Governor Babajide Sanwo-olu on Thursday signed the 2021 Appropriation Bill recently passed by the Lagos State House of Assembly.
According to the Governor of Lagos State, 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.
According to Sanwo-olu “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 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. ”
Sanwo-olu noted that year 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. ” Sanwo-olu noted
He said the 2021 Budget will indeed rekindle hope, deliver substantial economic growth, and bolster our efforts to rebuild Lagos.