Lagos Assembly pledges to pass 2021 budget before end of year

Lagos Assembly pledges to pass 2021 budget before end of year

The Speaker, Lagos State House of Assembly, Mudashiru Obasa, says the 2021 Appropriation Bill currently before the house will be passed before Dec. 31.

Obasa gave the assurance during the plenary in Lagos on Monday, November 23.

He urged all standing committees of the house that served as sub-committees for the Budget and Economic Planning to work assiduously for the budget to be passed before Dec. 31.

“The second reading of the 2021 budget has been done; and all the sub-committees should hasten work on it.

“The house will do all the necessary work on it so that the budget can be returned to the governor for his assent on Dec. 31,” he said.

The speaker also urged Ministries, Departments, and Agencies (MDAs) to endeavour to show up to defend their budget when called upon by the budget committees.

1st News reports that Gov. Babajide Sanwo-Olu on Nov. 10, presented a budget of N1.16 trillion; to the Lagos State House of Assembly for approval for the 2021 fiscal year.

The 2021 budget estimates titled: “Budget of Rekindled Hope”, is higher than the 2020 budget; after it was reduced to N920.5 billion due to challenges of the COVID-19 pandemic.

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Sanwo-Olu said the 2021 budget had total revenue of N962.53 billion; and an Internally Generated Revenue (IGR) of N795.74 billion.

Meanwhile, Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, November 23; explained the country will exit recession by the first quarter of 2021.

Zainab Ahmed made this disclosure regarding the current recession in the country; at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group; and the Federal Ministry of Finance, Budget, and National Planning.

1st News had reported on Saturday that Nigeria entered its second recession in five years; in the third quarter of this year; as the Gross Domestic Product (GDP) fell for the second consecutive quarter.

According to figures released by the Nigeria Bureau of Statistics (NBS) cumulative Gross Domestic Product (GDP) for the first nine months of 2020; therefore, stood at -2.48 percent just as it recorded a -6.10 percent in the second quarter.

The finance minister said the COVID-19-induced recession followed the pattern across the world; where many countries had entered an economic recession.

“Nigeria is not alone in this; but I will say that Nigeria has outperformed all of these economies; in terms of the record of a negative growth,” Zainab Ahmed said.

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