Lagos Governor signs N1. 163 Trillion 2021 Budget

By Luqmon Balogun, Lagos

Lagos State Governor, Mr. Babajide Sanwo-Olu has signed the state year 2021 budget of N1.163trillion into law.

The budget christened ‘Budget of rekindled hope’, has a Capital Expenditure of N702.9billion and a Recurrent Expenditure of N460.6billion which stands at a ratio of 60 to 40 per cent.

Although the governor presented a budget estimate of N1.55trillion in November 10 to the state Assembly, the House in its own considerations increased the budget size to N1.163trillion.

Speaking at the brief signing ceremony which took place at State House, Marina, Lagos, Sanwo-Olu said the quick passage of the bill reflects the harmonious relationship between the State Executive and the Legislature as well as mutual dedication to the progress of the State and the prosperity of Lagosians.

“With the passage of the bill, we will continue our work of rebuilding Lagos, advancing economic growth, and expanding opportunities for Lagosians to flourish despite the economic challenges caused by the coronavirus.

“As we already know, 2020 will go down in history as a peculiar year largely defined by the COVID 19 Pandemic and the #EndSARS protests, which were recklessly hijacked by those who destroyed some of our public assets and private businesses.

 “Despite all the challenges, the state is fortunate to be going into the New Year, with an already passed budget, which will help to expedite a recovery process.” he said

The Governor mentioned that a significant portion of the budget has been committed to human capital development, youth engagement, social intervention initiatives, and the completion of ongoing projects that are critical to achieving the objectives of the State agenda.

Sanwo-Olu assured that the 2021 budget will be prudently implemented with the people as focus, because the state is determined to provide the right economic environment for Lagosians to thrive.

The Governor said “As the world combats the coronavirus, we will make the necessary sacrifices to further place our State on the path of abundance and economic recovery. We are going into 2021 with the unwavering determination to engender sustainable and inclusive growth.”

“We will make tough choices where necessary and seize opportunities needed while ensuring that no Lagosian is left behind.

“I implore all stakeholders and residents of Lagos, the organized private sector, artisans as well as small and medium sized business owners not to relent in supporting this government by voluntarily discharging their civic responsibilities. The growth and prosperity we seek can only be collectively achieved”.

He promised Lagosians that the 2021 budget will indeed rekindle hope, deliver substantial economic growth, and bolster the government’s efforts to rebuild Lagos.

He wished all Lagosians a prosperous Year 2021, advising that everybody should go into the new year with rekindled hope and without pains, bitterness, regrets, grievances or anger because of recent experiences.

In his remarks, Hon. Rotimi Olowo, chairman, House committee on finance, who represented Speaker Mudashiru Obasa said the Assembly did not take anything for granted while working on the budget, adding that it did a thorough job.

“We did a thorough job because we wanted to make sure you sign the best budget for Lagos and I know in 2021 Lagosians will be happier because we are bringing the best,” Olowo said.

Confidence Okwuchi