Lagos Governor, Babajide Sanwo-Olu has presented a total budget estimate of N1.168trillion tagged Budget of Awakening for 2020 to the House of Assembly.
The budget estimates consist of N723.6billion as capital expenditure and N441.8billion for recurrent expenditure, which is a ratio of 62-38 per cent.
The budget size is higher by 34 percent compared to 2018, which performance, as at September, stood at at 69%
The governor said there were needs for sacrifices from all to re-invent Lagos and take the state to a much higher level.
The governor said the budget is consistent with the THEMES agenda of his administration and gives priority to the completion of ongoing projects.
The Proposed budget will be funded by a projected total revenue of N1.071trillion and a deficit amounting to N97.53b
Sanwo-Olu said the budget is strong for development and seeks to aggressively invest in and develop education, health and other physical infrastructure sectors.
“We have
placed an increased focus on wealth creation where we will take deliberate
steps in courting a
partnership between our people and various development institutions. In line
with this, we have provided N11.8bn as counterpart funds in preparation for
various social impact schemes.
“In addition, we have made provisions for N7.1bn
this year, to provide for industrial hubs, parks, graduate
internship programs and virtual markets for artisans. This is in support for
Micro, Small and Medium enterprises which are the engines for both economic and
employment growth.
“It is equally proposed that a total of N167.81b of the Recurrent Expenditure shall be applied towards personnel costs and other staff-related expenses.
“This represents 22.02% of the proposed total revenue, which is within the acceptable wage policy of 25% of total revenue, and includes a provision for the new minimum wage.”
According to Sanwo-Olu, the objective of the budget
include to attract private sector investments to the
economy by creating an enabling environment; aggressively develop, upgrade and
maintain Infrastructure; invest in human capital development, i.e. education
and healthcare.
Speaker Mudashiru Obada assured the governor “and all our people that my colleagues and I shall promptly and diligently commence work on the Y2020 budget just presented to this Honourable House.
“We will ensure that Lagos State occupies the enviable position that has always been reserved for us. We will work diligently for the early passage of the budget so that developmental work can start in earnest in the state. In other words, our intention is to make this budget a special New Year gift to the people of this great state.”
Obasa commended the governor the governor for “for being astute, courageous, insightful, forthright, thorough, and determined. You have really displayed, during your few months in office, that you are capable to maintain a track record of resourceful consistency in the state.”
