Lagos State Governor Babajide Sanwo-Olu on Thursday signed the state’s N1.163 trn 2021 appropriation bill into law.
The House of Assembly passed the bill last Monday. About N703 billion, representing 60 per cent of 2021 budget, is earmarked for capital expenditure, while N460.5 billion will go for recurrent expenditure.
The budget christened “Budget of Rekindled Hope,” was signed into law at a ceremony held at the State House in Marina.
Describing the past year as a peculiar era in the annals of the State, the Governor said the economic paralysis caused by the Coronavirus (COVID-19) pandemic and destruction wreaked in the wake of the hijacked #EndSARS protests drew Lagos’ development back in no small measures.
He said: “With the passage of the 2021 Appropriation Bill, and the signing of the document into law today, our will to rebuild Lagos, advance the State’s economic growth, and expand opportunities for Lagosians to flourish despite the economic challenges caused by the coronavirus, has now been reinforced.
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“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. We are fortunate to be going into the New Year with an already passed budget, which will help to expedite our recovery process.”
Sanwo-Olu said the significant parts of the 2021 budget would be committed to human capital development, youth engagement, social intervention initiatives, while the chunk of the spending is reserved for the completion of ongoing projects critical to achieving the objectives of his administration’s T.H.E.M.E.S agenda.
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The Governor reassured residents that the budget would rekindle their hopes and deliver substantial economic growth.
Sanwo-Olu promised that the budget would be prudently implemented, with the focus on provision of the right economic environment for people to thrive.
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