The Lagos State House of Assembly has passed 1.164 trillion naira 2021 appropriation bill of the state.
The budget was passed after a report on it was presented to the House by Honourable Gbolahan Yishawu, the Chairman of a Joint Committee on Economic Planning and Budget and Finance.
In the budget, the House approved the sum of 460,587,43,741 naira as Recurrent Expenditure from the ‘Consolidated Revenue Fund’ and 702,935,416,976 naira as Capital Expenditure from ‘Development Revenue Fund’.
The total amount thus passed by the House is put at 1,163,522,460,717 naira for 2021.
The Speaker of the House of Assembly, Honourable Mudashiru Obasa, said that it was agreed by the lawmakers during parliamentary sessions, that the Youth Empowerment Scheme of the Ministry of Agric, O’YES, was not yielding the desired results.
Honourable Obasa maintained that same goes for the Coconut Agency, which was recommended for scrapping by the Joint Committee and recommended to be a parastatal under the Ministry of Agriculture.
He also posited that the fund for scholarship awards had to be reduced as recommended by the Committee since the agency could not access the fund voted for them in the 2020 budget.
The sectoral allocations were eventually read by Obasa to the lawmakers, who approved them through voice votes before the budget was eventually passed into law also through a voice vote.
The Speaker then thanked all the lawmakers and members of the press for their coverage for the Assembly in the year.
Governor Babajide Sanwo-Olu had on Monday, November 9, 2020, presented budget estimates of 1.155 trillion naira to the House.
The 2021 budget estimates are christened: “Budget of Rekindled Hope.”
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