The Governor of Lagos State, Babajide Sanwo-Olu, has said his administration envisaged a N240bn revenue decline in the state, as a result of the coronavirus pandemic.
Sanwo-Olu said this during his keynote address at the 10th annual public lecture of the Lagos State Public Service Chapter of the Institute of Chartered Accountants of Nigeria tagged ‘The Global Economic Realities of COVID-19 Pandemic, Lagos State as a Case Study,’ on Thursday.
Sanwo-Olu said, “If one accounts for something without an action, then one’s proper accounting has not been done because the whole idea of accounting is, first, to account for things, but by nature of the way one has done so, it should be clear to one what kind of actions one should take. “We saw that, if we moved and slashed that completely across the board, we would have missed the plot because it was going to be important to us to properly account for what was happening at present and what the effect of that would be.”
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