Governor Babajide Sanwo- Olu of Lagos State on Thursday signed the 2021 appropriation bill of N1.163 trillion into law, thus setting the stage for immediate commencement of its implementation.
The appropriation christened ‘budget of rekindled hope’ has a capital expenditure component of N702.9 billion and recurrent expenditure of N460.6 billion, a 60 to 40 percent ratio, respectively.
The state House of Assembly had raised the budget estimates from on1.55 trillion presented to them by Sanwo-Olu on November 10, 2020.
At the signing ceremony which held at State House, Marina, Sanwo- Olu said praised the quick passage of the bill by the legislature, saying it was a reflection of a cordial relationship between the two arms of government.
READ ALSO: How Nigeria’s SEC nearly ruined Christmas for Chaka Technologies
“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 explained that in spite of the ugly development witnessed in the outgone year, Lagos was fortunate to be going into the new year, with an already passed budget, which will help to expedite a recovery process.
“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.”
Sanwo-Olu assured that the 2021 budget would be prudently implemented with the people as focus because the state is determined to provide the right economic environment for Lagosians to thrive.
“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.”
He promised that the 2021 budget would rekindle hope, deliver substantial economic growth, and bolster the government’s efforts to rebuild Lagos.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
