Lagos State governor, Mr. Babajide Sanwo-Olu, on Thursday signed the 2021 budget of N1.163trillion into law, saying the government was poised to continue its work of rebuilding Lagos, advancing economic growth, and expanding opportunities for Lagosians to flourish despite the economic challenges caused by the COVID-19 pandemic.
The budget christened: ‘Budget of rekindled hope,’ has a capital expenditure of N702.9billion and a recurrent expenditure of N460.6billion, at a ratio of 60 to 40 per cent.
It would be recalled the Governor Sanwo-Olu presented a budget estimate of N1.55trillion on November 10, 2020 to the State House of Assembly, but the parliament in its own considerations increased the budget size to N1.163trillion.
Speaking at the brief signing ceremony, which took place at State House, Marina, Lagos, the governor 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 the state and the prosperity of Lagosians.
This was just as the governor noted that 2020 would go down in history as a peculiar year largely defined by the COVID-19 pandemic and the #EndSARS protests, which he said were recklessly hijacked by those who destroyed some of public assets and private businesses in the state.
“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,” Sanwo-Olu said.
The governor, however, said despite the above ugly development the state was fortunate to be going into the New Year, with an already passed budget, which would help to expedite a recovery process, pointing out that a significant portion of the budget had been committed to human capital development, youth engagement, among others.
“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.
Governor Sanwo-Olu assured that the 2021 budget would be prudently implemented with the people as focus, vowing that the state was determined to make necessary sacrifice to provide the right economic environment for Lagosians to thrive.
According to him, the 2021 Budget will indeed rekindle hope, deliver substantial economic growth, and bolster the government’s efforts to rebuild Lagos, saying that the state government was committed to make tough choices where necessary and seize opportunities as needed to ensuring that no Lagosian was left behind.
“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,” he stated.
“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 assured.
The governor enjoined 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 the state government by voluntarily discharging their civic responsibilities, declaring that the “growth and prosperity we seek can only be collectively achieved.”
Sanwo-Olu, while promising that his government on its part would ensure that the resources entrusted in its care were efficiently and prudently managed, assured that the government would be non-discriminatory in the distribution of resources, just as he declared that the budget was for all Lagosians irrespective of their social, economic, ethnic, or religious background.
“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 said.
Sanwo-Olu thanked the Speaker of the Lagos State House of Assembly, Hon. Mudashiru Obasa and 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.
The governor, while wishing all Lagosians a prosperous Year 2021, enjoined them to go into the new year with rekindled hope and without pains, bitterness, regrets, grievances or anger because of recent experiences.
He, however, admonished that as difficult as year 2020 hast been, the learning and lessons of the year must not be lost at all, urging them to enter the new year with fresh hope.
In his remarks, Chairman, House Committee on Finance, Hon. Rotimi Olowo, who represented the Speaker Mudashiru Obasa, said the Assembly did the House did a thorough job by not take anything for granted while working on the budget.
“We did a thorough job because we wanted to make sure you sign the best budget for Lagos and I know in 2021 Lagosians will be happier because we are bringing the best,” Olowo said.
Other dignitaries at the ceremony include the Deputy Governor, Dr. Obafemi Hamzat; Chairman, Committee on Budget and Economic Planning in the Assembly, Hon. Gbolahan Yishawu; Hon. Akeem Solaja, Secretary to State Government, Folasade Jail; Head of Service, Akeem Muri-Okunola; commissioners for Budget and Economic Planning and Information and Strategy, Mr. Sam Egube and Mr. Gbenga Omotoso respectively, among others.