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SANWO-OLU PRESENTS N2.2 TRILLION ‘BUDGET OF RENEWAL’ TO ASSEMBLY

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Economy affairs, education, environment top Lagos’ priorities in 2024
 
•Expect more better times, Governor tells Lagosians
 

Lagos State, in 2024, will sustain its investment momentum towards expanding the growth of the economy.

Governor Babajide Sanwo-Olu, on Wednesday, presented an estimate of N2.2 trillion expenditures to the House of Assembly for next year, proposing increased capital spending across key priority areas in the Economic Affairs sector.

There will be renewed focus on Works and Infrastructure next year, Sanwo-Olu said, noting that the proposed intervention would enable the State Government bridge infrastructure deficit in economic viable sectors, including transportation, agriculture, tourism, waterfront infrastructure development, energy and mineral resources.

Improvement expected from the investment, the Governor said, would boost productivity and drive commercial activities across the State. He added that the impact would be felt by the residents.

In the proposed 2024 expenditure christened “Budget of Renewal”, the Governor also prioritised education and technology, earmarking N199 billion to the sector. Public safety got N84 billion, representing a significant increment in security spending.

Environment will be another priority area for the Government next year. Sanwo-Olu said there would be comprehensive drainage-clearing and promised not to leave any stone unturned in his administration’s effort to stop violations of the State’s urban masterplan.

The Governor said the cost of food had raised fresh concerns, stressing that his Government, in 2024, would key into the targeted Food Security initiatives of the Federal Government.

He proposed additional funding to raise capacity in solid waste management, just as the Governor earmarked billions for health, food security and social protection.

He said: “Our 2024 Budget, going by its given title, aligns with the objectives of the Federal Government and is designed to further propel Lagos towards prosperity. It will not only ensure that we contribute significantly to our national economy, but also safeguard the welfare and aspirations of every Lagosian.

“We understand this period is a challenging economic time, but therein lies immense accompanying opportunities. The Year 2024 Appropriation Bill, which will be the first full year budget since the inception of this administration for our second four-year tenure in office, is designed to make Lagos remain attractive to huge investments that will create jobs, improve the economy and transform local communities.”

Of the proposed 2024 budget, N1.224 trillion, representing the capital expenditure, would accrue from Internally Generated Revenues (IGRs) and federal transfers, while deficit financing of N398.283 billion would be sourced from external and domestic loans, and bonds projected to be within the State’s fiscal sustainability parameters.

Sanwo-Olu proposed recurrent expenditure of N1.021 trillion, covering overhead, subventions, dedicated funds, total personnel cost, and debt service. The capital to recurrent expenditure ration is 55:45 per cent.

The Governor disclosed the current year budget had performed at 80 per cent as of the end of September.

Sanwo-Olu commended members of the Assembly and the Speaker, Rt. Hon. Mudashiru Obasa, for their “unwavering commitment” to the collective aspiration for Lagosians, urging continued cooperation and collaboration towards meeting the yearnings of the people.

The Governor said: “To the good people of Lagos, I remain eternally grateful for the opportunity and privilege to serve once again. I assure that we will intensify the pace of our work in the days ahead to add lasting value to your lives. Better times are coming. We have gone through some very difficult times, but while the pain is temporary, the dividends of the necessary investments we are making will be here to stay.”

Obasa promised thorough scrutiny of the proposed budget, stressing that the legislature would perform its constitutional duties and ensure the budget repositioned the State towards infrastructural growth and lifting people out of poverty.

The Speaker called for a shift in implementation of palliatives being given to the people to ameliorate the present economic situation. He said the Government must move away from sharing staple foods towards giving intangible benefits.

He said: “This House holds the responsibility of scrutinising this budget to ensure that it adequately meets the demands and desires of the people. We shall equip ourselves with the principles of transparency, accountability, probity, and fairness.

“We shall monitor the performance, execution, and compliance of the provision of this budget. We will hold officials that would drive the good initiatives of Mr. Governor as stated in this budget accountable in line with their ministerial responsibilities.”

