,” Udoma said.

    The minister for Budget and National Planing also lamented that “dwindling donor funding has further compounded the matters with the country’s transition from the status of a poor country to a developing economy.”

    He, therefore, noted that notwithstanding government’s tight revenue inflow, “there is need to increase expenditure in the health sector and collaborate with governments at all levels on the need to maximize value for allocation to the sector.

     

  • FG earmarks N43.5bn for immunisation in 2019

    The federal government has earmarked N43.5 billion for routine immunisation programme in 2019.

    The Director General Budget Office of the Federation Ben Akabueze made this disclosure in Abuja at the Nigeria Value for Money in the Health Sector Workshop.

    In his presentation, the DG budget said there was a need to scale-up allocation to primary health care and also called for equity in the allocation of funds to different areas in the health sector.

    Akabueze explained because Nigeria was operating a deficit budget, it has become very difficult for the country to further borrow to fund projects in the health sector.

    According to him, this has placed a limitation on “how much we can borrow.”

    To change things, he said Nigeria must seek ways to attract other sources of funding.

    READ ALSO: Fed Govt, Gates Foundation sign $75m funding pact on immunisation

    Minister for Budget and National Planning Senator Udoma Udo Udoma assured the federal government will prioritise health expenditures in the 2019 budget cycle.

    The Minister also disclosed the government was working to improve the country’s mortality rate which is among the lowest in the continent.

    The interest in allocating more funds to health was triggered by “the constrained fiscal space occasioned by drop in oil price and disruption to crude production continues to reflect on revenues.

    “The present administration came to meet a very constrained fiscal space. Revenue dropped from N10.07 trillion in 2014 fiscal year to as low as N5.68 trillion in 2016.

    “Even though it recovered somewhat to N7.17 trillion and N9.17 trillion in 2019 and 2018, it is still low compared to the amount in 2014,” Udoma said.

    He also lamented “dwindling donor funding has further compounded the matters with the country’s transition from the status of a poor country to a developing economy.”

    He noted that notwithstanding government’s tight revenue inflow, “there is need to increase expenditure in the health sector and collaborate with governments at all levels on the need to maximise value for allocation to the sector.

  • FG mulls amending public procurement Act

    The Federal Government maybe tinkering with the idea of amending the public procurement Act to make it more efficient and allow contractors have more funds to execute their jobs.

    Director-General, Budget Office of the Federation, Mr Ben Akabueze, on Wednesday in Abuja advocated for an amendment of the public procurement law because “the 15% contract cost provision which the act stipulated to be used in mobilising contractor is too small.”

    Akabueze gave this suggestion at a roundtable on the 2019 budget organised by the Abuja Chamber of Commerce and Industry (ABUCCIMA).

    The need to amend the public procurement Act Akabueze said is hinged to the fact banks are slow in providing loans to contractors to execute government projects, as a result, there is need for increase in mobilisation fee/cost.

    According to the Budget Office DG, “the public procurement act needs to be amended because it is a law that was well-intentioned but it is not well designed for the country.”

    Read Also: FG moves for final forfeiture of Badeh’s 6 houses, $1m

    For Nigerians to feel the impact of economic growth, Akabueze noted that the rate of GDP growth must be higher than the population growth because the rate of population growth in Nigeria is about three percent, which is currently higher than the GDP growth rate of the country.

    According to the DG Budget “we are projecting a 3.01 per cent growth (in GDP). Often times I hear Nigerians asking whether we can meet this growth. This is the minimum level of growth we should be aiming for going by the rate at which our population is growing. If we are growing at anything below the rate the population is growing, it would not be felt and that is why a lot of people do not feel the economy is growing.”

    To feel the economic growth, Akabueze noted that the country has to “restore growth to seven percent or preferably double-digit, the vast majority of Nigerians are not going to feel any growth.

  • FG defends provisions of 2018 budget

    FG defends provisions of 2018 budget

    Mr Ben Akabueze, the Director-General, Budget Office of the Federation (BOF), has defended some provisions of the 2018 budget considered frivolous.

    Akabueze defended the provisions of the budget at a dialogue session with the media and Civil Society Organisations (CSOs) in Abuja on Wednesday.

    The session was organised to enhance the understanding of stakeholders on issues and reform efforts regarding the 2018 budget.

    On the N308 million voted for the procurement of riot control equipment for 37 state police commands, including the FCT,  Akabueze said “this provision works out as less than N10 million per state command, I am not sure what is suspicious here’’.

    “Is it that there are no riots that need to be controlled or that an average of under N10 million per state police command is excessive expenditure on these items?’’

    He said that there were generalisations of items on the Government Integrated Financial Management Information System (GIFMIS) platform which made it impossible to really specify what the items were.

    He added that henceforth, such clarifications would be made to avoid labeling of such items as frivolous.

    “There is N1.1 billion for cleaning and fumigation services for the Office of the National Security Adviser (ONSA).

    “We are not shy to admit that for ONSA because all over the world, matters of national security are treated with some degree of confidentiality,” explained Akabueze.

    He also defended the N2.2 billion for Social Media Mining Suite.

    “The Department of State Service (DSS) may have plans to implement some security protocols to curtail the spread of fake news which may threaten national security.

    “But the DSS has assured us that the intention is not to hinder freedom of speech or information,’’ said Akabueze.

    Regarding the N4.9 billion billed for annual maintenance of mechanical/electrical equipment in the Presidential Villa, Akabueze said the villa was quite an expansive complex, which comprised several offices, residences and other relevant support facilities.

    He, however, said that since the budget was still in the appropriation stage, amendments could be made to items that are not national priorities.

    “We, however, still welcome public evaluations of the items in the budget because ultimately, the budget must be toward what people deem as national priorities.

    “If there are any items in the budget that you think ought not to be there or be a priority at this time, they should be flagged and identified to us and we would engage.

    “The budget is still in progress and it is still possible to make amendments where there is superior logic.’’

    The 2018 budget which was put at N8.612 trillion and presented to the National Assembly by President Muhammadu Buhari on Nov. 7, 2017 was tagged “Budget of Consolidation.’’

     

  • Nigeria recorded N1.1tr IGR shortfall in 2016, says DG budget

    Nigeria recorded N1.1tr IGR shortfall in 2016, says DG budget

    …CBN director walked out of session

     

    Nigeria recorded a shortfall of N1.1 trillion in projected Internally Generated Revenue (IGR) in 2016 fiscal year, Director General, Budget Office, Ben Akabueze, told the National Assembly Thursday.

    Akabueze who gave the figure at a joint session of the Appropriation Committee of the Senate and House of Representatives, said that the country was only able to realise N398.335 billion out of projected N1.506 trillion IGR.

    He explained that the huge shortfall of N1.1trillion which should have been part of the funding cost accounted for the low 55 per cent capital release.

    The sum of N1.58 trillion was ear marked for capital budget in 2016.

    Akabueze also put statutory transfers fully cash-backed at N361 billion.

    The N1.3 trillion budgeted for debt serving was released, cash-backed and paid in full.

    Chairman of the Joint Committee, Senator Mohammed Danjuma Goje, said that the session became necessary for relevant officials, including the Minister of Finance, Central Bank of Nigeria (CBN) Governor, Accountant General of the Federation, DG Budget Office to brief Nigerians on the actual performance of the 2016 budget

    Senator Goje noted that the officials should specifically tell Nigerians what was appropriated, what was approved by the National Assembly, what was released and how much was cash-backed.

    The Accountant General of the Federation (AGF) Ahmed Idris, on his own put total capital releases at N870.55 billion while personnel cost was N239.68 trillion.

    Senator Goje demanded the percentage releases otherwise the figures given would be misleading.

    The committee said that not only the percentage releases but the amount cash-backed should be disclosed.

    On why the country recorded low level of 55 per cent capital release, Akabueze said that funding of the capital component of the 2016 budget was affected by low inflow of fund including fall in oil revenue.

    The DG budget office parried the question on whether loans collected by the country were used to finance personnel cost and overhead.

    Minister of State, Budget and National Planning, Zainab Ahmed, told the committee that though there were financial challenges, the highest releases went to infrastructure MDAs in line with the priority of government.

    She added that the target of government was that by the end of the fiscal year in May, a minimum of N1trillion would have been spent on capital budget.

    A mild drama had ensued at the beginning of the session when the committee walked out the representative of the CBN Governor, Mohammed El-Yakubu, an acting director in the apex bank.

