Home Finance Lagos to spend N1.164trn in 2021 fiscal year

Lagos to spend N1.164trn in 2021 fiscal year

by Business News Report

Lagos State Year 2021 expenditure plan named ” Budget of Rekindled Hope” has been put at N1.164 trillion. A breakdown of the budget shows that the sum of N143.16 billion was earmarked for General Public Services, N42.27 billion for Public Order and Safety and N332.69 billion for Economic Affairs. Also, N59.65 billion for Environment, N37. 08 billion for Housing, N105.98 billion for Health, N7.29 billion for Recreation and Religion, N146.93 billion for Education and N9.15 billion for Social Protection. Others include N21.55 billion for Contingency Reserves, N162.71 billion for Loans, N37.98 billion for Personnel Costs and N57.04 billion for Grants.

Mr Sam Egube, the Commissioner for Economic Planning and Budget, Lagos State, gave the budget breakdown in Lagos at a media briefing. Egube said that the budget was made up of N702.93 billion and N460.58 billion for both capital expenditure and recurrent expenditure respectively.

This, he explained, represented a 60:40 capital to recurrent expenditure ratio strongly in favour of capital expenditure. Egube said that the state’s expected total revenue was estimated at N971.028 billion, with a deficit of N192.494 billion. He said that the deficit would be financed by a combination of external and internal loans and also bond well within the state’s fiscal sustainability benchmarks.

The commissioner highlighted that the budget earmarked the N5.09 billion for the commerce and industry sector to improve economic activities within the state. Egube detailed that the said sum was for the on-going development of Lekki Free Zone, Imota Light Industrial Park/Hubs, Gberigbe Enterprise Zone in Ikorodu and other areas within the state.

“Though the Y2020 was very challenging, we considered the challenge as an opportunity. Therefore, in spite of the gloomy socio-economic outlook across the world and dwindling oil revenue, Lagos has made significant fiscal progress. The year 2021 is indeed a year of Rekindled Hope with the recent global and national events such as the COVID-19 pandemic, EndSARS protests, and the general feeling and demand of our people for an inclusive governance, equitable quality of life and consistent economic growth.

“We have tagged the 2021 Appropriation Bill the “Budget of Rekindled Hope” to reflect our determination to rise above the challenges that have affected our development indices in the last 11 months. This Budget of Rekindled Hope demonstrates our willingness to overcome all obstacles and deliver all electoral promises to Lagosians. The Budget of Rekindled Hope reflects the continued execution of the THEMES agenda, which is just as relevant as it has always been,” he said.

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