Sanwo-Olu signs N1.163tn budget, N703bn capital vote

Governor Babajide Sanwo-Olu, on Thursday, signed the Lagos State N1.163tn 2021 appropriation bill into law.

About N703bn, representing 60 per cent of 2021 budget, was earmarked for capital expenditure, while N460.5bn will go for recurrent expenditure.

The Chief Press Secretary to the governor, Mr Gboyega Akosile, made this known in a statement, titled, ‘Sanwo-Olu signs N1.163tn 2021 appropriation bill into law, raises residents’ hope for recovery.’

“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 fortunate to be going into the New Year with an already passed budget, which will help to expedite our recovery process.”

“With the passage of the 2021 Appropriation Bill, and the signing of the document into law today, our will to rebuild Lagos, advance the state’s economic growth, and expand opportunities for Lagosians to flourish despite the economic challenges caused by the coronavirus, has now been reinforced,” he said.

He promised that the budget would be prudently implemented with the focus on the provision of the right economic environment for people to thrive.

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