The Chairman of the Lagos State House of Assembly Committee on Economic Planning and Budget Hon. Lukman Olumoh has enumerated benefits inherent in the newly approved 2024 budget reordering request for Lagosians.
Speaking to newsmen after the House at its Thursday plenary, approves the reordering request communicated in a letter sent by Governor Babajide Sanwo-Olu last week. Olumoh hinted that the budget size remains intact at about 2.267trillion.
“The sweet thing about this reordering is that, it had even pushed our overhead down by over 2billion and increased our capital by the same margin and we have not increased our debt or bond portfolio. It still remains at about 367 billion.
“So, the budget size is still the same just that we have moved money from where we have less need to areas where we have more needs.”
He added that given the change observed in the foreign exchange market and increase in the interest rate, reordering is most expedient for the year’s appropriation to pull through.
Olumoh who represents Ajeromi Ifelodun Constituency 1 at the Lagos State House of Assembly cited the sectors that had their overhead and capital votes prioritised for the allotments of additional funds to include: Ministries of Works and Infrastructure. Physical Planning and Urban Development, Judiciary, Environment, Agriculture and Civic Engagement amongst others.
“The affected MDAs includes; Ministry of Works and Infrastructure. Physical Planning and Urban Development, Judiciary-our Magistrate Court in Igbosere is going through construction, you know it was burnt down during the EndSars protest, it needs to be refurbished.
“We provided money for them, same applies for LASPPPA because now Lagos State government is doing amnesty for those people that have buildings and are to come for regularization of their documents.
“So, we need to support LASBCA and LASPPPA to ensure that they are prepared to take up the challenge of what Lagosians want. In a nutshell we have not increased the size of the budget, we have only taken money from one sector to another.”
He stressed that ensuring Lagosians welfare was the main focus of the reordering.
“Inflation cuts into most of the projection that we did at the last budget. If we don’t do this reordering the budget will fail.
“There are road projects ongoing that because of the fact of inflation the contractor can’t go back to site. Now we have provided funds for them to go back to site, so by the time those roads are finished Lagosians will benefit from it.
“Government infrastructure like the other side of the secretariat that is being built, now we have provided funds in this budget for office of works to do it.
“By the time that is done the overhead cost of governance in terms of our MDAs that have gone to rent buildings, they would all come in and rentage will come down, tax payers’ monies will be well utilised and release more money for capital development so, those are parts of the benefits to Lagosians.
“Then we also have the palliatives, so, you will see more of palliatives from ministries concerned, Ministry of Agric even Civic Engagement.
“We have also reordered some of their funds so that they would be in a position to help Lagosians that have needs for their interventions.
“So, the bottom-line what governance is meant for and supposed to be doing is to make sure that people enjoy relative peace.
“We have also provided money for our Lagos State Neighbourhood Safety Corps (LSNC), so that they can be able to maintain security in the state.
“They gather information for our police, so by the time we have supported them they would also do more in terms of their activities.
“So, Lagosians are going to really enjoy a lot of benefits from this reordering. Our ongoing projects will be completed, at least to a very large extent.
“We have been able to also provide money for palliative issues. So, you will see more of it as we go, in transport and food as the case may be.”
We have also provided monies for the schools, SCRIBD the agency saddled with responsibility of renovating our schools, we voted a lot of monies for them, so that they can finish all the ongoing projects in our schools.”