The Lagos State Governor, Mr Babajide Sanwo-Olu has presented a budget of ₦1,388,285,459,990.51 to the Lagos State House of Assembly on Wednesday.
Sanwo-Olu, while presenting the document, which he described as Budget of Consolidation, said the N1.4trn budget size comprises a total revenue of ₦1,135,159,092,822.30 and a deficit financing of ₦253,126,367,168.21.
According to the governor, the recurrent expenditure for the 2022 fiscal year is ₦564,934,331,886.41, making 41 per cent of the budget, saying the capital expenditure of ₦823,351,128,104.10, stands at 59 per cent of the total package.
Sanwo-Olu said the deficit financing would be by way of a combination of external and domestic loans and bonds, which, according to him, were well within the state’s fiscal sustainability parameters.
The current Year 2022 budget estimates are a bit higher than that of the outgoing year, 2021 of N1.163 trillion, presented by the governor on November 10, 2020, but which the State House of Assembly, in its consideration later increased to N1.163 trillion.
Sanwo-Olu, later, signed the document into law on December 31, 2020.
Speaking at the budget presentation before the 40-member parliament led by Speaker Mudashiru Obasa, Governor Sanwo-Olu said it was intended to reflect the determination to rise above the challenges that had affected the development indices in the last 10 months, occasioned by COVID-19 pandemic challenges, assuring that the 2021 Budget would reflect the continued execution of the THEMES Agenda of his administration.
The governor, while giving votes to each sector of the state’s economy said: “Sectoral allocation are as follows: General Public Services 171,550,737,532bn which represents 16.96 percent. Public Order and Safety 27,495,540,668bn with 4.45 percent and Economic Affairs 52,552,479,436bn with 23.41 percent.
“Environment has 27,333,214,487bn at 3.59 percent, Housing and Community Amenities 11,058,163,499bn at 5.62 percent, Health 87,875,869,487bn representing 8.87 percent, Recreation, Culture and Religion 4,320,392,482bn representing 1.21 percent.
“Education- 112,650,516,469bn representing 12.37 percent, Social Protection 6,109,828,160bn at 0.71 percent, Contigency Reserve (Including Special Expenditure-Statewide and Special Expenditure-Others)- 10,840,406,741 at 2.66 percent, Loans (Repayments, CDSA & Debt Servicing) 12.32 percent.
“Personnel Cost (Servicewide and Pension)- 53,147,182,9263.83 percent, Grants & Counterpact Fund 55,852,385,009 at 4.02 percent and Statewide at 22.83 percent.”
The governor reiterated the need for the Federal Government to grant special status for Lagos, stressing that the 2022 Budget, comprising a total revenue of ₦1,135,159,092,822.30 composing of total Internally Generated Revenues (IGR) of ₦898,891,092,822.30 and total federal transfers of ₦236,268,000,000.00, was to allow for consolidation of the gains recorded by the government over the years.
“Our strident clamour that Lagos State should be granted special status and complementary funding to enable it to maintain and improve the infrastructure that services the national economy, remains relevant.
“Lagos is and must be recognized as the national asset that it is – which is a pre-eminent melting pot of cultures in Nigeria; the economic capital of Nigeria and the most populous megacity in all of Africa.
“We as a nation must realize that every investment in Lagos has implications for national development, whether it is the ten-lane airport road leading from the International Airport or the Lekki Deep Sea Port, together with the six-lane Lekki Epe Expressway, or the Red and Blue rail lines moving 32million commuters from Okoko and Agbado to Marina – these all serve to improve the commercial capacity of Nigeria and prepare her as a trading hub ready for the African Continental free trade area agreement,” he stated.
Sanwo-Olu, however, said the Year 2022 Budget was packaged to ensure a continuing but very gradual recovery to growth in economic activity as the global economy cautiously recovers from the impact of the Coronavirus pandemic, adding: “We have, therefore, approached our revenue expectations with cautious optimism.”
This was just as the governor noted that there had been a corresponding review of the accruals from the Statutory Allocations and Value Added Tax (VAT) in line with the downward review of the Federal Budget’s Benchmark Oil Price to $57 per barrel.
“The Y2022 Budget is aimed at consolidating all our efforts so far, into timely delivery of our electoral promises of a Greater Lagos to all citizens and residents of the state. Our destination is now in sight.
“Despite experiencing one of the most challenging times in modern history in our beloved state, we have advanced in a manner that ensures that conviction of our progress is incontestable.
“The results speak very eloquently in the various facets of our communities even in the face of numerous devastating situations, which would have been acceptable justifications for underperformance.
