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Sanwo-Olu presents N1.155trn 2021 budget, targets N795.7bn IGR

Governor Babajide Sanwo-Olu of Lagos, yesterday, presented the 2021 Budget size of N1.155 trillion christened “Budget of Rekindled Hope” to the State House of Assembly for approval. The governor said that the budget was designed to reflect his administration’s determination to rise above the challenges that affected the state’s development indices in the last 10 months and to demonstrate his administration’s willingness to overcome all obstacles and deliver all electoral promises.

In the 2021 Budget, 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, Sanwo-Olu said, will be raising human capital, creating jobs and strengthening security for businesses to flourish. The 2021 Budget is higher than the 2020 budget after it was revised to N920.5 billion due to challenges of COVID-19 pandemic. The budget represents N234.5 billion higher than the 2020 Budget after it was also adjusted.

But it is lesser than the initial 2020 Budget of N1.68 trillion by N53.5 billion. Presenting the budget at the state Assembly, Sanwo- Olu explained that the budget has a Capital Expenditure of 703.272 billion and a Recurrent Expenditure of N451.750 billion, assuring that the 2021 budget would focus on youth employment, security, youth engagement and social work, among others. According to him, the 2021 Budget has a total revenue of N962.528 billion and a total Internally Generated Revenue (IGR) of N795.744 billion.

To address problem confronting the youth with regard to unemployment, the governor said it had become expedient to leverage the state’s developmental efforts by focusing on sectors with job creating potential like Agriculture, Construction, Technology and Security. To this ends, he added: “We are set to improve the economic conditions and social safety needed for our youth and all hardworking Lagosians to flourish.

We are committing resources to sectors that need to grow for our people to become self-reliant and economically empowered.” On agricultural sector, Sanwo-Olu said a total of N22.21 billion was budgeted for food security plan while his administration will also be committing a cumulative budgetary provision of N311.43 billion to infrastructure.

“This will cover direct intervention through the Ministries of Works and Infrastructure, Water Front, Transportation, the Judiciary, our Schools and Seed Capital of N15 billion for The Rebuild Lagos Trust Fund. This does not include the value to be created from executing the rail lines (both Red and Blue) recently approved by the Lagos State House of Assembly.

“To continue to drive our digitisation strategy, we have committed a total of N37.37 billion investment in 30 technology, while in the environment and health services we have committed a total of N48.28 billion and N111.94 billion respectively,e explained. To improve the security and economy in the state, Sanwo-Olu said that efforts would be made to ‘light up Lagos’, adding that a total of N32.58 billion was being committed to the project in the 2021 budget.

“In line with our urgent need to light up Lagos, we will begin a set of initiatives in the energy sector to ensure the Lagos economy is supported by power, one community at a time. To this, we have committed a total of N32.58 billion in the 2021 budget,” he said.

Speaking shortly after Sanwo-Olu presented the budget, Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, assured that the lawmakers would meticulously perform their constitutional duty before passing the budget estimates. He said: “We have all listened with attention how the wealth of the state will be utilised for our common good in Year 2021.

The responsibility is now on the members of the Assembly to meticulously perform their constitutional duty. I reiterate our commitment as responsive assembly in working together with the Executive to bring succour to all individuals affected in the aftermath of the #End- SARS protests.”

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