The Lagos State Government says it is targeting a performance level of about 90 per cent in its 2021 budget.
The Commissioner for Economic Planning and Budget, Mr Sam Egube, said this during a media briefing on the Analysis of the Year 2021 Budget of the Lagos State Government at Alausa, Ikeja.
Egube said that in spite the challenges of COVID-19 and EndSARS protest, the 2020 budget performed at above 80 per cent.
“In spite of all these challenges, I am delighted to inform you today that we have made remarkable progress in all crucial sectors, especially Finance, Health, Education, Transportation, Agriculture, Infrastructure and the Environment.
Attributable to our resilient nature, as at third week of December 2020, our total Revenue performed at 93 per cent while our total Capital Expenditure and total Recurrent Expenditure performed at 80 per cent and 86 per cent respectively.
“Going by this trend, we are positive that we will be closing the year with a performance level of at least 86 per cent, ´´ he said.
The commissioner said that the approved Year 2021 Budget size was N1.164 trillion, made up of N702.935 billion for Capital Expenditure and N460.587 billion for Recurrent Expenditure.
He said that the budget represented a 60:40 Capital to Recurrent expenditure ratio, strongly in favour of Capital Expenditure.
Egube said that the total revenue to fund the budget was estimated at N971.028 billion, while the deficit was N192.494 billion, to be financed by a combination of external, internal loans and bond which were well within the fiscal sustainability benchmarks.
He said that the Year 2021 Budget tagged “Budget of Rekindled Hope´´ was presented to the Lagos State House of Assembly for consideration and assent by Gov. Babajide Sanwo-Olu on Nov. 10, 2020.
Egube said that the bill was subsequently passed on Dec. 29, 2020 by the State House of Assembly and it was signed into law by the governor on Dec. 31, 2020.
“The year 2021 is indeed a year of rekindled hope with the recent global and national events such as the COVID-19 pandemic, the EndSARS protests, and the general feeling and demand of our people for an inclusive governance, equitable quality of life and consistent economic growth.
The commissioner said that the budget would attract investments through Public Private Partnerships and improve the healthcare systems, environment and public spaces.
Egube said that the budget would improve youth engagement, participation, empowerment and rebuild Lagos.