Lagos Slashes 2020 budget by 21% Due to Coronavirus

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria, News Around Africa, News From The State Thursday, May 21st, 2020

By Emmanuel Adigwe

(AFRICAN EXAMINER) – Due to the outbreak of the coronavirus outbreak, the Lagos State Executive Council has approved review of the state’s 2020 Budget by 21 per cent.

Sam Egube, the state Commissioner for Economic Planning and Budget, disclosed this at a press briefing on Thursday in Lagos.

Egube emphasized that this was to help curtail the economic and social problems and he stated that the budget would be reduced to N920.5 billion against N1,168.6 trillion, which was initially approved by the State House of Assembly.

It could be recalled that the Lagos Assembly passed N1.169 trillion as the 2020 Appropriation Bill and the commissioner used the opportunity to list some of the factors that led to the review of the budget and it include: fall in crude oil prices with deleterious effects on statutory allocation expectations, downward pressure of IGR and devaluation of the Naira.

He added: “To restart the economy, we are going to optimise the state’s budget for investments in jobs and priority sectors through jobs creation, economic stabilisation and fiscal consolidation.

“While to re-imagine the state economy, we will prepare the state to operate and thrive within the new reality with digitisation, business environment reforms and economic diversification.”