The Lagos government says the reduction would help mitigate the economic and social headwind precipitated by the COVID-19 pandemic in the state.
The state Commissioner for Economic Planning and Budget, Sam Egube, made this known at a press briefing on Thursday in Lagos.CoronavirusHe said the budget would be reduced to N920.5 billion against N1,168.6 trillion, hitherto approved by the State House of Assembly.
The commissioner listed some of the factors that necessitated the review of the 2020 Budget to include: fall in crude oil prices with deleterious effects on statutory allocation expectations, downward pressure of IGR and devaluation of the Naira. He explained that with the strong pandemic response, the state government would engender food security and safety net, provide economic stimulus, and ensure society was run by assuring public safety and wellbeing.
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