Sanwo-Olu Presents N1.155trn Budget Estimate For 2021

News Rain Nigeria reports that the Lagos State Governor on Tuesday, 10th November 2020 presented the budget estimated for the year 2021.

Governor Sanwo-Olu at the Lagos State House of Assembly presented the total sum of N1.155 trillion (one trillion, one hundred and fifty-five billion naira) to the members of the State House of Assembly.

 The budget estimate which was titled “Budget of Rekindled Hope, according to Governor Sanwo-Olu said that the budget estimate expresses his administration’s willingness to overcome all obstacles, also ready to fulfill all his electoral promises, stressed that the sectoral allocations of the budget, will get a sum of N136,278,189,622.39; Public Order and Safety, N32,757,159,406.85; Economic Affairs N381,852,747,856.72; Environment, N50,934,105,592.09.

According to the Governor, who said that Housing and Community Amenities, N40,280,489,878.68;  Health, N118,360,479,650.50; Recreation, Culture and Religion, N5,170,065,144.74; Education N143,655,493,855.89; Social Protection N9,156,091,555.64; Contingency Reserve (Including Special Expenditure – Statewide and Special Expenditure -Others), N20,554,523,753.69.

He said that, the Loans (Repayments, CDSA & Debt Servicing), N166,215,862,798.26; Personnel Cost (Statewide – Pension etc), N49,807,203,890.38, all totaling a budget size of N1,155,022,413,005.82.

According to Sanwo-Olu, total revenue stands at N962.528billion; total Internally Generated Revenue (IGR) stands at N795.744billion; Recurrent Expenditure (debt and non-debt) is put at N451. 750billion; Surplus (Deficit) on CRF is put at N510.778billion.

Sanwo-Olu further stated that the total Capital Expenditure is put at N703.272billion; Capital Expenditure is put at N572.344billion, Repayment N130.929billion, all amounting to a total expenditure of N1.115trillion.

Sanwo-Olu, in his clarification on how the 2021 budget will be financed, maintained that there is going be a surplus deficit of N192.495billion, while deficit funding sources will amount to N192.495billion; external loans of N37.255billion and internal loan of N55.240billion and bond issuance of N100billion.

Sanwo-Olu also assured the House of his administration’s firm commitment to a legacy of hope, financial stability, and fiscal prudence noted that his administration will reduce the discriminatory impact of poverty by strengthening all regulatory and institutional frameworks that are crucial to the preservation of our state’s rich cultural, financial, and historical heritage.

He said We have resolved to keep exploring Public-Private-Partnership strategies in the provision of infrastructure, social services, and the conversion of our challenges to opportunities within the context of scarce financial resources.

“Let me reiterate our incessant call for Lagos State to be given special status as the nation’s commercial nerve center. I don’t think we are asking for too much going by our huge population and contribution to national prosperity.

In his response, the Speaker of the House, Rt. Hon. Mudashiru Obasa said that the aftermath of the #EndSARS protests across the country devastated the economy of the state.

Obasa stressed that the devastating effects of the disruptions that followed the #EndSARS protests, in the state particularly, were beyond imaginations.

Hon. Obasa concerned about the anarchy, burning, and looting of businesses noted that the acts have hit the economy with a blow beneath the belt.

He maintained that the backdrop of the destruction of public and private properties and businesses in the wake of the #EndSARS protests, businesses have been counting their losses while economy experts have listed the immediate challenges the crises will throw-up against Nigeria’s struggling economy.

Hon. Obasa stressed that the replacement cost to Lagos State Government, which is the worst hit by the crises, is put at N1 trillion.