The N1.168 trillion budget recently signed into law by Governor Babajide Sanwo-Olu will promote investments in all sectors of the State’s economy as well as make meaningful impacts in the lives of the people, Commissioner for Budget and Economic Planning, Sam Egube, has said.
Egube stated this on Tuesday during the Year 2020 budget analysis at the press centre in Alausa.
He said 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 disclosed that the Budget, tagged: “Budget of Awakening,” is meant to generate an internal revenue of N886.041 billion, while other revenue projections include capital receipts of N232.29 billion and Federal transfers of N184.988 billion.
According to Egube, 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 N44.510 billion, while N136.100 billion was budgeted for the Education sector, Science and Technology got the sum of N10.629 billion, a total sum of N111.775 billion was provided for Health, Environment got sum of N66.586 billion while N7.481 billion was provided for Tourism.
For Sport Development, a total of N7.740 billion was allocated for the Ministry, Housing and Community Amenities was provided with N48.559 billion, N4.840 billion was approved for Agriculture and Food Security; and to boost Commerce and Industry in the State, a total of N3.926 billion was earmarked for it, Wealth Creation and Employment got N8.403 billion, N2.920 billion was set aside for Women Affairs, Youth and Social Development got N3.716 billion while N39.265 billion was allocated for Security and Governance.
The State earmarked N711.031 billion for Capital Expenditure and N457.529 billion 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 included Commissioners of Information and Strategy, Gbenga Omotoso; his Health counterpart, Prof. Akin Abayomi; that of Finance, Dr. Rabiu Onaolapo Olowo; Transportation, Dr. Frederic Oladehinde; and Education, Folasade Awofisayo.