With a pledge to continue rebuilding the economy of Nigeria’s commercial capital, Lagos State Governor, Babajide Sanwo-Olu, on Thursday signed the N1.163 trillion 2021 Appropriation Bill.
The “Budget of Rekindled Hope”, will be fully implemented to allow Lagosians to flourish despite the COVID-19 pandemic challenges, he said.
The budget has a capital expenditure of N702.9 billion and a recurrent expenditure of N460.6 billion which stands at a ratio of 60 to 40 per cent.
Although the governor presented a budget estimate of N1.55 trillion on November 10 to the State Assembly, the House in its wisdom increased the budget size to N1.163 trillion.
Speaking at the signing of the bill at the Lagos State House, Marina, Sanwo-Olu said the quick passage of the bill reflects the harmonious relationship between the State Executive and the Legislative arms as well as the mutual dedication to the progress of the state and the prosperity of Lagosians.
He said: “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.”
The governor said the ugly development notwithstanding, the state is fortunate to be going into the New Year with budget approved by the Assembly and signed into law by him.
“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 our T.H.E.M.E.S agenda,” the governor said.
Sanwo-Olu, who assured that the budget will be prudently implemented with the people as its focus, restated his administration’s determination to provide the right economic environment for Lagosians to thrive.
