Monday, January 25, 2021

The Lagos Assembly approves the budget N1.163trn 2021

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The Lagos State House of Assembly passed the N1.163 billion 2021 Appropriation Bill on Tuesday, seven weeks after Governor Babajide Sanwo-Olu presented the budget to the Assembly.

The House approved the budget after the Chairman of the Joint Committee on Economic Planning and Budget and Finance, Gbolahan Yishawu (Eti Osa II), presented the allocation report during plenary.

Remember that Governor Sanwo-Olu presented a $ 1.155 trillion budget for fiscal year 2021 to the Assembly on November 9 for approval.

Yishawu noted that the budget approval came after weeks of budget deliberations, interactions and advocacy by various Ministries, Departments and Agencies (MDA) before the House standing committees.

He explained that N460.58 billion was approved as a recurring expense of the Consolidated Income Fund and N702.93 billion was approved as a capital expense of the Development Income Fund.

According to him, the sum of N1.163 billion was approved as the state’s 2021 budget.

The spokesperson, Mudashiru Obasa, read the sectoral allocations to legislators before they were approved by voice vote and the budget was finally approved afterwards.

Obasa then thanked legislators for their contributions and members of the press for their coverage of the assembly throughout the year.

Remember that the subject of the 2021 budget estimates is baptized: “Budget of hope rekindled.”

Sanwo-Olu during his budget presentation had explained that the budget estimates were higher than the 2020 budget after it was reduced to N920.5 billion due to the challenges of the COVID-19 pandemic.

The governor said the budget represents N234.5 billion more than the 2020 budget after it was cut. But it is less than the initial 2020 budget of N1.68 billion times N53.5 billion.

According to Sanwo-Olu, the 2021 budget has a total revenue of N962.528 billion and a total internally generated revenue, IGR, of N795.744 billion.

The governor had said that the budget had a capital expenditure of 703.27 billion and a recurring expense of N451.75 billion.

Sanwo-Olu had explained that the 2021 budget would focus on youth employment, security, youth participation and social work.

“The Appropriations Bill of 2021 also talks about restoring economic balance as we navigate our way out of the negative impact of both the pandemic and the destruction of public assets following the ENDSARS protest hijack.

“A fundamental axis of the 2021 budget will be the promotion of an entrepreneurial culture among our people.

“Given this, micro, small and medium-sized enterprises will be strengthened because their activities help facilitate socioeconomic advancement,” he said.

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