Close button
The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp

Sanwo-Olu seeks Assembly’s nod to get N250b loan



• Lagos govt pledges better support for farmers
• Promises to pay more than N30,000 minimum wage

Governor Babajide Sanwo-Olu of Lagos State yesterday sought approval of the state’s House of Assembly to get a fixed rate bond of N100 billion from the capital market and an internal loan of N150 billion, totalling N250 billion.

Sanwo-Olu, who lamented lack of new revenue sources for the remaining months of the year, in a letter sent to the House, requested for re-ordering of 2019 budget, which stands at N873.532 billion.

The governor said the budgetary provisions of recurrent and capital budget of Ministries, Departments and Agencies (MDAs) were not likely to be utilised before the end of the year, pointing out N34.050 billion can be re-ordered.Sanwo-Olu said the government was constrained by lack of revenue for the remaining months of the year and would not be in a position to propose a supplementary budget, which informed the recourse to re-ordering of the 2019 budget.He added that the 2019 budget had been partially implemented by the last administration before the tenure came to an end on May 29, 2019.

According to him, the budget as at August 31, 2019 had a 71 per cent overall performance, which is below the set target of 100 per cent.“Further analysis shows that the recurrent expenditure stood at 80 per cent while capital expenditure was at 64 per cent performance, portending a 49:51 capital/recurrent ratio against the target of 55:45,” he said.

The Speaker, Mudashiru Obasa, subsequently referred the governor’s request to the joint committees of the House on Finance and Budget and Economic Planning for further deliberations and asked them to report back to the House on Monday, October 21, 2019.Meanwhile, the Lagos State government has assured farmers in the state of its continuous support.The state’s Commissioner for Agriculture, Gbolahan Lawal, represented by the Permanent Secretary, Ministry of Agriculture, Dr. Olayiwole Onasanya, disclosed this yesterday while speaking at a farmers’ forum in commemoration of this year’s World Food Day.

Also, Lagos State yesterday said that it would pay more than the N30,000 national minimum wage.Sanwo-Olu, who spoke at a meeting with organised labour unions at the State House in Alausa, said the implementation of the new minimum wage payment would take off when the Federal Government and labour unions conclude their negotiations.

Lawal, represented by the Permanent Secretary, Ministry of Agriculture, Dr. Olayiwole Onasanya, said that the essence of the farmers’ forum was to interact with stakeholders in the farming sector, most especially farmers, to get feedback from them about the various government’s interventions as well as complaints.He added that the feedback would guide and help government formulate and initiate new projects and programmes that would enhance agricultural development in the state.


In this article:
Babajide Sanwo-Olu
Receive News Alerts on Whatsapp: +2348136370421

No comments yet