The budget of N1.163 trillion christened the “Budget of Rekindled Hope” consists of Capital Expenditure (N702.9 million) and a Recurrent Expenditure (N460.5 million) at a ratio of 60 to 40 per cent.
The Governor assured that his administration would not relent on rebuilding the state, saying;
With the passage of the bill, we will continue our work of rebuilding Lagos, advancing economic growth, and expanding opportunities for Lagosians to flourish despite the economic challenges caused by the coronavirus.
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, however, fortunate to be going into the New Year, with an already passed budget, which will help to expedite our recovery process.
A significant portion of the budget has been committed to human capital development, youth engagement, social intervention initiatives, and the completion of ongoing projects that are critical to achieving the objectives of our T.H.E.M.E.S agenda.
The Honourable Commissioner for Economic Planning and Budget will present to the general public the full details and breakdown of the budget in due course.
See some photos from the signing of the budget below;