Commissioner for Economic Planning and Budget, Mr. Sam Egube; Lagos State Deputy Governor, Dr. Obafemi Hamzat; Governor Babajide Sanwo-Olu and the Speaker, Lagos House of Assembly, Rt. Hon. Mudashiru Obasa during the signing of the Y2020 Budget into Law at the Lagos House, Alausa, Ikeja. Photo: Omolara Omosanya (Radio Nigeria).
Lagos Governor Babajide Sanwo-Olu on Tuesday signed the 2020 budget of N1. 168trillion into law.
The signing, which took place in the Governor’s office at the Lagos House, Alausa, Ikeja had the Deputy Governor, Dr. Obafemi Hamzat; Speaker Mudashiru Obasa; Chairman, House Committee on Budget and Economic Planning Hon. Gbolahan Yishau; Commissioner for Budget and Economic Planning Mr. Sam Egube and others in attendance.
711, 032, 979, 185 Billion billion naira was earmarked as capital expenditure while 451, 528, 914, 805 billion was penned down as recurrent expenditure.
Governor Sanwo-Olu had proposed 1.168, 562 trillion naira as the appropriation bill to the State Assembly for the fiscal year on the 8th of November, but the lawmakers who passed the bill on the 30th of December, made some adjustments and trimmed it down by about one million naira.
Before Appending his signature to the money bill, Governor Sanwo-Olu described it as a very audacious budget which would demonstrate his administration’s capacity and competence to develop the State.
Governor Sanwo-Olu who promised that his administration would implement the budget by a hundred percent, stated that Lagosians would feel its impact in all sectors of the economy.
“Sanwo-Olu said: “We will implement it responsibly with a lot of transparency and accountability, we will ensure that the greatest good is for the greatest number, we will ensure that it impacts your life, the real dividends of democracy, you can feel it with all of the interventions that we will be doing”
The Governor thanked the lawmakers for their cooperation and for expediting action on the money bill.
In a remark, the Speaker of the House of Assembly who led some of his members to witness the signing of the appropriation bill into law appealed to the State Executive to fully ensure that it benefits every resident irrespective of their socio-economic status.
Earlier, the Commissioner for Economic Planning and Budget, Mr. Sam Egube said residents were duly engaged during the budgeting process and their needs were put into consideration.
The Lagos State 2020 budget is thirty-four percent higher than that of 2019.