BIG STORY
Rebuilding Lagos: Sanwo-Olu Signs N1.163trn 2021 Budget Into Law, Raises Residents Hope For Recovery
Governor Babajide Sanwo-Olu of Lagos State, yesterday, signed into law the reviewed state’s Appropriation Bill of N1.163 trillion for the 2021 fiscal year.
The Lagos State House of Assembly had, on Tuesday, passed the Appropriation Bill, which was reviewed upward.
The Governor assented to the bill, christened ”Budget of Rekindled Hope”, at the event attended by cabinet members, Assembly members, and chairman of the House Committee on Finance, Hon. Rotimi Olowo, who also represented the Speaker, Rt. Hon. Mudashiru Obasa.
After signing the bill, Sanwo-Olu remarked that the speedy consideration and passage of the budget reflected the dedication to the progress and prosperity of the State by both the executive and legislature.
Describing the past year as a peculiar era in the annals of the State, the Governor said the economic paralysis caused by the Coronavirus (COVID-19) pandemic and destruction wreaked in the wake of the hijacked EndSARS protests drew Lagos’ development back in no small measures.
With the signing of the budget, Sanwo-Olu said the State walked into 2021 with strong will and high determination to rebuild lost assets of the State, advance its economic growth, and expand opportunities for residents to flourish despite the economic challenges caused by the disastrous events.
He said: “With the passage of the 2021 Appropriation Bill, and the signing of the document into law today, our will to rebuild Lagos, advance the State’s economic growth, and expand opportunities for Lagosians to flourish despite the economic challenges caused by the coronavirus, has now been reinforced.
“As we already know, 2020 will go down in history as a peculiar year largely defined by the COVID-19 pandemic and the ENDSARS protests, which were recklessly hijacked by those who destroyed some of our public assets and private businesses. We are fortunate to be going into the New Year with an already passed budget, which will help to expedite our recovery process.”
Significant parts of the State’s 2021 spending, Sanwo-Olu said, are committed to human capital development, youth engagement, social intervention initiatives, while a chunk of the spendings is reserved for the completion of ongoing projects critical to achieving the objectives of his administration’s T.H.E.M.E.S agenda.
Governor reassured residents that the budget would rekindle their hopes and deliver substantial economic growth. He said tough choices would be made where necessary and leverage opportunities required to engender sustainable and inclusive growth.
Sanwo-Olu promised that the budget would be prudently implemented, with the focus on the provision of the right economic environment for people to thrive.
He said: “With the enormous challenges of the outgoing year, we are conscious of the fact that in order to efficiently and successfully implement the 2021 Budget, we must be selfless and dedicated. We are up to the task; with our collective resilience, we will achieve our key goals in all sectors, and nothing will stop us from justifying the trust of the people in this Government.
“I assure you that the 2021 budget will be prudently implemented with the people as our focus, as we are determined to provide the right economic environment for Lagosians to thrive. As the world combats COVID-19, we will make the necessary sacrifices to further place our State on the path of abundance and economic recovery. We are going into 2021 with the unwavering determination to engender sustainable and inclusive growth.”
The Governor urged stakeholders, especially the private sector, artisans as well as small and medium-sized business owners not to relent in supporting the government by voluntarily discharging their civic responsibilities.
Commissioner for Economic Planning and Budget, Mr. Sam Egube, hailed the process of ratification of the appropriation bill, describing the procedure as “strenuous but thorough”.
He promised that the implementation of the budget would driven to greater performance, while also assuring the public of intimating them with the full details and breakdown of the budget in due course.
About N703 billion, representing 60 percent of the 2021 budget, is earmarked for capital expenditure, while N460.5 billion will go for recurrent expenditure.
Thousands of excited Nigerians attended the opening day of the much-anticipated maiden edition of the Lagos Shopping Festival (LSF) on Monday, December 23 and were served up an electrifying feast of events, activities and promotions across the the main venue of the festival, the iconic Mobolaji Johnson Arena, (formerly Onikan Stadium).
As advertised, first day of the festival lived up to its billing with a colourful blend of commerce, music, innovation and creativity following its flag off by the Executive Governor of Lagos State, Babajide Olusola Sanwo-Olu.
The Lagos Shopping Festival, powered by the Lagos State Government in collaboration with Chain Reactions Africa, a frontline PR firm, and supported by leading brands, including Zenith Bank, Tolaram Group, First Bank Plc, and Guinness, will see millions of people hit the main venue and select Lagos malls to bag the latest bargains, and bring together the best of city’s retail offering, showcasing local and top global brands and shopping experiences, including in-mall promotions.
Speaking at the event, Governor Sanwo-Olu described the LSF as a history-making festival of back-to-back shopping, fun, and entertainment, reaffirming the Lagos state’s commitment to grow small businesses as well as the entertainment industry.
“This is the first of its kind and this event is made to bring shoppers with MSMEs, with innovators, with entertainers, with the creative industry, with the food industry and everybody,” said Sanwo-Olu.
“For the next three days, we are meant to all come together, enjoy good food, good music, sales at discounted market price, shopping at the highest level and just general entertainment with the creativity of Lagos,” the Governor added.
He called on all Lagosians and Nigerian to join the fun, shopping and entertainment.
“Call everybody from Iyana-Ipaja to Alimosho, call people from Agege, call them from Ebute-Meta to Shomolu, call them from Bariga, from Badagry to Ikorodu, from Epe to Ibeju-Lekki, call everyone to come to the arena here at the Mobolaji Johson Center in Onikan where we’ll be doing shopping, we’ll be doing music, we’ll be doing entertainment for the next two days. This is the first of its kind”, Sanwo-Olu added.
He assured all fun-seekers, buyers and sellers of their safety, saying that they are in a safe, secure, peaceful environment, urging them to “to sit back, relax and see another Lagos creativity that is the first, and the very first Lagos Shopping Festival”.
Governor Sanwo-Olu expressed his appreciation to the sponsors of the Lagos Shopping Festival for their unwavering support to drive the story of Lagos commerce, entertainment and creativity.
“I want to thank all of our sponsors from FirstBank, to Zenith Bank, to Tolaram, to Smirnoff Ice, to Indomie Noodles, to OmniBiz, to PowerOil, to Minimie, and to Malta Guinness, all of them, including the Lagos State Government. I want to thank you”.
He also commended all the local and small businesses at the festival, and urged Lagosians and Nigerians to always patronize them.
“More importantly, to all the small businesses that are inside and under the canopies, go out there and make good deals. Go out there and do huge purchases from them. Go out there and make their small-scale market, work for them; because here, we want the market to be meeting all of the shoppers. That’s what this is all about. It’s about buying stuff at the most reduced market. It’s about entertainment, it’s about food, it’s about tourism. This is what Lagos has given to you again,” Sanwo-Olu said.
Also, commenting, the MD/ Chief Strategist, Chain Reactions Africa, the organisers of the Lagos Shopping Festival, Mr Israel Jaiye Opayemi, buttressed the strategic significance of the festival saying, “LSF is poised to be the catalyst that will redefine the true essence of commerce, especially SME businesses, the creative ecosystem, and fun times with family, friends and loved one. LSF is sure set to open a new vista of socio-economic growth from Lagos, to Nigeria, whilst raising a unique bar in the African market”.
Fun-seekers and business men and women alike had entertainment value for their time, with dancing and singing competition with the winners adjudged by the audience receiving cash gifts. The highlight of the day was the energy-revving musical performances from the youthful Ayo Maff, with the soulful rendition of songs from Adekunle Gold the icing on the cake for the audience who kept singing along to his enchanting stage performances.
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