Thursday, October 17, 2013

Governor Fashola Happy Over Budget Performance

Lagos State Gov. Babatunde Fashola, on Thursday said his administration had achieved 70 per cent implementation of the state 2013 budget by the third quarter.
Fashola spoke with newsmen in Ikeja shortly after presiding over the Year 2013 Third Quarter Budget Performance. He said that the cumulative performance between January and September stood at 71 per cent.

Fashola said that the performance had a slight shortfall when compared to the half year performance.
The first and second quarter performances stood at 61 per cent and 83 per cent respectively,”  he said.
The governor pointed out that the performances were based on completed projects, but  attributed the shortfall in the third quarter to delays of federal allocations.
“It is a slight dip in the overall aggregate from 72 per cent in the half year to 71 per cent that it is now.
“It is also a larger dip from 83 per cent for the second quarter standing alone to 70 per cent third quarter standing alone.
“Although the state revenue was not wholly based on the statutory allocation from the Federal Government,  the internally generated revenues which could have been used to finance ongoing projects had to be deployed to pay salaries of workers, “ he said.
Fashola said that the delay had also led his administration to borrow short term loans, but expressed satisfaction at the level of ongoing projects across the state.

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