The Lagos State government has revised downwards by 21 per cent its year 2020 Budget, the Commissioner for Economic Planning and Budget, Sam Egube, has said.
Egube, who stated this yesterday at press briefing with his Information and Strategy counterpart, Gbenga Omotoso, said under the revised estimates, the new year 2020 Appropriation is ?920.5 billion, as against the ?1.169 trillion hitherto approved by the State House of Assembly.
He listed other factors to include the fall in oil prices with its consequential impact statutory allocation expectations, downward pressure on IGR , devaluation of the Naira, reduced public and private investment, increased inflation, dropped demand for goods and services and reduction in manufacturing which would ultimately result in reduced GDP growth and consequently flip unemployment upwards.
To restart the economy, he said,”we are going to optimise the state’s budget for investments in jobs and priority sectors through job creation, economic stabilization and fiscal consolidation. The revised Total Revenue, according to Egube, represents a drop of 24 per cent from the projected N1,107,029 billion to N812.464 billion.He said a contract for a new road linking the state’s inner corridor to Lekki has been awarded, saying the road meant to be completed in 24 months, will ease traffic along its stretch.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COVID-19: Lagos reduces 2020 budget by 21 per centThe Lagos government says the reduction would help mitigate the economic and social headwind precipitated by the COVID-19 pandemic in the state.
Read more »
Lagos slashes 2020 budget by 21%
Read more »
Lagos Reduces N1.168trn 2020 Budget By 21%Lagos Reduces N1.168trn 2020 Budget By 21%
Read more »
National Assembly committees begin consideration of revised 2020 budgetSome committees in the Senate and House of Representatives will on Thursday begin consideration of the revised 2020 budget proposal transmitted to the National Assembly by the Executive, Daily Trus…
Read more »
National Assembly committees begin consideration of revised 2020 budget – Daily TrustThough the Senate had proceeded on a two-week Sallah break, the leadership of the Red Chamber on Wednesday assured that the development will not in any way affect deliberations on the revised budget proposal. Read more:
Read more »
2020 budget: National Assembly sets aside procedures, recieve ammended copiesThe Chairman, Senate Committee on Appropriation, Senator Jibrin Barau(APC Kano North) has acknowledged reciept of amended copies of the N10.596trillion 2020 budget by leadership of both Chambers of the National Assembly.
Read more »