Lagos Assembly approves re-ordering of N93.7bn budget

The Lagos State House of Assembly has approved the re-ordering of N93,742,530 billion from the 2019 budget size as requested by the Governor of the state, Mr Babajide Sanwo-olu.

It would be recalled that Mr Babajide Sanwo-Olu had requested the reordering of 2019 budget size due to shortfall in revenue.

In a letter read on the floor of the House during the plenary session yesterday, Sanwo-Olu lamented lack of new revenue sources for the remaining months of the year and requested for re-ordering of 2019 budget which stands at N873.532 billion.

He noted in the letter that budgetary provisions of both recurrent and capital budget of ministries, departments and agencies are not likely to be utilised before the end of the year and the sum of N34.050 billion can be re-ordered.

He said that the breakdown showed that the recurrent is N24 billion, while the capital is N10.050 billion.

In the letter, Governor Sanwo-Olu noted that the 2019 budget had been partially implemented by the last administration before the tenure came to an end on 29th May 2019.

The Governor stressed that the present administration is confronted with the need to keep its electoral promises to the citizens and resolved to take advantage of clement weather condition in the latter part of the year to complete various projects.

He noted that the state shall be raising a total of N250 billion broken down into a fixed rate bond of N100 billion from the capital market and an internal loan of N150 billion.

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The speaker, Rt. Hon. Mudashiru Obasa had committed the Governor’s request to the joint committees on Finance and Budget and Economic planning.

Presenting the report of the joint committee, Hon. Gbolahan Yishawu stated that the 2019 budget size stood at 71 per cent as of August.

According to him, the recurrent performance was 80 per cent while the capital was 46 per cent.

In the motion which was moved by Hon Tunde Braimoh, the House approved the capital of N74, 824,648,162 and recurrent 18,918,059,368 to be reordered respectively.

Speaking on the floor of the House, a Member representing Kosofe Constituency 2, Hon. Tunde Braimoh said the request should be expeditiously considered by the House.

He added the speedy approval will necessitate immediate impact on Lagosians and the overall development of the state.

“We need to expeditiously consider the request of the Governor.

“The committee had done justice. So, let us approve it so that the people of Lagos can feel our impact,” Braimoh said.

Also speaking, member representing Oshodi/Isolo Constituency 2, Hon Jude Idimogu appreciated the committee for justice done to the budget re-ordering request.

Jude also lent his voice to the speedy approval of the re-ordering of the budget.

“I appreciate the Committee. I urge my colleagues to look at the report and make sure that it is passed” He said.

In his ruling, the speaker of the House, Rt. Hon. Mudashiru Obasa said that the unanimous decision necessitated the approval of the re-ordering of the budget.

“It is a unanimous decision. Let us pass the re-ordering of the budget.

“This should be done so that the Governor and his team will continue to do the good work for Lagos residents,” Obasa said.