Lagos State House of Assembly lawmakers during the Plenary on Monday is set to scrutinise the Y2021 Budget of Rekindled Hope presented by the Governor, Mr. Babajide Sanwo-Olu on Tuesday, 10th November, 2020.
Governor Sanwo-Olu who presented an appropriation budget of ₦451,750,101,951 from the consolidated revenue fund for recurrent expenditure and ₦703,272,311,055 from development revenue fund for capital expenditure thereby totaling a budget size of ₦1,155,022,413,006 for the year ending 31st December, 2020; laid it before the House for their consideration and approval.
The Speaker, Rt. Hon. (Dr.) Mudashiru Obasa, who presided over the Plenary, stated that the budget is still a proposal which must be couched in a manner that will pursue its target.
“The Budget of Rekindled Hope should be shaped as a palliative in order to put smiles on people’s faces.”
Further urging Members to carefully look into the areas where the House can be of help while addressing the budget as the recent #ENDSARS protests and COVID-19 pandemic will have an effect on the proposed budget size to be generated.
“We must hear from the Ministries, Departments and Agencies, MDAs to give a critical analysis during the budget defense.” He maintained.
Deliberating on the proposal; Hon. Gbolahan Yishawu, Chairman, House Committee on Economic Planning and Budget highlighted major sectoral analysis of the Y2021 budget, and observed that counterpart funding has been a free bill to access grants and external loans must reconcile with investment incomes.
He also proposed that standing committees of the House must look into the MDAs under their purview in ensuring that the parastatals are efficiently operated in order to maximize the State revenue.
In his submission, Hon. Rotimi Olowo, Chairman, House Committee on Finance said the Budget of Rekindled Hope if well implemented will encompass and empower the youth as it includes leadership scheme, vocational training, and creation of employment trust fund.
Hon. Olowo also noted that, “So many MDAs deliberately increase their revenue base so that more funds will be accrued to their budget allocation but the problem remains that their revenue funds will go to overhead at the detriment of capital expenditure.”
“We need to juxtapose the Y2019 and Y2020 budget as the recent tribulations will still affect our revenue. Scientific approach must be taken to avert re-ordering as we must have a budget size that can be implemented.” He said.
Speaker Obasa thereafter committed the proposed budget to the Joint Committee on Finance and Economic planning to report to the House after six weeks.
