LAGOS BUDGET: Sanwo-Olu proposes the sum of one-point-one-six-eight trillion naira for year 2020… . Works and infrastructure expected to gulp 115 Billion Naira . Education 60 percent in the budgetary allocation and 33 Billion Naira to be expended on healthcare.
Written by adebanke adekoya on November 8, 2019
REPORT BY OMOLARA OMOSANYA
Lagos State Governor, Mr Babajide Sanwo-Olu has proposed the sum of one-point-one-six-eight trillion naira
as year 2020 budget estimates to the State Assembly.
Christened “Budget of Awakening to a greater Lagos” Mr Sanwo-Olu who pointed out that Lagos is not immune to nationals and global economic challenges expressed confidence that the proposed appropriation bill which is targeted at attracting investments into the State through the creation of a conducive environment for business to thrive, investment in health and education amongst other would solve some of the challenges.
He said the budget estimate is to be financed by internal and external borrowing and it’s implementation would be vigorous.
Proposing that eleven-point- eight billion naira should be spent as counterpart funds for various social impact schemes, the Governor said aggressive investment in and development of the education and health sectors as well as other physical infrastructure would be pursued.
Governor Sanwo-Olu who proposed that the wage bill be funded by a projected total revenue of 1.071 Trillion Naira, and a deficit amounting to 97.53 Billion Naira, believes that it would be strong for development as focus would be on wealth creation through partnership between residents and various development institutions.
While equally proposing that a total of 167.81 Billion naira of the Recurrent Expenditure should be applied towards personnel costs and other staff-related expenses, including the newly approved minimum wage, Governor Sanwo-Olu stated that the budget deficit of 97.53 Billion Naira would be financed by both internal and external loans through responsible borrowings.
Given the perennial challenges of flooding in lagos, Mr. Sanwo-Olu said provision to tackle it has been tripled from 3 Billion Naira this year to 9 Billion Naira next year, while works and infrastructure is expected to gulp 115 Billion Naira, Education would see a significant increase of 60 percent in the budgetary allocation and 33 Billion Naira would be expended on healthcare, Promising that the wage bill would be by a Performance Management System that would ensure that, by December next year, optimal implementation would have been achieved, Mr. Sanwo-Olu urged residents to imagine a new and greater Lagos along with him.
Speaking in the same vein, The Speaker of the State Assembly, Chief Mudashiru Obasa, assured the Governor that the House would fast track the passage of the budget estmates.