Lagos State governor, Mr Babajide Sanwo-Olu, has signed into law the 2021 Appropriation Bill.
The governor signed the budget at the State House, Marina, on Thursday, December 31.
It is recalled the State House of Assembly, on Tuesday, passed the N1.16trilion budget. According to the governor, the quick passage of the bill was a reflection of the good relationship between the Executive and the Legislature.
“The quick 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 Lagosians,” Sanwo-Olu said
He added: “You will recall that on November 10, 2020, I presented to the House of Assembly the 2021 Appropriation Bill of N1.55 Trillion, which we christened the Budget of Rekindled Hope. The total size of the budget passed by the Legislature now stands at N1,163,522,210,717.00 with 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.”
Recalling the events of the year 2020, Sanwo-Olu said the budget would help the state government to recover from the ugly incidents that bedevilled the state in 2020.
“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.
The Honourable Commissioner for Economic Planning and Budget will present to the general public the full details and breakdown of the budget in due course.
I assure you that the 2021 budget will be prudently implemented with the people as our focus because we are determined to provide the right economic environment for Lagosians to thrive,” he said.
He further said: ” 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.
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.
I implore 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. The growth and prosperity we seek can 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.
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 expeditious consideration of the 2021 Appropriation Bill, which resulted in the passage of the budget before the end of the year. “