Assembly okays Sanwo-Olu’s budget reordering request

Kindly Share This Story:

Babajide Sanwo-OluLagos State House of Assembly on Tuesday approved the reordering of N93,742,530billion from the 2019 budget as requested by Governor Babajide Sanwo-Olu.

Sanwo-Olu had requested the reordering of 2019 budget size, saying there was shortfall in revenue.

In a letter read on the floor of the House, Sanwo-Olu had lamented lack of new revenue sources for the remaining months of the year, and requested reordering of the 2019 budget, which stands at N873.532 billion.

He noted in the letter that budgetary provisions for both recurrent and capital budget of Ministries, Departments and Agencies (MDAs) were not likely to be utilised before the end of the year and the sum of N34.050 billion could be reordered.

The breakdown, he said, showed that the recurrent is N24 billion while the capital is N10.050 billion.

Sanwo-Olu had also noted that the 2019 budget had been partially implemented by the last administration before its tenure came to an end on May 29, 2019.

The governor stressed that the present administration was concerned with keeping its electoral promises to the citizens and resolved to take advantage of the clement weather condition in the later part of the year to complete various projects.

“The State shall be raising a total sum of N250 billion broken down into a fixed rate bond of N100 billion from the capital market and an internal loan of N150 billion,” the governor had said.

The speaker, Hon. Mudashiru Obasa had committed the governor’s request to the joint committees on Finance and Budget and Economic Planning.

Presenting the report of the joint committee, Hon. Gbolahan Yishawu, stated that the 2019 budget performance stood at 71 percent as at August.

According to him, the recurrent performance is 80 percent while the capital is 46 percent.

The Speaker of the House, Obasa, said since “it is a unanimous decision. Let’s pass the reorder so that the governor and his team will continue to do the good work for Lagos residents.”

Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings

%d bloggers like this: