Lagos Assembly passes N1.163trn 2021 budget

Lagos Assembly passes N1.163trn 2021 budget

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The Lagos State House of Assembly on Tuesday passed the 2021 Appropriation Bill of N1.163 trillion, seven weeks after the budget was presented to the Assembly by Gov. Babajide Sanwo-Olu.

The House passed the budget after the report of the appropriation was presented during plenary by the Chairman, Joint Committee on Economic Planning and Budget and Finance, Gbolahan Yishawu (Eti Osa II).

Recalls that Gov. Sanwo-Olu had on Nov. 9, presented N1.155 trillion budget for the 2021 fiscal year to the Assembly for approval.

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Yishawu noted that the budget passage came after weeks of deliberations, interactions and defence of the budget by the various Ministries, Departments and Agencies (MDAs) before the standing committees of the House.

He explained that N460.58 billion was approved as Recurrent Expenditure from the Consolidated Revenue Fund and N702.93 billion was approved as Capital Expenditure from Development Revenue Fund.

According to him, the sum of N1.163 trillion was approved as the 2021 budget of the state.

The Speaker, Mudashiru Obasa read the sectoral allocations to the lawmakers before it was approved through voice votes and subsequently the budget was eventually passed.

Obasa, then thanked the lawmakers for their contributions and members of the press for their coverage of the assembly throughout the year.

Recalls that the theme of the 2021 budget estimates is christened: “Budget of Rekindled Hope.”

Sanwo-Olu during his budget presentation had explained that the budget estimates was higher than the 2020 budget after it was reduced to N920.5 billion due to challenges of COVID-19 pandemic.

The governor said the budget represents N234.5 billion higher than the 2020 budget after it was reduced. But it is lesser than the initial 2020 budget of N1.68 trillion by N53.5 billion.

According to Sanwo-Olu, the 2021 budget has a total revenue of N962.528 billion and a total Internally Generated Revenue, IGR, of N795,744 billion.

The governor had said the budget had a Capital Expenditure of 703.27 billion and a Recurrent Expenditure of N451.75 billion.

Sanwo-Olu had explained that the 2021 budget would focus on youth employment, security, youth engagement and social work.

“The 2021 Appropriation Bill also speaks to the restoration of economic balance as we navigate our way out of the negative impact of both the pandemic and the destruction of public assets following the ENDSARS protest hijack.

“A pivotal crux of the 2021 budget will be the promotion of an entrepreneurial culture among our people.

“In light of this, micro, small and medium enterprises will be strengthened because their activities help to facilitate socio-economic advancement,” he said.

The post Lagos Assembly passes N1.163trn 2021 budget appeared first on Vanguard News.





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