The Lagos State House of Assembly has approved the re-ordering of N93,742,530,000 from the 2019 budget size by the state government.
Governor Babajide Sanwo-Olu had requested the reordering of 2019 budget size due to shortfall in revenue.
In a letter read on the floor of the House, Sanwo-Olu lamented lack of new revenue sources for the remaining months of the year, and requested for re-ordering of 2019 budget which stands at N873.532 billion.
The governor said budgetary provisions of both recurrent and capital budget of ministries, departments and agencies were not likely to be utilized before the end of the year and that the sum of N34.050 billion could be re-ordered.
The breakdown, he said showed that the recurrent is N24 billion while the capital is N10.050 billion.
Sanwo-Olu, in the letter stated that the 2019 budget had been partially implemented by the last administration before the tenure came to an end on 29th May, 2019.
The governor stressed that the present administration was confronted with the need to keep its electoral promises to the citizens and resolved to take advantage of clement weather condition in the later part of the year to complete various projects.
“The State shall be raising a total 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 speaker, Rt. 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 on Tuesday, Hon. Gbolahan Yishawu stated that the 2019 budget size stood at 71 percent as August.
According to him, the recurrent performance was 80 percent while the capital was 46 percent.
In the motion which was moved by Hon Tunde Braimoh, the House approved the capital of N74, 824,648,162 and recurrent 18,918,059,368 to be reordered respectively.
The Speaker, Obasa said since “it is an unanimous decision. Let’s pass the re-order so that the Governor and his team will continue to do the good work for Lagos residents.”
Braimoh said, “We need to expeditiously consider the request of the Governor. The Committee had done justice, so let’s approve it so that the people of Lagos can feel our impact.”
Hon Jude Idimogu also said, “I appreciate the Committee. I urge my colleagues to look at the report and make sure that it is passed.”