People & Money

Sanwo-Olu Presents N1.1trn Budget, Moves to Abolish Pensions for Tinubu, Fashola, Ambode, Others

Governor Babajide Sanwo-Olu of Lagos State has promised to draft an executive bill to the House 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.

The Governor, who disclosed this on Monday while presenting the 2021 budget estimates to the State House of Assembly for approval, said the move would reduce the costs of governance, as well as signal selflessness in public service.

The abolition of pension will affect former governors Bola Tinubu, Babatunde Fashola, Akinwunmi Ambode, and all who served as their deputies.

Sanwo-Olu said it was his administration’s firm belief that with dwindling revenues and rising inflation, there was a 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.

He went on to present a budget estimate of N1,155,022,413,005.82 trillion for the 2021 fiscal year to the Lagos State House of Assembly. A sectoral breakdown of the budget puts economic affairs, education, and health ahead of others with N381.852 billion, N143.655billion, and N118.360billion respectively. General public services, which comprises agriculture, commerce, tourism, and others got N108.005billion; science and technology N28.272billion; public order and safety N32.757billion and agriculture N18.311billion, among others.

Sanwo-Olu said that the ‘Budget of rekindled hope’ is meant to address the COVID-19 pandemic, the #EndSARS protests, the general feeling of disenchantment in the polity, the socio-economic yearnings of Lagosians for good governance, as well as the stringent calls in all societal spheres for a more representative democracy that speaks to the issues of sovereign wealth, economic growth, consistent progress and equitable quality of life.

His words, “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.

Also Read: Why Beneficiaries from Lagos, Kano, Abia Dominate N75bn MSMEs Fund

“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.”

The Governor reiterated his administration’s firm commitment to a legacy of hope, financial stability, and fiscal prudence, as he promised a drastic reduction in the discriminatory impact of poverty by strengthening all regulatory and institutional frameworks that are crucial to the preservation of the state’s rich cultural, financial, and historical heritage. “We have resolved to keep exploring Public-Private Partnership strategies in the provision of infrastructure, social services, and the conversion of our challenges to opportunities within the context,” he stated.

While justifying the call for Lagos State to be given special status as Nigeria’s commercial nerve centre, he said, “I don’t think we are asking for too much going by our huge population and contribution to national prosperity. According to Lagos State, a special status will improve our efficiency in managing some of the infrastructures that serve the national economy. This is the heart of Nigeria’s economy; every investment in the infrastructure of Lagos is an investment in rapid economic growth for Nigeria.”

Sanwo-Olu assured Lagos residents that the state government would remain committed to communal cohesiveness and inter-ethnic unity, warning that the state would resist every attempt to cause division among the numerous ethnic nationalities that regard Lagos State as their home.

Also Read: Why Lagos May Go Under Another Phase of Lockdown, State Health Commissioner Explains

According to him, “Lagos State remains a microcosm of the entire African continent and a melting pot for all Nigerians. Nothing and no one can undermine our security, continued oneness, and our unrivalled dedication to the prosperity of our people.”

In his response, the Speaker of the state House of Assembly, Mudashiru Obasa assured Lagosians that the House would actualize their hope in the state government even as he urged them to play their own part always.

He assured that the House would work together with the Executive to bring succour to all the individuals affected in the aftermath of the #EndSARS protest.

The Speaker equally harped on the need to move the state forward, saying, “it is over 20 years already that a solid foundation was erected by the administration of Asiwaju Bola Ahmed Tinubu. It is high time that we established a new pedestal of infrastructural developments and revenue generation in the state. The state should be like a bold polar bear in challenging restraining obstacles. It should be focused like a lion chasing prey and ensure a peaceful atmosphere like in a dove environment.”

Related Articles

Back to top button

Subscribe to our newsletter!


Stay up to date with our latest news and articles.
We promise not to spam you!

You have successfully subscribed to our newsletter

There was an error while trying to send your request. Please try again.

Arbiterz will use the information you provide on this form to be in touch with you and to provide updates and marketing.