Wow: Sanwo-Olu Presents 2021 Budget of N1.155trn to Lagos Assembly

Lagos State Governor, Babajide Sanwo-Olu has presented the budget for the 2021 fiscal year before the state house of assembly.

The budget which is estimated at N1.155 trillion is titled “Budget of Rekindled Hope.”

While presenting it before the house, Sanwo-Olu said that the state will focus on Agriculture, Construction, Technology and Security.

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“We are set to improve the economic conditions and social safety needed for our youth and all hardworking Lagosians to flourish. We are committing resources to sectors that need to grow for our people to become self-reliant and economically empowered.

“Consequently, for the agricultural sector, our food security plan has a cumulative budget of N22.21 billion while we are committing a cumulative budgetary provision of N311.43 billion to infrastructure: this will cover direct intervention through the Ministries of Works and Infrastructure, Water front, Transportation, the Judiciary, our Schools and Seed Capital of N15 billion for The Rebuild Lagos Trust Fund.

“This does not include the value to be created from executing the rail lines (both Red and Blue) recently approved by the Lagos State House of Assembly. To continue to drive our digitisation strategy, we have committed a total of N37.37 billion investment in technology, while in the environment and health services we have committed a total of N48.28 billion and N111.94 billion respectively.

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“In line with our urgent need to light up Lagos we will begin a set of initiatives in the energy sector to ensure the Lagos economy is supported by power one community at a time. To this we have committed a total of N32.58billion in the 2021 budget,” he said.

The governor said that the bill will also enable the state to navigate its way through the coronavirus pandemic and also the aftermath of the EndSARS protests hijacked by hoodlooms.

“In light of this, micro, small and medium enterprises will be strengthened because their activities help to facilitate socio-economic advancement. We have done a lot to support the entrepreneurs in Lagos state through the LSETF and we will do more by providing technical and financial support so that they can in turn generate employment that will stimulate equitable economic prosperity.

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“We understand that we must consolidate our gains in the technology sector for accelerated economic growth and job creation. In order to achieve this, we will collaborate with major players in that space like Oracle, Microsoft and Google to prepare our youths for the IT job market. As we focus on job and wealth creation, we will also prioritize the security of lives and property as well as local intelligence gathering in our communities by increasing significantly the number of our Neighbourhood Watch Officers over the next two years.

“All these will be achieved through our human development MDAs comprising the Ministries of Education, Women Affairs and Poverty Alleviation, Wealth Creation, (including LSETF) and SDGI. Consequently, the cumulative budgetary provision towards Human capital development effort from these MDAs total’s N148.57billion.”