•L-R: Lagos Commissioners for Health, Prof. Akin Abayomi; Finance, Dr. Rabiu Olowo; Economic Planning and Budget, Mr. Sam Egube; Information and Strategy, Mr. Gbenga Omotoso and member, Lagos State House of Assembly, Hon. Gbolahan Yishawu, during a press briefing on detailed analysis of Year 2020 Budget at Bagauda Khalto Press Centre, The Secretariat, Alausa, Ikeja, on Tuesday, January 7, 2020.
By Bolaji Yisa
The Lagos State Government is hoping to internally generate N886.041 billion in Year2020.
This was disclosed on Tuesday, 7 January, 2020 by the state Commissioner for Budget and Economic Planning, Mr Sam Egube while speaking with journalists in Alausa, Ikeja Lagos. Egube briefed the media on analysis of the state budget for Y2020.
According to the Commissioner, the state intend to generate N73.8billion in a month.
The Commissioner explained further that the state is expecting capital receipts of N232.29 billion and federal transfer of N184.988 billion. The total budget for the state approved by the state Assembly is N1.68trillion.
According to Egube, “the Sanwo-Olu administration has resolved to make Lagos the envy of the world through deliberate efforts to promote investments in all sectors across the State”.
The Commissioner stated that the budget will attract private sector investments by creating an enabling environment, investment in human capital development, improve capacity to collect revenues as efficiently as possible and build impactful partnerships with the Federal Government, other State Governments and Local Governments, among others.
He said: “This budget has taken into consideration the present economic realities in the World, Nation and Lagos State in particular, as well as the optimism for improvement in our revenue collections. The Y2020 budget will most importantly promote massive investments in Traffic management and Transportation, Health and Environment, Education and Technology, Making Lagos a 21st Century Economy, Entertainment, Tourism, Security and Governance.”
The sectoral breakdown of the budget stands as follows: Traffic Management and Transportation will take the sum of ₦44.510bn, while ₦136.100billion was budgeted for the Education sector, Science and Technology got the sum of ₦10.629bn, a total sum of N111.775bn was provided for Health, Environment got sum of ₦66.586bn while ₦7.481bn was provided for Tourism.
For Sport Development, a total of ₦7.740bn was allocated for the Ministry, Housing and Community Amenities was provided with ₦48.559bn, ₦4.840bn was approved for Agriculture and Food Security; and to boost Commerce and Industry in the State, a total of ₦3.926bn was earmarked for it, Wealth Creation and Employment got ₦8.403bn, ₦2.920bn was set aside for Women Affairs, Youth and Social Development got ₦3.716bn while ₦39.265bn was allocated for Security and Governance.
The State earmarked ₦711.031bn for Capital Expenditure and ₦457.529bn for Recurrent Expenditure, making it 61:39 per cent ratio in favour of Capital Expenditure.
Egube noted that the widely held consultations across the three senatorial districts, in addition to taking memoranda and feedback from stakeholders hosted by members of the House of Assembly within their respective constituencies yielded the Y2020 budget.
He appealed to all citizens to fulfill their civic responsibilities while he also assured that no stone will be left unturned in ensuring the complete implementation of the Y2020 budget.
The cabinet members at the budget breakdown include: the state Commissioners of Information and Strategy, Mr. Gbenga Omotoso; his Health counterpart, Professor Akin Abayomi; that of Finance, Dr. Rabiu Onaolapo Olowo; Transportation, Dr. Frederic Oladehinde; and Education, Mrs. Folasade Awofisayo.
Copyright: The Gazelle News.com