Lagos State Governor, Babajide Sanwo-Olu, on Friday presented the 2020 appropriation bill of N1.168 trillion to the state House of Assembly.
The 2020 budget comprises of N723.6 billion earmarked for capital spending, which is 62 percent of the total budget, and N441.8 billion for recurrent expenditure.
Sanwo-Olu said the budget tagged “budget of re-awaken” would re-invent Lagos and take it to a greater height.
Breakdown of the budget shows that N167.81 billion has been earmarked for personnel cost and other staff-related expenses, representing 22.02 percent of the total budget.
According to the governor, N11.8 billion was budgeted as counterpart funds in preparation for various social impact schemes. N7.1 billion was earmarked for industrial hubs, parks, graduate internship programs, and virtual markets for artisans.
Sanwo-Olu noted that the proposed budget would help the state achieve a sustainable social investment and scale up private sector-led economic growth through investment in infrastructure and security.
He also disclosed that it would improve civic engagement in governance and foster partnership with the Federal Government and civil society.
The governor said: “Lagos faces an existential threat, arising from the interplay of demographic and climate change. Lagos will continue to be a magnet for multitudes within and outside Nigeria, in search of jobs and economic prosperity. These levels of migration put a phenomenal strain on the physical and fiscal resources of the state.
“In response to the perennial challenges of flooding in the metropolis, we have to triple the capital budget provision to tackle these observed problems from N3 billion in 2019 to N9 billion in 2020. We are embarking on massive desilting of major drain systems across the state next year.”