Lagos records 67% first quarter budget performance

The Lagos State government yesterday said it had achieved 67 per cent first quarter performance of its N489.6 billion 2014 budget.

Governor Babatunde Fashola gave the figure in Ikeja while speaking with newsmen after the budget review meeting of the State Executive Council. He described the performance as impressive, saying the figure was six per cent higher than the 61 per cent recorded in the corresponding period in 2013.

``The figure is quite a jump from last year’s first quarter performance. This time in 2013, we were at 61 per cent. Now, we are at 67 percent. So we have moved up. If that is any indication that the budget will perform better this year, it will mean that we should expect a better overall performance than last year’s 85 per cent,’’ he said.

Fashola attributed the comparatively impressive budget performance to the cooperation of residents in the form of tax payment. The governor said the execution of projects such as schools and hospitals within the last quarter also contributed to the impressive performance of the budget.

Fashola said the state government could not afford to be complacent; assuring that it would work harder to ensure better budget performance in subsequent quarters.

The Commissioner for Economic Planning and Budgeting, Mr Ben Akabueze, on his part, said the 2014 budget did not envisage a deficit as it was solely dependent on revenue.

He said that the government would try its best to meet its revenue target for the year in order to adequately finance the budget. (NAN)