Sanwo-Olu Signs 2021 ₦1.55trn Budget Into Law

Sanwo-Olu Signs 2021 ₦1.55trn Budget Into Law

Lagos State Governor, Babatunde Sanwo-Olu has signed into law the 2021 budget of ₦1.55trn, noting that his administration will continue its work of rebuilding the state.

Sanwo-Olu, who signed the budget on Thursday reiterated the government’s commitment in advancing economic growth and expanding opportunities for residents of the state to flourish despite the economic challenges caused by the coronavirus.

“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,” he said.

“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.

The budget christened the Budget of Rekindled Hope consists of N702,935,416,976 capital expenditure and N460,586,793,741 recurrent expenditure.

SEE FULL STATEMENT HERE:

REMARKS BY MR BABAJIDE OLUSOLA SANWO-OLU, GOVERNOR OF LAGOS STATE AT THE SIGNING OF THE 2021 APPROPRIATION BILL ON THURSDAY 31ST DECEMBER 2020

Protocol

In a moment and on this last day of the year 2020, I will give my assent to the 2021 Appropriation Bill recently passed by the Lagos State House of Assembly.

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.

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.

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. 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. Thank you for collaborating with the Executive to satisfy the yearnings of the electorate.

I wish all Lagosians a prosperous Year 2021.

Thank You

Mr Babajide Olusola Sanwo-Olu

Governor of Lagos State

31 December 2020