Lagos State Governor Babajide Sanwo-Olu on Tuesday announced to the State House of Assembly his intention 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.
He made this known during his presentation of the N1.155 trillion 2021 budget.
“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,” Mr Sanwo-Olu said.
The move if granted will see an end to the payment of pension to former governors of the state including Babatunde Fashola and Bola Tinubu.
The budget, the governor said, would be funded from a projected internally-generated revenue of N962 billion. The N192.495 billion deficit will be financed through bond issuance, internal and external loans.
About N704 billion, representing 61 per cent of the total budget, is earmarked for capital expenditure in the proposed 2021spending: an estimate of N451.75 billion, representing 39 per cent, will go for recurrent expenditure, which includes personnel cost and other staff-related expenses.
He said: “The year 2021 is one of Rekindled Hope, in accordance with recent events of global and national proportions, especially the coronavirus pandemic, the EndSARS protests, the general feeling of disenchantment in the polity and the socio-economic yearnings of Lagosians for good governance. This budget reflects our desire to rebuild the trust of the people in this Government, even as we commit significant human and financial resources to the rebuilding of Lagos while doing all we can to move on from the destruction and vandalism recently witnessed in the State, barely three weeks ago.
“The COVID-19 pandemic and EndSARS protests have only heightened the need to urgently implement various programmes under the T.H.E.M.E.S. agenda. The 2021 budget will, among other things, provide for youth employment, security, and youth engagement and social works. We are set to improve the economic conditions and social safety needed for our youth to flourish. We are committing resources to sectors that need to grow for our people to become self-reliant and economically empowered. In the Agricultural sector, our food security plan has a cumulative budget of N22.21billion while we are committing a cumulative budget of N311.43billion to provide infrastructure.”
