The Lagos State House of Assembly on Tuesday passed the 2021 Appropriation Bill of N1.163 trillion, seven weeks after the budget was presented to the Assembly by Gov. Babajide Sanwo-Olu.
The House passed the budget after the report of the appropriation was presented during plenary by the Chairman, Joint Committee on Economic Planning and Budget and Finance, Gbolahan Yishawu (Eti Osa II).
The correspondent recalls that Mr. Sanwo-Olu had on November 9, presented the N1.155 trillion budget for the 2021 fiscal year to the Assembly for approval.
According to Mr. Sanwo-Olu, the 2021 budget has a total revenue of N962.528 billion and a total Internally Generated Revenue, IGR, of N795,744 billion.
The governor had said the budget had a Capital Expenditure of 703.27 billion and a Recurrent Expenditure of N451.75 billion.
Mr Sanwo-Olu had explained that the 2021 budget would focus on youth employment, security, youth engagement, and social work.
“The 2021 Appropriation Bill also speaks to the restoration of economic balance as we navigate our way out of the negative impact of both the pandemic and the destruction of public assets following the ENDSARS protest hijack.
“A pivotal crux of the 2021 budget will be the promotion of an entrepreneurial culture among our people.
“In light of this, micro, small and medium enterprises will be strengthened because their activities help to facilitate socio-economic advancement,” he said
