Politics

Sanwo-Olu to cancel pension for Ex-Governors, Deputies, unveils N1.155 trillion proposed budget

Published

4 years ago

2020/11/10

Governor of Lagos State, Babajide Sanwo-Olu has announced his intention, through executive bill, to repeal the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension & other entitlements to former Governors and their Deputies.

The Governor announced this while presenting the 2021 budget to the Lagos State House of Assembly

Governor Sanwo-Olu unveiled a 2021 budget proposal of N1,155 trillion which he said, will be funded from a projected Internally-Generated Revenue (IGR) of N962 billion. The N192.495 billion deficit will be financed through bond issuance, internal and external loans.

“This budget reflects our desire to rebuild the trust of the people in this Government, even as we commit significant human and financial resources to the rebuilding of Lagos while doing all we can to move on from the destruction and vandalism recently witnessed in the State.” Says Sanwo-Olu

The Governor said the Government would leverage its developmental efforts and focus on sectors with job-creating potential, such as agriculture, construction, technology and security. “The expenditure is for the restoration of economic balance as the State continues to navigate its way out of the negative impact of the Coronavirus (COVID-19) pandemic and the destruction of public assets, following the EndSARS protest hijack.”

About N704 billion, representing 61 per cent of the total budget, is earmarked for capital expenditure in the proposed 2021spending: an estimate of N451.75 billion, representing 39 per cent, will go for recurrent expenditure.

Sanwo-Olu said the budget was designed to improve the state’s economic conditions and create the social safety needed for the youth and all hardworking residents to flourish.