Breaking News
Translate

2 weeks after presentation: Lagos N1.168 Trn budget proposal passes second reading

2 weeks after presentation: Lagos N1.168 Trn budget proposal passes second reading

By Olasunkanmi Akoni and Ebun Sessou

The Lagos State House of Assembly, Monday, commenced work on the Year 2020 budget estimate presented before it two weeks ago by Lagos State Governor, Mr. Babajide Sanwo-Olu.

The Governor had presented and laid the Y2020 budget before the Assembly members, for their consideration and approval.

The budget estimates cover a capital of ₦723,505,404,313 and recurrent of ₦445,056,479,673 bringing the total budget size to ₦1,168,561,893,991 for the year ending 31st December 2020.

READ ALSO: Lagos outlines challenges that drove N1.17trn budget

The appropriation bill was read for the second time by the Clerk of the House, Mr. Azeez Sanni, during the plenary session on Monday.

Members who commented glowingly about the budget praised the governor for presenting such a laudable bill.

While debating on the matter, Fatai Mojeed ( Ibeju Lekki 1), said the proposed revenue is achievable as the state was yet to tap revenue from several areas of the informal sector.

Mojeed who spoke on the content of the budget extensively stressed that various sectors of the budget would impact positively on the people.

He stated that it would be appropriate for the state to invest heavily in public transportation to be able to cater to the transport need of the people.

Also commenting, Rotimi Olowo ( Somolu 1), expressed contrary opinion saying that the budget estimate was overambitious based on its revenue target which might not be achievable.

Olowo added that there was the need to re-integrate the various sectors for better service delivery, saying that it would further enhance the economy.

He warned not to overtax the people in the bid to meet revenue targets by various agencies and Ministry, Department Agencies, MDAs, saying that the current economic situation should be put into consideration while they go about ensuring achieving their revenue targets.

READ ALSO: N1.17trn Lagos budget 2020 will boost investment ― Sanwo-olu

According to Olowo, “The immediate past administration also presented an overambitious budget last year and it failed to achieve its purpose and was poorly implemented at the end of the day. I will want this administration to avoid such a mistake.”

Also, Jude Idimogwu ( Oshodi/Isolo 2), in his comment, called on the agencies and MDAs to come to explain to the House on how they would achieve their revenue targets, saying that the figures in the budget were projections but that there should be realistic figures.

Idimogwu said, “The agencies and MDAs have jacked up their revenue targets, they need to come to tell us how they would realise these projections.”

However, after deliberation by various members, the Speaker, Mudashiru Obasa, referred the budget to both the House Committee on Economic Planning and Finance to look into it and report back to the house in six weeks.

vanguard

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!