Lagos Earmarks N103bn for Infrastructure
The Lagos State Government on Wednesday said it earmarked N103 billion for the aggressive development of infrastructure across the state.
Commissioner for Economic Planning and Budget, Mr Sam Egube, made this known during the 2020 Ministerial Press Briefing to commemorate the first year in office of Governor Babajide Sanwo-Olu.
Egube said that huge resources were being injected into infrastructure development to create jobs for millions of residents directly or indirectly.
He disclosed that the state government had realised about N14 billion as donations for the management of COVID-19, and was ensuring prudent management of the fund.
Egube said the state reordered the budget to reflect the economic realities brought about by the COVID-19 pandemic, adding that the budget had been carefully reordered to cater for the needs of the people and enhance their living conditions.
‘The agric sector is also a big taker of employment and because food security is important, the Songhai farm will be put to work and we have put N1.1 billion around that.
”We are also trying to reorganise the markets and review the market policy to trigger a wholesale market that will facilitate N2 billion into that.
”We have increased the budget for Employment Trust Fund with N1.8 billion and to focus on SMEs to get afloat,” he said.
Egube said that it would be recalled that on the assumption of office, Gov. Babajide Sanwo-Olu, signed the 2019 Appropriation Bill into Law on June 3, 2019.
He added that it was a budget with a total size of N873.532 billion, total revenue of N799.996 billion, Deficit Financing of N73.537 billion, and Recurrent Expenditure stood at N393.841 billion.
According to him, Capital Expenditure was at N479.691 billion which gave a Capital to Recurrent ratio of 55 per cent: 45 per cent.
“Let me reiterate that the year 2020 Budget was signed into Law by Sanwo-Olu, on 31st December 2019.
”It was a budget with a total size of N1, 168.562billion (N1.168trn). Total Revenue of N1,071.03 billion (N1.071trn) Deficit financing N97.533 billion, Recurrent Expenditure stood at N457.529 billion, while Capital Expenditure was at N711.033 billion which gave a Capital to Recurrent ratio of 61 per cent:39 per cent ” he said.
Egube, however, said that the year 2020 Budget was reviewed due to the COVID-19 pandemic impact on the global economy.
He said that the year 2020 revised budget had been conveyed to the House of Assembly for consideration and approval.
”The revised Budget size is N920.469 billion, Total Revenue N812.464 billion, Deficit financing N108.005 billion, Recurrent Expenditure N411.608 billion, Capital Expenditure N508.861 billion, Capital to Recurrent Ratio 55 per cent:45 per cent.
“Furthermore, as part of the effort of the administration to ensure performance in all its projects and programmes, the State Executive Council (EXCO) approved the implementation of the T.H.E.M.E.S. Peer Review Mechanism (TPRM) to MDAs self Assessment programme,” Egube said.