Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday, presented an estimate of N1.155trn to the state House of Assembly for approval as the budget for the 2021 fiscal year.
Sanwo-Olu said the budget is titled, ‘Budget of Rekindled Hope.’
The budget is N234.5bn higher than the 2020 budget after it was reduced due to the COVID-19 pandemic. But it is lesser than the initial 2020 budget of N1.68trn by N53.5bn.
According to Sanwo-Olu, the 2021 budget has a total revenue of N962.528bn, and a total internally generated revenue of N795,744bn.
About N704bn, representing 61 per cent of the total budget, is earmarked for capital expenditure, while N451.75bn, representing 39 per cent, will go for recurrent expenditure, which includes personnel cost and other staff-related expenses.
The governor said the 2021 budget would focus on youth employment, security, youth engagement, social work, among others.
On youth empowerment, Sanwo-Olu said it had become expedient to leverage the state’s developmental efforts by focusing on sectors with job creating potential like agriculture, construction, technology and security.
He said, “We are set to improve the economic conditions and social safety needed for our youth and all hardworking Lagosians to flourish. We are committing resources to sectors that need to grow for our people to become self-reliant and economically empowered.
“Consequently, for the agricultural sector, our food security plan has a cumulative budget of N22.21bn, while we are committing a cumulative budgetary provision of N311.43bn to infrastructure: this will cover direct intervention through the Ministries of Works and Infrastructure, Waterfront, Transportation, the Judiciary, our schools and seed capital of N15bn for the Rebuild Lagos Trust Fund.”
“This does not include the value to be created from executing the rail lines (both Red and Blue) recently approved by the Lagos State House of Assembly. To continue to drive our digitisation strategy, we have committed a total of N37.37 billion investment in technology, while in the environment and health services we have committed a total of N48.28 billion and N111.94 billion respectively.
“In line with our urgent need to light up Lagos, we will begin a set of initiatives in the energy sector to ensure the Lagos economy is supported by power, one community at a time. To this we have committed a total of N32.58billion in the 2021 budget.”
Sanwo-Olu said N9.16bn had also been earmarked for youth mentoring, mental health support and substance abuse rehabilitation.
