The Lagos State House of Assembly on Tuesday directed its Budget and Economic Planning Committee to conclude work on the state’s 2015 Budget Bill by December 29 to ensure prompt passage.
The Speaker, Adeyemi Ikuforiji, gave the directive during the second reading of the bill at a plenary session of the assembly.
The Lagos State Government made a budget proposal of N489.69 billion for 2015.
Ikuforiji said that the Budget and Economic Planning Committee and other standing committees of the House must take a critical look at the budget proposal and complete work on it before the date.
The Chairman of the Budget and Economic Planning Committee, Mudashiru Obasa, said issues affecting the budget would be discussed during the budget defence by ministries and parastatal-agencies.
Obasa appealed to residents of the state to pay their taxes regularly to enable the government to have enough money to implement the budget.
Fatai Mojeed (APC-Ibeju-Lekki I) said that the budget proposal did not make clear the interest rate and loan repayment plans by the state government.
“We need to know how much we owe contractors and the amount of money needed to pay outstanding liabilities,” Mojeed said.
Yinka Ogundimu (APC-Agege II) submitted that there was the need for a general review of the budget proposal in view of the reduction in the price of crude oil.
Ogundimu also that the budget proposal was based on N160 per dollar and that the exchange rate had changed.
Taiwo Kolawole, the Deputy Speaker, urged the committee to consider the budget size due to the rate of inflation in the country.
Kolawole said: “It is a welfarist budget, but we should live within our means.
“The new method of the budget does not show the process of re-payment of loans as observed by my colleague.
“The process should have been stated.
“We can cut the budget of some ministries for us to live within our means.”
Governor Babatunde Fashola (SAN) presented the budget proposal to the assembly on November 24.
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