The Lagos State government has assured of effective implementation of the N1.169 trillion 2021 budget to achieve accelerated development in the State.
The commissioner of Economic planning and budget, Samuel Egube stated this at the Lagos state’s Fact Behind the Figure of the 2021 Appropriation Budget held in Lagos.
According to him, “The 2021 budget tagged ‘Budget of Rekindled Hope’, reflects the government’s determination to rise above the challenges that affected the state’s development indices in the last 12 months.”
Egube stated further that, “the budget demonstrates our willingness and commitment to overcome all obstacles and deliver all electoral promises to Lagosians. The Coronavirus pandemic and protests have only heightened the need to urgently implement the various programmes under our T.H.E.M.E.S.”
He added that, the Lagos State 2021 budget is meant to continue aggressive development and maintenance of infrastructure across the State; creates employment and enhances food security; improves civic participation, inclusion and cooperation in governance; intentional investment in human capital development; and the strategic deployment of functional technology in public services.
Stating that the budget will improve the state’s capacity to collect due revenues as efficiently as possible; he added that, it is equally expected to attract investment through public private partnerships; improves State’s healthcare systems, the environment as well as public spaces, while improving youth engagement, participation and empowerment.
Speaking further, Egube said, the total revenue is estimated at N971.028 billion, while deficit is N193.494 billion.
He added that the ‘Budget of Rekindled Hope’ would be financed by a combination of external, internal loans and bond which are within the government’s fiscal sustainability benchmarks.
He assured that this administration will leave no stone unturned in ensuring the full implementation of this budget.
Giving a review of the 2020 budget, the commissioner explained that exigencies of the pandemic constrained the government to reduce the budget, noting that, the recurrent expenditure was reduced by ten per cent to N413.41 billion, while capital expenditure was reduced by 24 per cent to N507.06 billion.
The total revenue for the year was revised to N812.47 billion with a deficit financing of N108 billion, just as the Capital to Recurrent Expenditure ratio stood at 55 to 45.