Lagos Reduces N1.168trn 2020 Budget By 21%
The Lagos State government has commenced a downward review of the year 2020 budget as a result of the negative economic and social effects of the coronavirus pandemic.
Egube said the initial budget figure contained a capital expenditure of N711 billion and N457 billion recurrent budget, showing a strong preference of 60 per cent ratio for capital projects. He listed other factors to include the decline in demand for goods and services, as well as a reduction in manufacturing activities which he said indicated lower GDP growth and increased unemployment.
“To restart the economy, we are going to optimise the state’s budget for investments in jobs and priority sectors through job creation, economic stabilisation, and fiscal consolidation,” Egube said.
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