Home Economy Lagos state plans N1.155trn spending in 2021

Lagos state plans N1.155trn spending in 2021

by Business News Report

Lagos State Governor, Babajide Sanwo-Olu, said the state plans to spend N1.155 trillion in 2021. This fact is contained in the 2021 budget proposal he presented  to the Lagos State House of Assembly. Presenting the appropriation,  christened “Budget of Rekindled Hope´´, Sanwo-Olu said that it reflected the state’s determination to rise above the challenges that had affected its development indices in the last 10 months. He said that the budget had a proposed Recurrent Expenditure of N451.75 billion and a Capital Expenditure of N703.27 billion. According to him, the General Public Services allocation is N136.28 billion, under which the Science and Technology Sector has N28.27 billion and Other General Public Services has N108.05 billion.

Also, the Public Order and Safety allocation is N32.76 billion, while the Economic Affairs Sector has a proposed allocation of N381.86 billion.

Under the Economic Affairs´ allocation are – Agriculture N18.31 billion; Commerce N41,99 billion; Tourism, Art & culture N6.12 billion; Energy and Mineral Resources N32,56 billion; Transportation N98.93; Infrastructure – Works Family N172.24 billion; and Waterfront N11.78 billion. The Environment Sector has an allocation of N50.93 billion, comprising of Drainage N11.94 billion and Other Environmental Services N39 billion.

Also, the Housing and Community Amenities Sector has N40,28 billion; Health Sector N118.36; Recreation, Culture and Religion N5.17 billion. The Education Sector has a budget allocation of N143.65 billion, the Social Protection Sector N9.16 billion, while the Contingency Reserve (Including Special Expenditure – Statewide and Special Expenditure -Others) has N20,55 billion allocation.

For Loans (Repayments, CDSA & Debt Servicing) N166.21 billion, Personnel Cost (Statewide – Pension etc) N49.8 billion, giving a total N1.155 trillion budget for 2021. The governor said that the “Budget of Rekindled Hope´´ demonstrated government’s willingness to overcome all obstacles and deliver all electoral promises to Lagosians. He said that the coronavirus pandemic and EndSARS protests had only heightened the need to urgently implement the various programmes under the THEMES agenda.

According to him, the 2021 budget will, among other things, provide for youth employment by focusing on sectors with job creating potential like agriculture, construction, technology and security. “We are set to improve the economic conditions and social safety needed for our youth and all hardworking Lagosians to flourish. We are committing resources to sectors that need to grow for our people to become self-reliant and economically empowered. Consequently, for the agricultural sector, our food security plan has a cumulative budget of N22.21billion, while we are committing a cumulative budgetary provision of N311.43billion to infrastructure. “This will cover direct intervention through the Ministries of Works and Infrastructure, Water front, Transportation, the Judiciary, our Schools and Seed Capital of N15billion for The Rebuild Lagos Trust Fund.

“To continue to drive our digitisation strategy, we have committed a total of N37.37billion investment in technology, while in the environment and health services, we have committed a total of N48.28billion and N111.94billion, respectively. In line with our urgent need to light up Lagos we will begin a set of initiatives in the energy sector to ensure the Lagos economy is supported by power, one community at a time. To this we have committed a total of N32.58billion in the 2021 budget,´´ Sanwo-Olu said. He said that the 2021 Appropriation Bill also aligned to the restoration of economic balance as the state navigated its way out of the negative impact of both the pandemic and the destruction of public assets following the EndSARS protest hijack.

The Speaker, Lagos State House of Assembly, Mudashiru Obasa, said that the Assembly would meticulously perform its constitutional duty on the budget. 

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