The Lagos State Governor, Bababjide Sanwo-Olu, on Tuesday presented the Year 2021 Budget at the Lagos State House of Assembly Chambers, Alausa Ikeja.
He presented a budget estimate of N1,155,022,413,005.82, tagged, ‘budget of rekindled hope’.
During the budget presentation, the governor told the Assembly that he intends to repeal the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former Governors and their Deputies.
Sanwo-Olu said his administration negotiated and was able to save about N12 billion from the restructuring of the existing internal loans owed by the State Government.
According to the Governor, through deliberate programmes, the government was able to restructure some of the existing internal loans from 18 per cent to 12 per cent, while some of the loans were restructured from double digits to single digit of 6 per cent and 9 per cent.