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EID El Fitr: Let’s Embrace Ramadan Lessons – Senator Bamidele

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Senate Leader, Senator Michael Opeyemi Bamidele
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Leader of the Senate, Senator Michael Opeyemi Bamidele has rejoiced with the Muslim faithful as they celebrate Eid-el-Fitr nationwide.

Senator Bamidele in a statement he signed explains that ‘Eid-el-Fitr marks the end of the 2024 Ramadan fasting, which started from March 10 and ended on April 9. Stressing that Within this timeframe, we must have learnt a lot of lessons, especially at this critical time in our history’

The lawmaker says the period of Ramadan should again remind us about the essence of forgiving others, ministering of compassion to the less privilege, respect for human dignity, promoting peaceful co-existence and upholding propriety and piety in all facets of life, which we must all embrace irrespective of our ethnic and religious leanings.

The statement reads: ‘These lessons are not meant for the period of Ramadan fasting only. Also, they are indeed principles and values, which should always guide and shape the life of every Nigerian, the quest of all businesses and conglomerates, the timeless task of building our fatherland as well as the decisions of the governments at all levels’

‘Now that Ramadan has come to an end, these lessons should reflect in the way we support our governments to resolve the myriad of internal challenges that we are collectively as a federation. It should reflect in the way we intercede the more for this federation to sustain the gains of economic stability and political cohesion that we have started experiencing in recent times. It should also reflect in our approaches to conducting businesses; running governments at all levels and discharging civic responsibilities on a daily basis’

‘Since the sustained implementation of pro-people macro-economic policies under this government, stability has started returning to economic and fiscal spaces. As against ₦1,900/$ in February 2024, the value of Naira is ₦1,117.5/$ as at Wednesday. This represents a gain of about 42% within the space of two months.

Besides, the Central Bank of Nigeria (CBN) has settled $7 billion valid foreign exchange backlogs. The federal government has paid back a whopping sum of ₦4.83 trillion out of ₦30 trillion ways and means it obtained from the CBN. And the flow of foreign direct investments is improving by the day.’
‘With these indices, the consumer price index, which measures inflation, will no doubt begin to drop significantly by mid-year as we sustain the drive for economic and fiscal stability. At the National Assembly, we are committed to providing much-needed parliamentary buffers that always support key public institutions to efficiently discharge their mandates consistent with the provisions of the Constitution of the Federal Republic of Nigeria, 1999.’
Sustaining our drive for economic stability, political cohesion and social inclusion no doubt demands the outright adherence to the core essence of Eid-el-Fitr, which in entirety forbids the sabotage of government policies, the quest for profiteering, the exploitation of our collective resources and the sponsoring of internal disharmony, all in the name of selfish interest and political aspiration’

‘Happy Eid-el-Fitr Celebration to all Muslims Nationwide’

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Easter: Senate Leader Calls for Emulation of Sacrificial Spirit of Jesus Christ.

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Senate Leader, Senator Michael Opeyemi Bamidele
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As Nigerians join the rest of the world to celebrate another Easter in remembrance of the death and resurrection of our Lord Jesus Christ; the Senate Leader, Senator Micheal Opeyemi Bamidele  has called on them to imbibe the sacrifice and pains the saviour of mankind went through on the cross.

Bamidele who said this in a statement issued by his Directorate of Media and Public Affairs, noted that the price paid by Jesus Christ which eventually saved humanity from eternal damnation could be likened to the economic hardship currently being experienced by Nigerians, a situation he assured will pay off in due course.

He noted that “it is pertinent for us as an individual and citizens of Federal Republic of Nigeria to pick one or two lessons from the sacrifice of Jesus Christ on the cross, though it was a painful sacrifice, but the sacrifice paved the way for our external redemption.

“It is in the interest of nation building for both the leaders and followers to learn the importance of sacrifice as panacea to lay foundation for the future of any nation.

“The sacrifice we are undergoing today may be painful just as it was for Jesus Christ over 2000 years ago, yet I call on the citizenry to remain hopeful and undistracted as there’s light at the end of the tunnel.

“We should not allow pessimists to paint a picture of a failed nation before us, without recourse to the relentless efforts of the current administration of President Bola Ahmed Tinubu,” he assured.

