By Lukman Olabiyi
Lagos State Governor, Babajide Sanwo-Olu, yesterday, signed the 2021 Appropriation Bill.
He appended his signature to the document christened, ‘the Budget of Rekindled Hope’ at the State House Annex, Marina.
Governor Sanwo-Olu had, on November 10, presented the budget estimates of N1.155 trillion to the House of Assembly and on December 29, the Assembly passed the N1.164 trillion appropriation bill.
The governor said: “The quick passage of the bill reflects the harmonious relationship between the executive and the legislature as well as our mutual dedication to the progress of our state and the prosperity of Lagosians.
“You will recall that on November 10, 2020, I presented to the House the 2021 appropriation bill of N1.55 trillion, which we christened Budget of Rekindled Hope. The total size of the budget passed by the legislature now stands at N1,163,522,210,717.00 with a capital to recurrent ratio of 60:40. It comprises N702,935,416,976 capital expenditure and N460,586,793,741 recurrent expenditure.
“With the passage, 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 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, however, fortunate to be going into the New Year, with an already passed budget, which will help to expedite our recovery process.”
Sanwo-Olu disclosed a significant portion of the budget has been committed to human capital development, youth engagement, social intervention initiatives, and the completion of ongoing projects.