    Before El-Yakubu was asked to leave the venue Senator Goje said: “We want to put it on record that we put aside other things we had to do for this session because of its importance to Nigerians. We invited the CBN Governor but he is not here.

    “The CBN Governor has no reason not to be here. He did not send any deputy governor to represent him. I don’t think the acting director here has the capacity to represent the CBN Governor. The Minister of Budget and National Planning called me directly to say that he would accompany the Acting President to Akwa Ibom State.”

  • N289bn looted funds captured in 2017 Budget

    N289bn looted funds captured in 2017 Budget

    The Director-General of Budget Office, Ben Akabueze on Monday disclosed that a total of N288.6 billion looted funds partly recovered have been captured in the 2017 Budget proposal presented to the National Assembly by President Muhammadu Buhari last week.

    He spoke while fielding questions during the Public Presentation of the 2017 Federal Budget at the old Banquet Hall of the State House, Abuja.

    Akabueze said: “A total of N288.6 billion. This includes N97.6 billion which is equivalent of ‎$220 dollars expected from Switzerland, part of what is called Abacha loot recovery. Then it also includes N72 billion that has already been received in recent cases of loot recovery.

    “And a balance of N90 billion other expected recoveries that are at an advanced and reasonable stage that we feel comfortable and confident that they would come through in 2017. So they have been reflected in the budget.”

    The Minister of Budget and National Planning, Udoma Udo Udoma, also allayed fears over the non approval of the Medium Term Expenditure Framework, (MTEF) presented to the National Assembly before the presentation of the 2017 budget proposal.

    Udoma said the National Assembly already have the MTEF and the 2017 budget proposal and would work on them at their own pace.

    He said: “With respect to the question about the MTEF, the National Assembly has the MTEF which has been updated. And they have the budget, so everything is with them. So, they will determine how they treat it. I am sure the sequence will be they do the MTEF before they do the budget. But everything is with the National Assembly.”

     

     

  • It’s tough to be a Christian in Nigeria-Ex-Lagos commissioner Ben Akabueze

    It’s tough to be a Christian in Nigeria-Ex-Lagos commissioner Ben Akabueze

    Ben Akabueze is the former Lagos State Commissioner for Economic Planning and Budget and pastor-in-charge of the Redeemed Christian Church of God (RCCG) Province 39. In this interview with YETUNDE OLADEINDE in his office at the King’s Court, he talks about accountability, corruption, ethical behaviours and grooming a new breed of citizens with the annual Kingdom Summit organised by his church.

    You operate in the house of God and the marketplace. Why do you think it is difficult for a lot of people to give effective leadership in church and find it difficult to operate the same way in the market place?

    Broadly speaking I would say that three things could be responsible for this. Number one is possibly ignorance. There are people who think it is okay and that is their own understanding of giving to God what is God’s and to Caesar’s what Caesar’s. They think that they can operate this way but they need to understand that that is not the correct thing to do. The second thing that is responsible is that in our own particular environment, corruption is so pervasive and not just so much as someone collecting bribe but so much that not giving people value for money are all forms of corruption.

    It has almost become the norm. You have the phenomenon that I call the normalisation of the abnormal. A lot of people just get swept in that daily tide and say that is how it is. The third reason is what I call personal responsibility and this is that in the reality, a lot of people are drawn by their own lust. When people fall into temptation, it is because they are drawn by their own lust. Whether it is the lust of the flesh, you have people who indulge in illicit sexual activities at work; they see members of the opposite sex under them as part of the pecks of the office. Then the lust for money and properties and these are the three categories responsible and at the summit, we would be addressing all the three areas.

    Could this all be because something is wrong with the system?

    It is totally abnormal that somebody works and at the end of the month, they do not get paid for one month, not to talk of two or three months. Now, we discuss it and it sounds somehow and when I am watching the TV and some governors say that we are only owing for a few months and not as much as the other , I get worried. It is totally abnormal that someone works and is not paid at the end of the month.

    A labourer deserves his or her wage. It is reprehensible that you do you do not pay someone the wage and if on that account, the person is drawn into sin, you are a partaker of that person’s sin. That is the system but at the end of the day, God has only one set of rules. He doesn’t have one for Nigeria and one for the other countries. And He is not going to judge Nigeria based on a different set of principles and so, we need to understand that at the end of the day there is something called if I perish, I perish.

