Sanwo-Olu presents 2020 budget of N1.168trn

November 8, 2019
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The Lagos State Governor, Babajide Sanwo-Olu has presented the 2020 Lagos State budget estimates of N1.168 trillion to the Legislative arm.

Sanwo-Olu, who tagged the budget: Budget of Awakening To A Greater Lagos, said the proposed budget size of N1.168 trillion for the Year 2020 will be funded by a projected total revenue of N1.071 trillion and a deficit amounting to N97.53 billion.

The Governor pointed out that the current budget size is higher than the 2019 budget by 34% Capital expenditure of 723.75 Billion Naira, while the recurrent expenditure is N444.81 billion giving a 62:38 capital to recurrent ratio.

He noted that 62 per cent capital and 38 per cent recurrent expenditure provides a list of projects and programmes that will be executed in 2020 which gives priority to the completion of the ongoing projects.

Babajide assured that the budget is strong for development with its intent of wealth creation.

He added that N11.8bn has been provided for counterparts funds for various social impact schemes.

“This, in our view, is strong for development.

“We have placed an increased focus on wealth creation where we will take deliberate steps in courting a partnership between our people and various development institutions.

“In line with this, we have provided N11.8bn as counterpart funds in preparation for various social impact schemes,” Sanwo-Olu said.

The Governor also highlighted that N7.1bn has been earmarked for the infrastructural development of the state.

“We have made provisions for N7.1bn this year, to provide for industrial hubs, parks, graduate internship programs, and virtual markets for artisans.

“This is in support for Micro, Small and Medium enterprises which are the engines for both economic and employment growth,” Sanwo-Olu said.

He also stated that his administration equally proposed that a total of N167.81bn of the recurrent expenditure will be applied towards personnel costs and other staff-related expenses.

“This represents 22.02% of the proposed Total Revenue, which is within the acceptable wage policy of 25% of Total Revenue and includes a provision for the new minimum wage.

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“The budget deficit of N97.53 billion will be financed by both internal and external loans. Since revenue generation is the spine of any budget, this budget supports investment” Sanwo-Olu said.

Speaking also, The Speaker of Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa stated that the last administration employed blackmailing and harassment to witch-hunt and deprive the House of performing its duties appropriately.

Obasa reiterated that the provision of the budget law was being viciously violated in the last administration.

“It is common knowledge that the last administration employed blackmailing and harassment to witch-hunt and deprive the House of performing its duties appropriately.

“Still on this, regarding the last administration, I have heard from different quarters about people asking why this House did not properly query the actions of the immediate former governor while in office. Alas, there is nothing of such.

“Let me take you down the memory lane that it was in this House that Vision Scape, a policy of the last administration, was openly condemned and tagged a ghost.

“Remember too that this House questioned the provision of the budget for this idea.

“But some people, like one Olu Fajana with his faceless group calling themselves the Legislative Probity and Accountability (LPA) led a protest to this House.

“They used the medium to blackmail the House instead of reasoning with us to join hands in moving the state forward, by avoiding the treasury of the state from being touched unconstitutionally.

“However, permit me to remind this gathering that the matter of budget presentation is essential. Beyond its constitutional stipulation, it requires the backing of the law to make it implementable and executable; without which it becomes an offence punishable under the law.

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“Lagos State budget has become a topical issue vis-à-vis last administration where the provision of the budget law was being viciously violated.

“It is worthy of note that the Nigeria 1999 Constitution recognizes the separation of power and empowers the State House of Assembly to dictate how the state fund is being expended and the manner of its presentation,” Obasa said.

The Speaker noted that the State needs radical, aggressive and holistic revamping.

He, therefore, charged the Governor to come up with innovative ideas and strategies to effect changes in areas of transportation, health, education and roads.

“It is worthy of note that Lagos State as it is today needs radical, aggressive and a holistic revamping. It requires an urgent economic and infrastructural turnaround.

“Mr Governor must be bold to lay a solid foundation to be built on by successive administrations and so, it is high time to come up with innovative ideas and strategies to bring about change to the state with the aim of taking it to the next level.

“It is common knowledge that doing things the same way will yield the same results. But when we desire new things, a marvellous and egalitarian society, we have to look inward and change the approach.

“To indeed move Lagos forward, there is the need to focus more attention on the rail to connect the entire Lagos.

“A rail from Ogun State boundary down to Lekki Epe side, a rail from Ikorodu to also the same area should be urgently considered.

“And the ones under construction must be speedily completed. No amount of road patching, rehabilitations and constructions will really solve our transportation problem judging by the influx of people into Lagos on a daily basis.

“With money or not, we have to start doing something. At the same time, more still need to be done about water transportation. Ilo rivers running from Sango links Alimosho, Ojo, Amuwo back to CMS. Also, Odo Iya Alaro runs up to Ikorodu.

“This might sound like a tall order. But we should start somewhere. Dubai did not start in a day. They laid the foundation and continue building on it. Now, it is an envy of all.

“Likewise, our education and health sectors need adequate attention. Year in, year out, provisions are being made for these sectors. But they have not been well sustained.

“It is our hope that this time, it will take a different and positive dimension,” Obasa said.

The Speaker also charged the Governor to be visionary, assuring him of the Assembly’s attention.

“Nevertheless, our dear Governor, I charge you to be visionary and have a huge dream of paradise for our people.

“I charge you to employ the wisdom of Solomon and courage of Moses that will change the tone and system of government in Lagos State.

“I emphasise, it is time we shifted the paradigm. You can rest assured of the strong and constant support of the House.

“We are ever ready to walk the journey with you. But there must be total disclosure” Obasa said.

Ajayi commended the Governor for being astute, courageous, insightful, forthright, thorough, and determined, stating that he really displayed his capability to maintain a track record of resourceful consistency in the state during his few months in office.

“Mr Governor, your actions so far have shown the zeal, desire and passion in you to get things done, to fix what has been left undone and to move the state forward.

“Hence, we believe that the content of the budget will serve this purpose in making life worthy of living for our people in Lagos State.

“As it is evident, the Y2020 Appropriation Bill is significant in that it is the first budget proposal to be presented by Mr Governor.

“This will give him the opportunity to encapsulate his vision and mission for us all as the budget will lay the foundation for this.

“For this singular reason, we are all hopeful and expectant that this coming year will witness more of democracy dividends for the betterment of Lagos and Lagosians,” Ajayi said.

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