Lagos State Governor Babajide Sanwo-Olu has presented a budget proposal of N1,155 trillion to the state House of Assembly for the 2021 fiscal year.
Tagged “Budget of Rekindling Hope” N704 billion, representing 61 per cent of the total budget, is earmarked for capital expenditure while N451.75 billion, representing 39 per cent, will go for recurrent expenditure.
Despite the slowdown of activities occasioned by the COVID-19 pandemic, Sanwo-Olu said this year’s budget had performed at 77 per cent. A performance benchmark of 86 per cent was projected by the end of last quarter.
The budget, the Governor said, will be funded from a projected Internally-Generated Revenue (IGR) of N962 billion. The N192.495 billion deficit will be financed through bond issuance, internal and external loans.
Sanwo-Olu said the government will be investing heavily in the development of human capital, with special focus on youth employment and provision of social safety for young people. The focus will be raising human capital, creating jobs and strengthening security for businesses to flourish.
The expenditure is for the restoration of economic balance as the State continues to navigate its way out of the negative impact of the Coronavirus (COVID-19) pandemic and the destruction of public assets, following the EndSARS protest hijack.
The Agricultural sector, Gov. Sanwo-Olu disclosed, will have a cumulative budget of N22.21billion while N311.43billion will go into providing infrastructure, among others.