    We ought to have found out that the call includes resisting things even to the point of dying. In Revelation, the word says, ‘They overcame him by the blood of the lamb and by the word of their testimony’. It doesn’t end there; it says that ‘they love not their lives unto death’. So, that have not been paid is not a justification to set up a toll gate and start collecting money illegally. I have to do some legitimately, things to generate money, use legitimate things to generate income, even if it means that I would be down to eating one meal a day instead of our famous Nigerian three square meals. It is tough to be a Christian in Nigeria.

    There is so much emphasis on money in the marketplace today. Is there something we can do about this?

    The Bible says that the love of money is the root of all evil, not some evil, all evil. The people should be delivered from the love of money and the only thing that can deliver them is the Holy Spirit. Therefore, the love for God supercedes their love for money but if their love for money supercedes their love for God, then there is a problem. Unfortunately, that is the trend here; you can see how many people in church whose love for money supercedes their love for God.

    What is the theme for conference this year?

    ‘Purposeful capital and leadership responsibility and impact’ and it is coming up from the 23rd to 25th of October 2015.

    First of all, the whole idea of a summit is to provide a platform to promote Godly principles in the marketplace. The broad definition of the marketplace here would include business; it includes the profession, it includes government and it includes education. These are sectors that are broadly categorised into the marketplace; pretty much every sphere of human engagement outside the church. What you find is that a lot of people tend to be different persons in church and in the marketplace.

    People tend to live what you call dichotomised lives, one person here and another person there but that is not how God intended it to be. Our faith is supposed to be our way of life and who we are. Who we are should not change whether we are at home, at work, in church or anywhere. Of course, the market place thus presents a lot of challenges to the persons of faith on how to live their faith in the market place and stand by those principles. Very often, the market place is run on principles that are opposed to Godly principles, principles embodied in ethics, equity, fairness, justice and morality.

    The point about this summit is to bring this to the fore. Sometimes, a lot of this people do these things out of ignorance. For instance, a lot of Christians do not understand that timeliness is a Godly principle. When you are not timely, in effect like a thief of other people time and this affect people.

    So the summit would provide a guide on this and teach these principles. It also provides a platform and then it is one thing to know the theoretical principles and another to understand the tactical applications of the principles. At the summit, it is not just about teaching and sharing the principles but practical examples of how people have applied the principles to their businesses in the marketplace.

    It is also about establishing an accountability platform that people subscribe to in the marketplace. And as more and more people do so, we would be able to see the fruits in the marketplace and we would have less of the phenomenon where you have more and more believers, yet our society is not better for it. The Bible tells us about 12 unlearned men who turned their world upside down or more appropriately right side up and yet there are so many of us and our impact is not felt like these 12 men because one of them departed and was subsequently replaced. When we begin to live our old Christian lives, our own lives would become the bible that others read. The Bible says that the followers of Christ were first called Christians in a place called Antioch.

    They were called Christians not because they labelled themselves Christians but the people who saw them and how they lived perceived that these ones had been with Christ. So if we say we are Christians, the people that encounter us in the marketplace would be left with the perception that these ones are true Christians and everything we do must reflect. Currently, this is not generally the case in our country.

    As we said, this is also a platform to create spiritual accountability. This is something specific that we are doing this year. We would be launching the Nigerian chapter of the Unashamedly Ethical (UE). Unashamedly Ethical is a global movement of Christians and people in the marketplace, mostly business owners and professionals who sign on to operate their business in an ethical manner with some ethical codes that derive from Godly principles.

    That means that that code goes beyond the usual ethical code in a world where people can hide behind some basic structures like if you got someone to give a bribe on your behalf and go home feeling ethical. With God, that would not be ethical and so we are launching this chapter, ask people to subscribe and when you sign on at the place of your business , you would have the sign in of UE and you are holding yourself out to the general public, that here, we operate these principles.

    So anybody who comes there would expect that every engagement with you would reflect these principles and where that is not the case, they can file a report to the UE that this is our experience with these people.

