â€¦Signs N662.588bn Appropriation Bill To Law
â€¦Lagos Will Not Introduce New Taxes.
Lagos State Governor, Mr. Akinwunmi Ambode on Monday signed the N662.588bn Y2016 Appropriation Law with a promise that the budget would be faithfully implemented in line with the determination of his administration to make Lagos work for all, irrespective of age, gender, tribe or status.
The Governor who spoke at a brief but impressive ceremony held at the Banquet Hall, Lagos House, said the 2016 budget was the article of faith of his administration with Lagosians and it was in line with delivering on the promises made to the people.
He said: â€œThe Y2016 budget of N662.588bn will enable our government focus on the present challenges of security, traffic gridlock resolution including physical and social infrastructural developments which have thrown up new challenges quite different from our past experienceâ€.
The Governor thanked the House of Assembly for speedily ensuring the passage of the bill which he presented to the House on December 17 and passed on December 31, saying it was no mean feat considering the long hours spent and meticulous scrutiny provided by the House Committee on Appropriation.
While alluding to the fact that the falling crude oil prices has sprung up economic challenges as well as affected the Federal Allocations, he said the Stateâ€™s budget will be driven by Internally Generated Revenue (IGR).