In a letter read by the Clerk of the House, Barrister Olalekan Onafeko, the governor expressed his intention to restructure the budget to prioritize capital expenditure and provide relief measures to mitigate the impact of the current economic challenges faced by the State’s residents…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

The letter, addressed to Speaker Mudashiru Obasa and the lawmakers, underscored the growing need for the administration to address the demands and aspirations of the people.

It also noted that as of June 30, 2023, the 2023 budget had been partially executed, with an overall performance rate of 76 percent.

Governor Sanwo-Olu highlighted that some major MDAs responsible for implementing capital expenditure were falling short of expectations, while others had nearly exhausted their budgetary allocations.

He emphasized the administration’s plans to allocate funds to priority areas once approval was granted, with a particular focus on improving capital expenditure performance.

The governor explained that the reordering of the budget was necessary to help alleviate the effects of fuel subsidy removal and exchange rate harmonization, which had resulted in economic challenges for citizens.

Governor Sanwo-Olu also outlined some of the projects to be undertaken with the reordered budget, including the Phase 1 Blue Rail Line, social inclusion, gender equality, and youth programs and projects, the completion of Lekki-Epe Road Phase 3, the provision of security and emergency equipment, and a commitment to addressing road potholes.