Economy

GOV. Babajide Sanwo-Olu of Lagos State on Friday in Ikeja signed the state’s N1.77 trillion ”Budget of Continuity” into law.

Assenting to the budget, Sanwo-Olu said that it was to consolidate development strides of his administration and satisfy the yearnings of the residents.

He said that the fiscal document not only ”aggressively” focused on completing ongoing capital projects, but would also expand intervention programmes and intensify social support to citizens and their means of livelihoods.

Sanwo-Olu said that the spendings would further demonstrate his government’s determination to scale up good governance and quality service to the citizens through the T.H.E.M.E.S Agenda.

According to him, the budget will propel the state to higher level of fiscal growth and social development.

The News Agency of Nigeria (NAN) reports that the 2023 Appropriation Bill has a capital expenditure of N1.019 trillion, representing 58 per cent of the 2023 budget.

The recurrent expenditure, representing 42 per cent, is N748 billion, which included personnel cost, overhead and debt services.

He said that the implementation of the budget would see to completion of various ongoing capital projects, including the final construction phase of the 37-kilometre Lagos Red Rail Line from Agbado to Ebute Metta.

Sanwo-Olu said that the funding for the second phase of the Blue Line from Mile 2 to Okokomaiko had equally been approved in the budget.

He also said that the Ojo General Hospital project and mental health facility in Ketu-Ereyun being undertaken by the state government would race to completion.

Sanwo-Olu said that the contractors handling various road and school construction projects in Badagry, Amuwo Odofin, Ikorodu and Eti-Osa could now have access to funds to deliver the projects.

“I am delighted to assent to the 2023 Appropriation Bill transmitted to me after it was passed by the House of Assembly.

“The budget went through a rigorous review and passed through all the relevant statutory channels required, before we now have a live document that can be implemented.

“This is a budget that speaks to the aspirations and the needs of Lagosians.

“The budget is audacious and its size is a reflection of the confidence our citizens repose in us.

“It is also a significant improvement in the discharge of the citizens’ civic responsibility in the areas of taxes and levies that are due to the government.

“I give assurance of our commitment to prudent implementation and improvement in service delivery that will bring about more dividends of good governance,” he said.

Sanwo-Olu commended the leaders and members of the House of Assembly for the timely consideration and independent ratification done on the document.

He promised to raise the level of implementation of the Appropriation Law, pledging that the ongoing electioneering would not slow down governance process.

Sanwo-Olu said that though Lagos state had the highest budget among the federating units, but its size was a far cry from the actual number that should had been proposed, which befitted Lagos developmental aspiration.

He said the state could do a lot more if the citizens would partner the government by committing to pay their taxes.

“Lagosians must know that our government is committing to protecting their lives and their means of livelihoods.

“We can provide a lot more opportunities for our citizens in transportation, education, public health and other areas of human endeavour. To achieve these objectives, residents must see the real partner in us.

“We have seen the growth across the city and opportunities for business. Our budget must speak to this growth.

“Lagos needs to be in the comity of cities that can take opportunities to another level and ventilate its economic potential,” the governor said.

The Commissioner for Economic Planning and Budget, Mr Sam Egube said that the budgetary items reflected the wishes of the residents across the state’s five traditional divisions.

Egube said that the coatings were in alignment with long-term sector objectives and in agreement with Lagos State Development Plan.

The Chairman, House Appropriation Committee, Mr Gbolahan Yishau thanked the governor for bringing an ”implementable document” to the House.

Yishau said that the fiscal document was diligently reviewed before the final draft was approved. (NAN)

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Tags: Gov. Babajide Sanwo-Olu