LAGOS ASSEMBLY APPROVES ₦1.168.5 TRN FOR Y2020 BUDGET

Lagos Lawmakers have passed the Y2020 Budget estimates presented by Governor, Babajide Sanwo-Olu into Law.

The total Budget stood at ₦1, 168, 561, 893, 990 (One Trillion, One Hundred and Sixty Eight Billion, Five Hundred and Ninety Three Thousand, Nine Hundred and Ninety Naira) only, making a breakdown of ₦457, 528, 918, 805 (Four Hundred and Fifty Seven Billion, Five Hundred and Twenty Eight Million, Nine Hundred and Eighteen Thousand, Eight Hundred and Five Naira) as Recurrent, and a Capital Expenditure of ₦711, 032, 979, 185, (Seven Hundred and Eleven Billion, Thirty Two Million, Nine Hundred and Seventy Nine Thousand, One Hundred and Eighty Five Naira).

Works and Infrastructure got the highest sectoral allocation of ₦128 Billion, Education ₦47Billion, Environment ₦38Billion and Health Sector ₦33Billion.

Hon. Gbolahan Yishawu, a co-chairman of the Joint Committee on Appropriation and Finance while presenting the report of the Committee emphasized that the cumulative Budget performance of the Y2019 Budget stood at 71%, while the total revenue performance stood at ₦524,774Billion representing 101% for the period under review.

Hon. Yishawu reminded Members at the presentation of the Y2020 Appropriation by Mr. Governor, which according to him highlighted the THEMES agenda of the Governor Sanwo-Olu led administration, which he said are critical vehicles in driving the Y2020 Budget; the agenda includes, Transport and Traffic Management, Health and Environment, Education and Technology, Making Lagos 21st Century City, Entertainment and Tourism and Security and Governance.

However, the three weeks period of engagement with the MDA’s according to him was revealing and tasking, with incisive discussions, explanations, between the Committee and Government agencies which hitherto led to observation and recommendations presented to the Lawmakers for consideration and approval.

The Lawmakers had intense debate over the presentation, which was consequently adopted as resolution of the House before the Speaker; Rt. Hon. Mudashiru Obasa took the sectoral allocation after the third reading of the bill.

The Budget was thereafter passed into Law by the House, while the Speaker, directed the Clerk of the House, Mr. Azeez Sanni to send a clean copy to the Governor, Mr. Babajide Sanwo-Olu, for his assent.

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