Members of the Lagos State House of Assembly on Tuesday passed into law, the budget size of ₦1.163,522,460,717 (One Trillion, One Hundred and Sixty-Three Billion, Five Hundred and Twenty-Two Million, Four Hundred and Sixty Thousand, Seven Hundred and Seventeen Naira) at the floor of the House during the Plenary. The breakdown stood at a breakdown of ₦460,587,043,741 (Four Hundred and Sixty Billion, Five Hundred and Eighty- Seven Million, Forty-Three Thousand, Seven Hundred and Forty-One Naira) as Recurrent, and a Capital Expenditure of ₦702,935,416,976 (Seven Hundred and Two Billion, Nine Hundred and Thirty-Five Million, Four Hundred and Sixteen Thousand, Nine Hundred and Seventy-Six Naira). The budget which was tagged “Budget of Rekindled Hope” is aimed at charting a definite course of change to meet with recent events of global and national proportions particularly the COVID-19 Pandemic, the aftermath of the #EndSARS protest, the general feeling of disenchantment in the polity, the socio-economic yearnings of Lagosians for posterity and the stringent calls in all societal spheres for a more transparent democracy that speaks to the issues of wealth, economic growth, progress, security of lives and property and quality living. Hon. Gbolahan Yishawu, Co-Chairman, Joint Committee on Economic Planning and Budget and Finance while presenting the report of the Committee noted that the Committee was able to get commitment from revenue generating agencies in the State adding that the proposed revenue is achievable if necessary funds that would enable delivery on projected revenue estimates are available. Hon. Yishawu stated that the Y2021 policy observation and recommendations are; return of unspent funds to treasury dated 31st December; update of the schedule of the public finance management law, 2015; control of dedicated accounts; funding of revenue generation agencies; the commencement of the operation of the Cancer Research Institute for infectious studies, management and possible production of vaccines; the review of the Lagos State Employment Trust Fund regulation; amendment of the Blood Transfusion Agency Law, amongst others. The Lawmakers after an intense debate over the presentation consequently adopted the recommendations as the resolution of the House before the Speaker; Rt. Hon. (Dr.) Mudashiru Obasa took the sectoral allocation after the third reading of the Bill. The Speaker thereafter directed the Acting Clerk of the House, Mr. Olalekan Onafeko to send a clean copy to the Governor, Mr. Babajide Sanwo-Olu, for his assent. Before the end of the Plenary Session, the Speaker Rt. Hon. (Dr.) Mudashiru Obasa announced the commencement of a recess to resume on the 15th of February 2021