    Of course, there is no legal thing involved, we can’t charge the person; we cannot close the business but we can hold   them accountable and reach out to the person to find out what is happening. Sometimes, the owner may not be personally responsible, he may lay out the guidelines for operations but behind your back, your people may do something different. So when you get that feedback, you can go and fix whatever is wrong or whoever is out of order in your organisation.

    This year, we have quite an impressive pack of speakers, about  28 speakers.  It would be hard to find another conference that has an array of such length and breadth of speakers that you can attend free.

    Is  the  project  tagged  Unashamedly  Ethical open to all or  is  it  for  a  select few?

    The programme is the brainchild of the Kings Court, a parish of the RCCG but its about identifying the root cause of the cancer in the society and finally getting to a place where Christians take responsibilities for the decay in our institutions, the decay in our government and our family structure. It is not exclusively for those who have arrived but those thinking of building a foundation for their businesses. We have a number of young people who are building good businesses and they need to learn about the principles of success and how to do things the right way.

     

  • ‘My life as commissioner and pastor’

    ‘My life as commissioner and pastor’

    Lagos State Commissioner for Economic Planning and Budget, Ben Akabueze is also the Pastor- in- Charge of Redeemed Christian Church Lagos province 39 comprising 117 parishes in Epe and environs. He spoke with Yetunde Oladeinde on life as a commissioner as well as taxation in relations with churches and other faith-based organisations. Excerpts:

    How do you combine life as a commissioner, pastor and family man?

    It takes the grace of God to be able to balance all these. I believe that God never gives us a calling that He does not equip us for. Part of it is the fact that He gives us that ability to match all these.

    God, in His infinite wisdom, knows that we need only 24 hours a day to do this and that is why he gave us 24 hours to do all these. You have to then find the wisdom to utilise those 24 hours in a manner that enables you do all that you have to do. And the reality is that you would find surprisingly that there are enough hours in 24 hours to do whatever you have to do.

    If you are under pressure, you manage your time more efficiently. For instance, I don’t have time left for frivolities. Unfortunately, my time for social engagement is reduced. I have three brothers living in this city but I haven’t been to one of my brothers in two years, not out of quarrel but because of time.

    The other two, the reason I have visited them recently is because their wives had children and it became imperative and I had to find the time, even if it meant going at the dead of night to go and see them.

    How do you relax with your busy schedule?

    Many years ago, a friend of mine opened my eye to the fact that when it comes to relaxing and keeping fit, you don’t try to find the time; you make the time. So, fixed into my itinerary is that every Monday night, I go to the Ikoyi club to play squash. It doesn’t matter how late. Sometimes, when we finish councils meeting, as late as 10pm, I show up there.

    Fortunately, the cleaners who work in the squash section know how to play squash. If it is too late and the members have all gone, they will be waiting for me. We play till whenever and I go home.

    This month you will be dedicating a new building for Kings Court. What does the edifice mean to you?

    RCCG has about 32,000 parishes all over Nigeria. It is normal to be transferred from one parish to another. So in 2007, I got transferred from City of David to Kings Court. It happened that at that point Kings Court was operating at a rented apartment in Olosa Street at the Victoria Island.

    In June 2008, we began construction of our own place and by the grace of God we are nearing completion and this is the structure that will be dedicated.

    What is the estimated cost of the building?

    It cost a lot of money is all I can say. We believe that our God is the maker and processor of the heaven and the earth. He owns all the money and so no amount of money that you spend on a place can be too much. In any case, He makes it known that He doesn’t live in buildings but we do that simply to glorify Him.

    If you ask me to tell you down to the last kobo, we haven’t checked the records. We were driven by a vision in first Chronicles 22: 5.

    It was simply a privilege that we can build a house exceedingly magnificent. It is on a 12- floor in the Business district and part of the floor will be rented out to generate funds for other things. This is to glorify God; it is not just a church building. As far as we know, it is the only one owned by a church in the heart of Victoria Island.

    It is therefore connected to the vision of God for the church. The church is supposed to affect the business community and when we take about church, it’s not the building, it’s the people. That is why it is a congregation comprising mostly professionals and business people. They should radiate with the spirit of excellence. That was what the building is meant to symbolise.

    Beyond that, it is a place where people in the area will have their spiritual needs met. For those who can’t get to their neighborhood because of traffic, it is also a place where they can worship. There is also a corporate fellowship in the neighborhood; they do not have a place and they have opened the doors for them.

