The Governor of Lagos State, Babajide Sanwo-Olu, on Tuesday, presented the 2021 budget estimates of N1.15 trillion to members of the state House of Assembly for approval.
The budget is titled “The Budget of Rekindled Hope”.
Governor Sanwo-Olu had on Monday, proposed fiscal plan of N1.168 trillion, tagged: “Awakening to a Greater Lagos,” which he said would be funded from a projected Internally Generated Revenue (IGR) of N1.071 trillion. The budget deficit, put at N97.53billion, with N115 billion for public infrastructure, to be financed through internal and external loans.
Besides, the fiscal proposal also included a provision for the new minimum wage.
The initial budget seize was subsequently, reduced to N920.5 billion against N1,168.6 trillion, earlier approved by the State House of Assembly due to unforseen ravaging COVID-19 pandemic economic challenge.
Sanwo-Olu, presenting the budget at the Hallow Chamber of the state House of Assembly, Alausa, Ikeja, unveiled his administration’s plan to remain focussed in the acceleration of the growth of State’s economy despite challenges of COVID-19 pandemic and #EndSARS protests occasioned by destruction of lives and property.
More details later..