Lagos State Governor Babajide Sanwo-Olu, yesterday, presented the 2020 budget of N1.168 trillion to the House of Assembly, saying it is time to imagine a new Lagos, create and realise new and audacious dreams, targets and goals.
“Education will see a significantly increased capital budgetary allocation of N48 billion, an increase of 60 per cent over the 2019 provision of N30 billion. We must improve the standard and relevance of our education outcomes to our industries.
“Similarly, in healthcare, we have provided for a capital expenditure of N33 billion, compared to the 2019 budget proposal of N21 billion,” Sanwo-Olu said.The budget, which the governor tagged ‘Budget of Awakening’ earmarked N723.75 billion (62 per cent) for capital projects and N444.81 billion (38 per cent) for recurrent expenditure.
The governor, who provided a list of projects and programmes to be executed in 2020, said the preparation, presentation and consideration of annual budgets by the executive and legislature ranked among the most important and impactful functions of democratic governance.
He disclosed that priority would be given to the completion of ongoing projects.Sanwo-Olu said: “We have provided N11.8 billion as counterpart fund in preparation for various social impact schemes. In addition, we have made provision for N7.1 billion this year, to provide for industrial hubs, parks, graduate internship programmes and virtual markets for artisans.
“This is in support of Micro, Small and Medium Enterprises (SMEs) which are the engines for economic growth and employment.”From the recurrent expenditure, N167.81 billion is proposed for personnel costs and other staff-related expenses. This represents 22.02 per cent of the total revenue, which is within the acceptable wage policy of 25 per cent, and which made provision for the new minimum wage. With total targeted revenue at N1.071 trillion, he said the budget deficit of N97.53 billion would be financed by internal and external loans.
The Speaker, Mudashiru Obasa, praised the governor for accepting the responsibility to tackle challenges faced by the state.He said the governor’s activities since his assumption of office had re-assured Lagosians on his zeal to fix problems he inherited from the last administration.