COVID-19: Lagos slashes 2020 budget by N248bn

0
140

Lagos State has effected a cut in its 2020 budget following revenue pressures resulting from coronavirus (COVID-19) pandemic.

Total expenditure is now N920.5 billion, less by N248 billion from the 1.68 trillion it had budgeted.

The State’s Commissioner for Economic Planning and Budget, Mr Sam Egube, who announced this some minutes ago stated that the new figures would be presented to the House of Assembly for approval soon.

RELATED NEWS:COVID-19: Delta slashes 2020 budget to N279.8 billion

He listed some of the factors that necessitated the review of the budget include “fall in crude oil prices with deleterious effects on statutory allocation expectations, downward pressure on its Internally Generated Revenue devaluation of the Naira, reduced public and private sector investments, increased inflation, decline in goods and services as well as reductions in manufacturing activities which all portend lower Gross Domestic Product growth and increased unemployment.

The Lagos State Governor, Babajide Sanwo-Olu, in 2019 while presenting the initial N1.168 trillion 2020 budget said it will attract private sector investment.

READ ALSO:COVID-19: Save economy, reduce billions budgeted for your feeding, travels, luxury vehicles, Atiku tells Buhari, Osinbajo

According to him, one of the objectives of the budget 2020 is to aggressively develop, upgrade and maintain the state’s infrastructure.

He said that through the budget, the state would invest in human capital development such as education and healthcare. The governor said that the budget would help to facilitate sustainable social investment and enterprise and improve capacity to collect due revenues as efficiently as possible.

Watch Leakblast TV channel from around the world

”The objective of our 2020 budget proposal is to improve civic participation in governance and automate public services and engagement.

”The budget is expected to build impactful partnerships with the Federal Government, other states, development partners, and civil society,” he said.

Thanks for Reading via the most updated news portal

About Leakblast.com

Share your story with us

Advertise With us

Encourage & Support LeakBlast

Feel free to contact us

Call Us:+234(0)9073726403
Get us on Whatsapp: +234(0)8181166425      
Email Us: editors@leakblast.com

SUPPORT LEAKBLAST JOURNALISM OF INTEGRITY AND CREDIBILITY

Good  journalism costs a lot of money.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble Endeavor.

By contributing to LeakBlast, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Support LeakBlast

LEAVE A REPLY

Please enter your comment!
Please enter your name here