Lagos State Governor Babajide Sanwo-Olu signed the N1.164 trillion 2021 Appropriation Bill on Thursday.
Speaking during the signing at Lagos House, Marina, Sanwo-Olu said that the budget has a 60:40 capital-to-recurring ratio.
He said the budget comprised N702,935,416,976 capital expenditures and N460,586,793,741 recurring expenses.
According to him, with the passage of the bill, the government will continue its work to rebuild Lagos, promote economic growth and expand opportunities for the people of Lagos to prosper.
“The speedy passage of the bill reflects the harmonious relationship between the State Executive and the Legislature, as well as our mutual dedication to the progress of our state and the prosperity of the people of Lagos.
“You will remember that on November 10, 2020, I presented to the House of Assembly the Bill of Appropriation of N1.55 billion of 2021, which we baptized as the Budget of Rekindled Hope.
“The total size of the budget approved by the Legislature is now N1,163,522,210,717.00 with a capital to recurring ratio of 60:40. It includes N702,935,416,976 capital expenditures and N460,586,793,741 recurring expenses, ”he said.
The governor said that 2020 would go down in history as a quirky year defined largely by the COVID-19 pandemic and the ENDSARS protests.
He said that the protest was recklessly hijacked by those who destroyed some public property and private businesses.
However, he said, the state was fortunate to start the New Year with an already approved budget, which would help speed up the recovery.
Sanwo-Olu said that a significant portion of the budget had been committed to human capital development, youth engagement, social intervention initiatives and the completion of ongoing projects.
He ensured that the 2021 budget would be implemented prudently with the people as the focus, as the government was determined to provide the right economic environment for the people of Lagos to prosper.
According to him, as the world fights the coronavirus, the government will make the necessary sacrifices to further place the state on the path of abundance and economic recovery.
“We enter 2021 with an unwavering determination to generate sustainable and inclusive growth.
“I promise the people of Lagos that the 2021 budget will rekindle hope, generate substantial economic growth and strengthen our efforts to rebuild Lagos.
“We will make tough decisions when necessary and seize opportunities as needed, while ensuring that no lakes are left behind.
“With the enormous challenges of the outgoing year, we are aware of the fact that to efficiently and successfully implement Budget 2021, we must be selfless and dedicated.
“We are up to the task. With our collective resilience we will achieve our key goals in all sectors, and nothing will stop us from justifying the people’s trust in this government, ”he said.
Sanwo-Olu called on all stakeholders and Lagos residents, the organized private sector, artisans and owners of small and medium-sized businesses not to back down in their support of the government by voluntarily fulfilling their civic responsibilities.
He said that the growth and prosperity that people sought could only be achieved collectively.
“For our part, we will ensure that the resources entrusted to our care are managed efficiently and prudently. We will be non-discriminatory in the distribution of resources.
“This is a budget for all the inhabitants of Lagos, regardless of their social, economic, ethnic or religious origin.
“I thank the Honorable Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa and the members of the State House of Assembly for the thorough and prompt consideration of the Appropriation Bill of 2021, which resulted in the approval of the budget before the end of the year.
“Thank you for collaborating with the Executive to satisfy the wishes of the electorate,” said the governor.
The Speaker of the House of Assembly said the budget was people-oriented and would take the state to the next level.
Obasa, who was represented by Rotimi Olowo, chairman of the House Finance Committee, praised the governor for the good works he had been doing in the state.
Sam Egube, the Economic Planning and Budget Commissioner, said the event was the result of significant commitments during the year.
“We will push this budget through self-executing mechanisms,” Egube said. (YAYA)