Governor Babajide Sanwo-Olu has written to the Lagos State House of Assembly seeking to get approval of a ₦250 billion loan.
The Clerk of the Assembly, Mr. Sanni Azeez during the plenary session on Tuesday notify the house to apply for a fixed bond of ₦100 billion from the capital market and an internal loan of ₦150 billion.
The governor explained that the budgetary provisions of recurrent and capital budget of ministries, departments and agencies were not likely to be utilized before the end of the year, saying that ₦34.050 billion could be re-ordered.
Sanwo-Olu also stated that his administration is constrained by the lack of revenue for the remaining months of the year and that it would not be in a position to propose a supplementary budget, which informed the recourse to re-ordering 2019 budget.
The budget as at 31st August, 2019 had a 71 per cent overall performance, which was below the set target of 100 per cent, he noted.
The Governor however challenged other arms of government to cooperate with him by ensuring that they improve on spending in priority areas, adding that the administration was desirous of keeping its electoral promises to the citizens.
While explaining his desires to complete various projects before the end of the year, he noted that the it would be benefitial for the completion of the Lagos-Badagry Expressway; Agege Pen cinema overhead bridge; Agric-Isawo road; Bola Ahmed Tinubu-Igbogbo road; rehabilitation of schools; initiate and complete smart city project and zero tolerance for portholes, among others.
The Speaker of the House, Mudashiru Obasa thereafter committed the governor’s request to the joint committees on Finance and Budget and Economic Planning who will then report back to the House on Monday, 21 October, 2019.