Lagos State governor, Mr. Akinwunmi Ambode has announced that the state government will soon commence the disbursement of N25 billion Employment Trust Fund and N500 million meant for persons living with disability.
Ambode, who disclosed this at the Third Quarter Year 2016 Town Hall Meeting held in Lagos Central Senatorial District said the distribution will start this month.
“The funding for the N500million Lagos State Persons Living with Disability Fund has been provided and beneficiaries will start getting support from this quarter,” he said.
He added that review of the 2016 budget showed that the state generated a total revenue of N97.3 billion in the last quarter and had a total expenditure of N110. 2billion in spite of the fact that its cash reserve remained positive.
“We expended N55 billion on Capital Expenditure in the last quarter.Our budget performance for January to September is 69 per cent as against 65 per cent for the same period in 2015.
“A total of N166.8billion has been spent on capital projects this year more than double the N53.6 billion spent for the same period last year. We believe strongly that continuous increase in the capital expenditure spending is a necessity at this particular period.
“In this quarter, we will concentrate more resources on capital projects. We will put money in the hands of our local contractors and through them stimulate and reflate the economy,” he stated.
Ambode assured that immediate payments will be made to contractors handling health sector and education sector projects within the next two weeks.