    On one of the floors is a facility. The bible school is also available here. There are people who work and can’t attend Bible College and this would offer the college at flexible hours to meet there needs. In that property, we will have an audio video recording studio for young gospel talents to develop themselves.

    What is your position on taxation and the church?

    Every other Sunday, we serve free 2,000 meals at the Ikoyi prison, which the church finances. The church in the little times that we have been in the area has lightened up the streets. Several times our members get up to clean up the streets and we are now arranging repairing portions of the broken road.

    The fact that you generate does not mean that you make profits that are taxable. We fund a school in Epe where children go to and pay a token like N2, 000 a year. We have a medical centre in Epe for women to give birth and it is free. All of these are funded by the Lagos Province 39.

    Our immediate environment has its own need. Around us we have the challenges of young ladies who prostitute. Consequently, we run a 32- bed resettlement home for them. Any of them willing to leave the street will be taken into this facility. There are five of them in different schools currently that we pay for.

    As long as they are willing to remain in school, we pull them through to the university. The ones that prefer to learn trade, we put through skills and establish their businesses. Unfortunately in Nigeria someone would drop an issue that becomes topical and some people start parroting it without taking a deeper look at it.

    The other question is should employees of the church pay tax when they generate income? Yes, absolutely. Any of our staff who earns income will deduct and remit. You will recall that Pastor Adeboye was one of the proponents in the Lagos revenue campaign.

  • Akabueze, others for IGNITE youth summit

    Akabueze, others for IGNITE youth summit

    THE Lagos State Commissioner for Economic Planning and Budget, Mr. Ben Akabueze; the National Youth Pastor of the Redeemed Christian Church of God (RCCG), Pastor Belemina  Obunge; International Sexuality Education strategist, Praise Fowowe, have been billed to grace the annual IGNITE youth summit of the RCCG, Lagos Region 1, holding on the 18th to 19th of this month at the Indoor Sport Hall of the National Stadium, Surulere in Lagos.

    The Special Adviser to the General Overseer of the Redeemed Christian Church of God, Pastor Johnson Odesola, made this known at a press briefing held at the Redemption Camp on Lagos-Ibadan Expressway.

    The summit, he disclosed, will bring together thousands of youth from across Nigeria and feature career talk, empowerment programme, marriage relationship and sex, display of talent show, counselling for those who might have challenges in one area of their lives and other side attractions.

     

  • Lagos IGR hits N20b monthly

    Lagos IGR hits N20b monthly

    THE Lagos State Commissioner for Economic Planning and Budget, Mr Ben Akabueze, yesterday said the state’s Internally Generated Revenue (IGR) averages a total of N20billion monthly.

    He spoke at a ministerial briefing ahead of the Sixth Anniversary of the Governor Babatunde Fashola Administration in the state.

    He said: “IGR trickles in everyday across different agencies of the state. One month it could be up, the next month it could be down pending on seasonal considerations and all of that. At the end, we will have an aggregate for the year and you could average it out, but as at today, it is about N20billion monthly.”

    He said the state has a projected IGR of N316.578billion out of its N499.605billion 2013 fiscal budget, saying it is more than the total budget of each of the states in the country, excluding Delta, Rivers and Akwa Ibom.

    To reach the target, the state is adopting measures, including the expansion of the tax net to cover more taxable persons living and doing business in Lagos, he said.

    Akabueze also said the state government is not introducing any new tax, but would leverage on existing ones approved by the law of the federation, to realise the objectives of this year’s budget.

    According to him, major areas the budget has been addressing since the commencement of its implementation, include security, food sufficiency, law and order; building of critical transportation infrastructure, including the blue/red light rail, continuation of the expansion of the Lagos-Badagry Expressway, ferry services, health and environment.

    On the state’s debt profile, Akabueze said the income accruing to state’s coffers yearly outstrips its debts, and that some of its loans are long-term, which would be due for full repayment in 35 years.

    He also revealed plans by the state government to establish some critical agencies/commissions as part of measures to further strengthen its economy.

    These, according to Akabueze, include parks and garden agency, state water regulatory commission, state law enforcement training institute, audit service commission, law reform commission, office of disability affairs and the office of facility management, among others.