Lagos State Governor, Mr Babajide Sanwo-Olu, on Thursday, December 31, signed the 2021 Appropriation Bill of N1.164 trillion into law.
Speaking during the signing at Lagos House, Marina, Sanwo-Olu said that the budget has capital to recurrent ratio of 60:40.
He said that the budget comprised of N702,935,416,976 capital expenditure and N460,586,793,741 recurrent expenditure.
According to him, with the passage of the bill, the government will continue its work of rebuilding Lagos; advancing economic growth, and expanding opportunities for Lagosians to flourish.
“The quick passage of the bill reflects the harmonious relationship between the State 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 Nov. 10, 2020, I presented to the House of Assembly the 2021 Appropriation Bill of N1.55 trillion, which we christened the 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,” he said.
The governor said that 2020 would go down in history as a peculiar year; largely defined by the COVID-19 Pandemic and also the ENDSARS protests.
Sanwo-Olu said that the protest was recklessly hijacked by those who destroyed some public assets and private businesses.
He said that the state was, however, fortunate to be going into the New Year with an already passed budget; which would help to expedite recovery.
Sanwo-Olu said that a significant portion of the budget had been committed to human capital development, youth engagement, social intervention initiatives, as well as the completion of ongoing projects.
He assured that the 2021 budget would be prudently implemented with the people as focus; as the government was determined to provide the right economic environment for Lagos people to thrive.
According to him, as the world combats coronavirus, the government will make the necessary sacrifices; to further place the state on the path of abundance and economic recovery.
Sanwo-Olu called on all stakeholders and residents of Lagos, the organised private sector; artisans as well as small and medium-sized business owners not to relent in supporting the government; by voluntarily discharging their civic responsibilities.
The Speaker of the House of Assembly said that the budget was people-oriented; and would also move the state to the next level.
Obasa, who was represented by Mr Rotimi Olowo, Chairman, House Committee on Finance, commended the governor for the good works he had been doing in the state.