Bamidele further expressed optimism that whatever sacrifice Nigerians may be going through shall not be in vain; adding that the Federal Government is on top of the situation and laying the foundation for a prosperous Nigeria.

He said current economic indices can attest to the fact that there are unprecedented rapid reforms taking place across key sectors of the life of the nation.

He gave the instance of the Foreign Exchange that had hit the roof top few weeks ago but now drastically dropping by 32.6 percent as a result of pragmatic steps taken by President Tinubu and and his economic team.

Bamidele further assured that investors are currently trooping into the country with job creating opportunities, while the National Assembly is prepared to give the President all the needed legislative backing to ensure that the sacrifices of Nigerians are soon rewarded.

The Senate Leader therefore urged Nigerians; as they continue to celebrate this year’s Easter to remember the leadership of the country in their prayers for divine wisdom and direction to pilot our affairs to a safe location.

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Constituency Projects: Oyebanji Joins Senate Leader On Tour Of Project Sites in Ekiti

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Ekiti State Governor, Biodun Oyebanji and Senate Leader, Sen. Michael Opeyemi Bamidele
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Ekiti State Governor, Biodun Oyebanji has commended the members of the State Caucus in the National Assembly for their dedication to the advancement of development in the State.

The Governor praised their efforts in initiating constituency projects that directly tackle pressing needs and improve the lives of citizens.

Oyebanji gave the commendation in Ado-Ekiti, the State Capital on Tuesday when he joined the Senator representing Ekiti Central Senatorial District and Leader of the Senate, Senator Michael Opeyemi Bamidele, on a tour of his constituency projects spanning various local government areas within the senatorial district.

The Governor said he is delighted at the remarkable partnership between the state government and National Assembly members, which according to him is now yielding positive results for the people of the state.

He explained that the projects are testimonials to what is possible when there is unity of purpose between the Executive and the legislative arms of government, commending Senator Bamidele’s commitment to grassroots development, dedication to service, and relentless pursuit of initiatives that directly impact the people.

While expressing his gratitude to Senator Bamidele, the Governor lauded the Senate Leader’s proactive approach to governance and his ability to mobilize resources to effectively implement impactful projects that uplift the socio-economic status of the people.

Governor Oyebanji reiterated his administration’s support for the projects and pledged continued collaboration with National Assembly members to advance sustainable development in the state, adding that he was confident that with the Senator’s visionary leadership and collective efforts of all stakeholders, Ekiti would continue to experience greater strides in development and prosperity.

“I am excited, happy and extremely grateful to God for this partnership that is working in the interest of Ekiti people, like the Senate Leader said, this is what we have when there is unity of purpose and collective ownership of vision to develop the state. A vision to run with the Renewed Hope Agenda of Mr President, and this tells me that I need to dig deeper in ensuring that there is continuous unity among the stakeholders in the National Assembly, “ the Governor said.

Earlier in his remarks, Senator Bamidele who thanked the Governor for his support and cooperation in realizing various development projects, said the purpose of the inspection is to assess the progress and impact of the projects across his constituency.

The Senate Leader, while emphasizing the significance of teamwork between the executive and legislative arms in driving positive change and progress in the state, restated his commitment to representing the interests of Ekiti people and working closely with the state government to address the people’s needs.

Senator Bamidele attributed various development projects in the state to purposeful and exemplary leadership provided by the Governor and assured the people that he would continue to work tirelessly to ensure the advancement of the interests of the people and promote development within the state.

“Part of the reason why this is going on is because am at peace with myself, am at peace with the state government and I don’t have any reason to want to isolate myself from what the state government is doing and we thank God Almighty”. He asserted.

Projects inspected included EKSU internal roads and the newly built medical student’s hostels, the newly built state Library in Ado Ekiti, the Mini stadium and sports complex in Erijiyan Ekiti, Intensive Care Unit and Amenities Center at Aramoko General Hospital, Ijero township road, newly built Iyin Ekiti General Hospital Intensive care Unit and Amenities Center, Iyin – Ilawe road, among others.

 

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