LAGOS ASSEMBLY DISSECTS Y2020 BUDGET DURING SECOND READING
Members of the Lagos Assembly, during plenary today dissected the Y2020 budget presented by Governor Babajide Sanwo Olu recently.
The Governor had presented and laid the Y2020 budget before the Assembly Members, for their consideration and approval.
The budget estimates cover a capital of ₦723,505,404,313 and recurrent of ₦445,056,479,673 bringing the total budget size to ₦1,168,561,893,991 for the year ending 31st December, 2020.
The Majority Leader, Hon. Sanai Agunbiade had in a motion sought the approval of the Speaker, Rt. Hon. Mudashiru Obasa, with the support of other Members to take the Y2020 budget for second reading and was obliged.
Meanwhile, in an overview of the budget, Members painstakingly discussed the provisions of the budget as presented by the Governor.
Hon. Rotimi Olowo, in his submission, highlighted that looking at the budget size and the reality of performance, there is discordance as the budget is predicated on revenue which therefore makes the budget over-ambitious.
“This budget is of great leap, not reawakening. Committee of Economic Budget and Planning should therefore scrutinise thoroughly; otherwise, there will be re-ordering before the end of Y2020, which is illegal”.
Hon. Rotimi Abiru, while advising that the Governor should work within what the administration can easily generate, noted that the budget of re-awakening speaks a lot about the direction Mr. Governor wants to lead his administration on.
He added that though the budget is ambitious, it puts high expectation on Lagos State Internal Revenue Service (LIRS). However, what is realistic in relation to revenue generated is important.
Hon. Jude Idimogwu, in his remarks, stated that the budget projection should be realistic, so that the gap would be achievable; as the performance of the Y2019 budget was not good enough, not with an increase of over 25% for Y2020.
Contributing to the discussions, Hon. Gbolahan Yishawu, added that the budget may look large but the Sanwo-Olu Government is trying to be transparent, as in the past 5 years, this is the only budget that has captured debt servicing. “This is achievable if leakages can be blocked and more revenues generated”.
Rt. Hon. Mudashiru Obasa expressed that the budget estimate is not out of place, if all efforts are being added to ensure the success of the budget. He therefore, committed the budget to the House Committees on Economic Planning and Budget and Finance to report back to the House in six weeks.