Governor Sanwo-Olu to slash 2020 budget by N248bn as coronavirus persist

Following revenue pressures mounting as a result of the coronavirus pandemic, the Lagos state government has announced a slash of its 2020 budget. Vanguard reports that the total expenditure for the year 2020 is now N920.5 billion, less by N248 billion from the N1.68 trillion it had budgeted. Commissioner for economic planning and budget, Sam

Following revenue pressures mounting as a result of the coronavirus pandemic, the Lagos state government has announced a slash of its 2020 budget.

Vanguard reports that the total expenditure for the year 2020 is now N920.5 billion, less by N248 billion from the N1.68 trillion it had budgeted.

Commissioner for economic planning and budget, Sam Egube, made this announcement Thursday, May 21, stating that the new figures would be presented to the House of Assembly for approval soon.

Egube also listed some of the factors that necessitated the review of the budget to 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.

Others are: “increased inflation, the decline in goods and services as well as reductions in manufacturing activities, which all portend lower Gross Domestic Product (GDP), growth and increased unemployment.” He said.

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