The 2021 budget is titled “Budget of Economic Recovery and Resilience” set at N13.58 trillion for the fiscal year. The capital budget is set at N1.15 trillion higher than the 2020 provision of N2.69 trillion.

“The capital expenditure in 2021 is said to be solely for the completion of many ongoing projects as possible, rather than the commencement of new ones.”

Here are key capital spending allocations in the 2021 Budget include:

A. Power: N198 billion
B. Works and Housing: N404 billion
C. Transportation: N256 billion
D. Defence: N121 billion
E. Agriculture and Rural Development: N110 billion
F. Water Resources: N153 billion
G. Industry, Trade and Investment: N51 billion
H. Education: N127 billion
I. Universal Basic Education Commission: N70 billion
J. Health: N132 billion
K. Zonal Intervention Projects: N100 billion
L. Niger Delta Development Commission: N64 billion.

Other key allocations
Social Investment Programme: N420 billion
Family Homes Fund: N20 billion
Survival Fund Programme: N75 billion (To support and protect businesses from potential vulnerabilities)

The Central Bank of Nigeria is reducing the interest rate on its intervention facilities from 9% to 5% with a 1-year moratorium till 31st March 2021, to provide concessional lending of:
A. N100 billion to households and small businesses;
B. N100 billion to the healthcare and pharmaceutical industry;
C. N1 trillion to large agricultural and manufacturing businesses.

Pointers

Federal Government made cleat that Revenue generation remains a challenge in the face of falling oil prices and economic contraction, especially as a result of the COVID-19 pandemic.

Introduction of Tax Expenditure Statement indicates the government’s increased focus on taxation and fiscal policies

The first phase, which will be completed in 20 months, will cover 18.75 kilometres, stretching from Eleko to T-Junction in Epe.

Sanwo-Olu, on Sunday at an event held at the Pan African University, Eleko, Ibeju Lekki. Flags off the first phase of the major infrastructural overhaul in Epe, becoming the first reconstruction work on the expressway after 40years.

The first phase, which will be completed in 20 months, will cover 18.75 kilometres, stretching from Eleko to T-Junction in Epe.

The project would see an entire stretch from Eleko to Epe on a dualised rigid pavement, with three lanes on each side. The road was firstly constructed in 1981 as a single carriageway but underwent an upgrade to a two-lane carriageway in 2006.

According to The Guardian, A lane on each side will be dedicated as toll weighbridges only for heavy-duty vehicles. The Governor, while declaring the project open, said the ceremony shows his office revolutionary efforts at making life better for Lagos citizens and improving the ease of doing business in the Lagos.

“He said the Eti Osa-Lekki-Epe corridor was strategically important to the State’s economic prosperity, stressing that the completion of the project would further strengthen his administration’s commitment to inclusive development.”

He emphasized on the importance of the Eti-Osa-Lekki-Epe Expressway Road to the economic prosperity of Lagos and its citizens. We are aware of the agitation and concerns of people about this strategic infrastructure. This is why we initially declared a state of emergency on the road and put in place temporary measures last November.

“Today, I am delighted to be at the historic flag-off of the rehabilitation and upgrading of this 40-year-old Eti Osa-Lekki-Epe Expressway. This effort will culminate in a three-lane dual carriageway reinforced concrete pavement road with a dedicated lane in each direction for trucks and a rigid pavement to accommodate the envisaged axle loadings expected to ply the road when it is completed.

“When completed, this road will complement the new network of roads in Epe and ease transportation of goods and services through Epe to other neighbouring states. This will, in turn, lead to improved socio-economic activities in the Eti Osa-Lekki-Epe Corridor.”

Sanwo-Olu said the contract for the second phase of the project, which will cover 26.7 kilometres from Abraham Adesanya Roundabout to Eleko Junction, will be awarded before the completion of the first phase.

Sanwo-Olu urged residents of the area to take ownership of the project and support the contractor for timely completion. He also urged the youths in the area to take advantage of the construction work to improve their skills.

When completed, the road will connect several communities, including Eleko, Onosa, Alatishe, Aiyeteju, Ajaganagbe, Oko Orisa, Ilasan, Lekki, Ibeju Lekki, and Epe.