Governor Babajide Sanwo-Olu of Lagos State, on Tuesday presented N1.155 trillion “Budget of Rekindled Hope” for the 2021 fiscal year at the Lagos House of Assembly, Alausa Ikeja. Sanwo-Olu presenting the 2021 budget proposal of N1,155,022,413,005.82 to the lawmakers which he described as “Budget of Rekindled Hope”, disclosed that Lagos State government successfully restructured all existing internal loans in the preceding year from an interest rate of 20 per cent to 12 per cent, and some to single-digit interest rates.
The Governor told the legislators that the adjustment led to cumulative cost savings of N12 billion, saying that the state’s debt portfolios would also be held as much as possible in naira to reduce its foreign currency exposure risk.
Governor Sanwo-Olu further indicated that the state would repeal the Public Office Holder (Payment of Pension Law 2007).
“Mr. Speaker and honourable members of the House, in light of keeping the costs of governance low and to signal selflessness in public service, we will be sending a draft executive bill to the House imminently for the repeal of the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former Governors and their Deputies,” Sanwo-Olu declared.
The governor added, “It is our firm belief that with dwindling revenues and the appurtenant inflationary growth rates, that we need to come up with innovative ways of keeping the costs of governance at a minimum while engendering a spirit of selflessness in public service.”
Governor Sanwo-Olu said that the state government would encourage residents to pay real tax rates to ensure inclusive development and improved revenue generation.
According to Sanwo-Olu: “On our part, we will assiduously work at improving the tax system through revolutionary reforms that enable easy tax collection and payment.
“Another major achievement in the outgoing fiscal cycle is the successful review of the 2018 Land Use Charge Law. The law now accommodates the yearnings of Lagosians for a more friendly, modern, and realistic Land Use Charge Law.”
Details of the budget are still being awaited.
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