“Lagosians can testify to the improved standard of infrastructure delivered by our administration throughout the 377 wards across the State, which aligns with the state’s mission to eradicate poverty and promote economic growth through infrastructural renewal and development,” he said.
Governor Sanwo-Olu said notwithstanding the achievements, his administration was not going to rest on its oars, assuring of the commitment of the government to delivering the “Lagos of our dreams: Africa’s model megacity, a global economic and financial hub that is safe, secure, and productive.”
According to him, 2022 is a year in which the focus would be greatly on completing ongoing projects, while also expanding the administration’s social intervention programs and support for citizens, as well as for micro and small businesses.
“We have clearly articulated our vision in tackling governance in the state through the T.H.E.M.E.S Agenda and have commenced the state’s 30 years’ development plan 2021-2051 that will update and replace our previous plan, which was for 2012 -2025.
“We will continue to explore Public-Private Partnership strategies in the provision of infrastructure and social services, and the conversion of our challenges to opportunities within the context of scarce financial resources,” the governor said.
“There lies ahead of us even more challenging roads that we must walk together if we must achieve the Lagos of our dreams. I will always remain committed to Lagosians and the Lagos Project, leading from the front, communicating, welcoming, receiving counsel, and taking decisive action.
“I will strive to deliver on your hopes and aspirations, never letting you down, and I hope that every time I look behind me, I will find you there because you are the ones who give basis and validity to whatever servant-leadership I am opportune to offer to this Center of Excellence that we call home,” he added.
Speaker, Lagos State House of Assembly, Hon. Obasa, in his remark after receiving the budget proposal from Governor Sanwo-Olu, urged him to focus more on projects that would be geared towards alleviating poverty in the state.
Obasa, who passed a vote of confidence on Mr. Sanwo-Olu for the achievements of the current administration, lamented that the policy seems not to be helpful when it comes to the acquisition of land which can be used as a source of funds to lift them out of poverty.
He, therefore, charged the government to readdress the issue of land vis-à-vis landowners in the acquisition, excision, and compensation.
“I will advise the Executive to focus more on intense projects that will be geared towards alleviating poverty in our society with most of the loans.
“At the same time, our policies must be channelled towards fighting poverty in our society and empowering our people, particularly those below the poverty line.
“In doing this, land has become the sole and natural belonging of the people, which can be used as a source of funds to lift them out of poverty.
“But as it were, the policy seems not to be helpful when it comes to acquisition.
“As such, there is the need for the government to readdress the issue of land vis-à-vis landowners in the acquisition, excision, and compensation,“ Obasa said
While commending the seven-man judicial panel of inquiry into cases of brutality and human rights violations committed by operatives of the disbanded Special Anti-robbery Squad (SARS) in the state, for completing its task, the Speaker urged Lagosians to remain patient and not stoke controversies while a White Paper on the report is being expected.
“I will plead with Lagosians and Nigerians as a whole that, while we await the White Paper of the #EndSARS Panel report, people should remain calm and not rush to judgment.
“You can rest assured that justice will surely be served based on the outcome of the report, of course, we are aware that justice is the basis of any democratic government,” Obasa said.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
FALSE! Yoruba Not An Official Language In Brazil
Claim: A national newspaper and multiple online platforms claim Brazil has adopted Yoruba as its official language and that the language would be included in primary and secondary schools curriculum.
Verdict: The claim is false. The content of the article published by these online platforms is not new; it has been recirculated several times and has been debunked.
Viral Voice Note On WhatsApp Billing False
Claim: A viral WhatsApp voice note, purportedly made by the director and CEO of WhatsApp, claims users will have to start paying for WhatsApp services.
Verdict: The viral WhatsApp voice note claim is a hoax. The content is not new and has been circulated as a broadcast message several times in the past.
Marburg Virus: What You Need To Know About Disease Recently Detected In West Africa
On Monday, August 9, 2021, the World Health Organisation (WHO) confirmed the first case of Marburg virus in West Africa in Guinea. This development has sent shivers down the spines of West Africans who are still grappling with the effects of the coronavirus pandemic. But before this dreaded disease is greeted by rumours and misinformation, here is what you have to know about the virus.APC states to establish Health Emergency Trust Fund…
FACT CHECK: US Did Not Give Nigeria 48 Hours Ultimatum To Detain Abba Kyari
CLAIM: Several social media posts claim the United States of America (USA) gave Nigeria’s Federal Government 48 hours to detain suspended Deputy Police Commissioner, Abba Kyari, or face severe sanctions.
VERDICT: The claim is false and misleading. The US did not give Nigerian Federal Government 48 hours ultimatum to detain Abba Kyari.
and then