Economy

Sanwo-Olu signs N1.163trn budget into law, says state will make tough choices

Access Bank

Lagos State Governor, Babajide Sanwo-Olu, on Thursday signed the 2021 budget of N1.163 trillion into law, saying his government will make tough choices in the New Year.

The governor had earlier present a budget of N1.155 trillion to the Lagos State House of Assembly for approval, but the lawmakers jacked it up to N1.163 trillion.

Signing the budget into law at the State House, Marina, Sanwo-Olu said the quick passage of the bill reflected the harmonious relationship between the State Executive and the Legislature as well as mutual dedication to the progress of our State and the prosperity of Lagosians.

The budget has a capital to recurrent ratio of 60:40. It comprises N702,935,416,976 capital expenditure and N460,586,793,741 recurrent expenditure.

“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.

“We are, however, fortunate to be going into the New Year, with an already passed budget, which will help to expedite our 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,” he said.

Sanwo-Olu assured that the 2021 budget would be prudently implemented with the people as focus, as government was determined to provide the right economic environment for Lagosians to thrive.

He said as the world combats the coronavirus, the state government would make the necessary sacrifices to further place Lagos State on the path of abundance and economic recovery.

“We are going into 2021 with the unwavering determination to engender sustainable and inclusive growth.

”I promise Lagosians that the 2021 Budget will indeed rekindle hope, deliver substantial economic growth, and bolster our efforts to rebuild Lagos. We will make tough choices where necessary and seize opportunities as needed while ensuring that no Lagosian is left behind.

”With the enormous challenges of the outgoing year, we are conscious of the fact that in order to efficiently and successfully implement the 2021 Budget, 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 trust of the people in this Government,” he added.

Sanwo-Olu implored 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, as the growth and prosperity sought could only be collectively achieved.

“On our part, we will ensure that the resources entrusted in our care are efficiently and prudently managed. We will be non-discriminatory in the distribution of resources. This is a budget for all Lagosians irrespective of their social, economic, ethnic, or religious background,” he stated.

 

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