UPDATED: Sanwo-Olu signs year 2021 budget of N1.163trillion

The budget christened ‘Budget of rekindled hope’, has a Capital Expenditure of N702.9billion and a Recurrent Expenditure of N460.6billion which stands at a ratio of 60 to 40 per cent.

Although the governor presented a budget estimate of N1.55trillion in November 10 to the state Assembly, the House in its wisdom increased the budget size to N1.163trillion.

Speaking at the brief signing ceremony which took place at State House, Marina, Lagos, Sanwo-Olu said the quick passage of the bill reflects the harmonious relationship between the State Executive and the Legislature as well as mutual dedication to the progress of the State and the prosperity of Lagosians.

“With the passage of the bill, we will continue our work of rebuilding Lagos, advancing economic growth, and expanding opportunities for Lagosians to flourish despite the economic challenges caused by the coronavirus.

“As we already know, 2020 will go down in history as a peculiar year largely defined by the COVID 19 Pandemic and the ENDSARS protests, which were recklessly hijacked by those who destroyed some of our public assets and private businesses.”

The governor said despite the above ugly development the state is fortunate to be going into the New Year, with an already passed budget, which will help to expedite a recovery process.

“A significant portion of the budget has been committed to human capital development, youth engagement, social intervention initiatives, and the completion of ongoing projects that are critical to achieving the objectives of our T.H.E.M.E.S agenda.”

Sanwo-Olu assured that the 2021 budget will be prudently implemented with the people as focus, because the state is determined to provide the right economic environment for Lagosians to thrive.

“As the world combats the coronavirus, we will make the necessary sacrifices to further place our State on the path of abundance and economic recovery. We are going into 2021 with the unwavering determination to engender sustainable and inclusive growth.”

He promised Lagosians that the 2021 budget will indeed rekindle hope, deliver substantial economic growth, and bolster the government’s efforts to rebuild Lagos.

“We will make tough choices where necessary and seize opportunities as needed while ensuring that no Lagosian is left behind.

“With the enormous challenges of the outgoing year, we are conscious of the fact that in order to efficiently and successfully implement the 2021 budget, we must be selfless and dedicated.”

Assuring that the government is up to the task- “with our collective resilience, we will achieve our key goals in all sectors, and nothing will stop us from justifying the trust of the people in this Government.

“I implore all stakeholders and residents of Lagos, the organized private sector, artisans as well as small and medium-sized business owners not to relent in supporting this government by voluntarily discharging their civic responsibilities. The growth and prosperity we seek can only be collectively achieved”, he said.

Promising that his government on its part will ensure that the resources entrusted in its care are efficiently and prudently managed.

“We will be non-discriminatory in the distribution of resources. This is a budget for all Lagosians irrespective of their social, economic, ethnic, or religious background.”

Sanwo-Olu thanked the Speaker of the Lagos State House of Assembly, Hon Mudashiru Obasa, and the members of the State House of Assembly for the thorough and expeditious consideration of the 2021 Appropriation Bill, which resulted in the passage of the budget before the end of the year.

“Thank you for collaborating with the Executive to satisfy the yearnings of the electorate”.

He wished all Lagosians a prosperous Year 2021, advising that everybody should go into the new year with rekindled hope and without pains, bitterness, regrets, grievances, or anger because of recent experiences.

He, however, admonished that as difficult as the year 2020 has been the learning and lessons of the year must not be lost on all, that they must enter the new year with fresh hope.

In his remarks, Hon. Rotimi Olowo, chairman of, House committee on finance, who represented Speaker Mudashiru Obasa said the Assembly did not take anything for granted while working on the budget, adding that it did a thorough job.

“We did a thorough job because we wanted to make sure you sign the best budget for Lagos and i know in 2021 Lagosians will be happier because we are bringing the best,” Olowo said.

Other dignitaries at the ceremony include the Deputy Governor, Dr. Obafemi Hamzat, Chairman, Committee on budget and economic planning in the Assembly, Hon. Gbolahan Yishawu, Hon. Akeem Solaja, (Oshodi-Isolo 1), Hon. Nurudeen Salad, (Ikorodu 1), Secretary to State Government, Folasade Jail, Head of Service, Akeem Muri-Okunola, commissioners for budget and economic planning and information and strategy, Mr. Sam Egube and Mr. Gbenga Omotoso, Attorney-General and Commissioner for justice, Moyosore Onigbanjo as well as a commissioner for justice, Rabiu Olowo.