Sanwo-Olu presents N1.168trillon 2020 budget – TheNigerialawyer

Lagos Governor, Babajide Sanwo-Olu has presented a total budget
estimate of N1.168trillion for 2020 to the House of Assembly.

The budget estimates consist of N723.6billion as capital
expenditure and N441.8billion for recurrent expenditure, which is a
ratio of 62-38 per cent.

The budget size is higher by 34 percent compared to 2018, which
performance, as at September, stood at at 69%

Tagged ‘Budget of awakening,’ the governor said there were needs
for sacrifices from all to re-invent Lagos and take the state to a
much higher level.

The governor said the budget is consistent with the THEMES
agenda of his administration and gives priority to the completion
of ongoing projects.

The Proposed budget will be funded by a projected total revenue
of N1.071trillion and a deficit amounting to N97.53b

Sanwo-Olu said the budget is strong for development and seeks to
aggressively invest in and develop education, health and other
physical infrastructure sectors.

“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.

“In addition, 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.

“It is equally proposed that a total of N167.81b of the
Recurrent Expenditure shall 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.”

According to Sanwo-Olu, the objective of the budget include to
attract private sector investments to the
economy by creating an enabling environment; aggressively develop,
upgrade and maintain Infrastructure; invest in human capital
development, i.e. education and healthcare.

Speaker Mudashiru Obada assured the governor “and all our people
that my colleagues and I shall promptly and diligently commence
work on the Y2020 budget just presented to this Honourable
House.

“We will ensure that Lagos State occupies the enviable position
that has always been reserved for us. We will work diligently for
the early passage of the budget so that developmental work can
start in earnest in the state. In other words, our intention is to
make this budget a special New Year gift to the people of this
great state.”

Obasa commended the governor the governor for “for being astute,
courageous, insightful, forthright, thorough, and determined. You
have really displayed, during your few months in office, that you
are capable to maintain a track record of resourceful consistency
in the state.”

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