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Home Economy Budget

Lagos State House of Assembly approves the sum of N1.163 trillion for 2021 budget

Chidi Emenike by Chidi Emenike
December 29, 2020
in Budget, Politics, Spotlight
Lagos Rail Mass Transit, Lagos State House of Assembly, Lagos 2021 Appropriation Bill scales through second reading
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The Lagos State House of Assembly has approved the sum of N1.163 trillion today, as the total budgetary allocation for 2021.

The recent development indicates an increase of N8.5 billion from the amount originally presented for consideration to the house, according to a verified tweet by the Lagos State House of Assembly, seen by Nairametrics.

READ: Lagos Assembly passes bill to establish Lottery and Gaming Authority

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Recall that Lagos State Governor, Babajide Sanwo Olu, on November 2020, presented the state budget tagged “Budget of Rekindling Hope,” worth N1.155 trillion, to the State House of Assembly. The budget earmarked the sums of N703.23 billion for capital expenditure and N451.75 billion for recurrent expenditure.

Sequel to the presentation, a plenary session was held today 29th of December, 2020 and the appropriation bill discussed. After much deliberation, the sum of N1.163 trillion was approved for the 2021 budget.

As at the time of filing this report, Nairametrics is yet to ascertain the reason for the increase in the statutory allocation.

READ: Lagos Assembly passes Public Complaints and Anti-Corruption Bill into law

Plenary proceedings

  • The House in its plenary session today, considered the 2021 Appropriation Bill forwarded by the Governor. The motion to consider the bill was moved by Honourable G.O Yishawu.
  • After much deliberations and comments on the presentations of the reports, Honourable Adedamola Kasumu, moved a motion that the reports be adopted by the resolutions of the House. The motion was seconded by Honourable Lukmon Olumoh.
  • Majority leader of the House, Honourable Agunbiade S.O.B, gave a summary of what transpired in the committee of Supply as the House reverts back to plenary.
  • Finally, the House approved a budget size of N1, 163,522,460,717.

READ: Plateau Governor assents 2021 Appropriation Bill worth N147.6 billion

What this means

The recent development is a big boost to expediting the implementation of the 2021 budget, especially as the state government strives to rebuild the economy from the ruins of the COVID-19 pandemic and EndSARS protests that negatively impacted the state.

With the legislative passage, what remains for the Budget to take its full course is the executive assent which is the next and final stage.

READ: Nigeria Health Infrastructure Development Bank Bill scales second reading at House plenary

What you should know about the appropriation bill

  • The 2021 budget is centred on advancing the T.H.E.M.E.S agenda of the State Government and expected to rekindle hope in the state on the implementation of its content.

READ: Lagos Govt seals Queens Park Event Centre, Oniru for contravening COVID-19 protocol


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Tags: Governor Babajide Sanwo-oluLagos State Government (LASG)Lagos State House of AssemblyNigeria NewsT.H.E.M.E.S agenda
Chidi Emenike

Chidi Emenike

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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