Lagos State government has slashed 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 N1.68 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.
He 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, increased inflation, decline in goods and services as well as reductions in manufacturing activities, which all portend lower Gross Domestic Product, GDP, growth and increased unemployment.