Politics
BREAKING: Sanwo-Olu Signs N1.163trillion 2021 budget

Lagos Governor, Babajide Sanwo-Olu on Thursday signed the state year 2021 budget of N1.163trillion.
The budget christened ‘Budget of rekindled hope’, has a Capital Expenditure of N702.9billion and a Recurrent Expenditure of N460.5billion which stands at a ratio of 60 to 40 per cent.
The governor had earlier present a budget of N1.155 trillion to the Lagos State House of Assembly for approval, but the lawmakers jacked it up to N1.163 trillion.
Signing the budget into law at the State House, Marina, Sanwo-Olu said the quick passage of the bill reflected the harmonious relationship between the State Executive and the Legislature as well as mutual dedication to the progress of our State and the prosperity of Lagosians.
The budget has a capital to recurrent ratio of 60:40. It comprises N702,935,416,976 capital expenditure and N460,586,793,741 recurrent expenditure.
“With the passage of the bill, we will continue our work of rebuilding Lagos, advancing economic growth, and expanding opportunities for Lagosians to flourish despite the economic challenges caused by the coronavirus.
“As we already know, 2020 will go down in history as a peculiar year largely defined by the COVID-19 Pandemic and the ENDSARS protests, which were recklessly hijacked by those who destroyed some of our public assets and private businesses.
“We are, however, fortunate to be going into the New Year, with an already passed budget, which will help to expedite our recovery process. A significant portion of the budget has been committed to human capital development, youth engagement, social intervention initiatives, and the completion of ongoing projects that are critical to achieving the objectives of our T.H.E.M.E.S agenda,” he said.
Sanwo-Olu assured that the 2021 budget would be prudently implemented with the people as focus, as government was determined to provide the right economic environment for Lagosians to thrive.