The Lagos State Executive Council has approved a review of the state’s 2020 budget by 21 per cent.
The state Commissioner for Economic Planning and Budget, Mr Sam Egube, made this known at a press briefing on Thursday in Lagos.
He said the budget would be reduced to N920.5 billion against N1,168.6 trillion, hitherto approved by the State House of Assembly. “Recurrent expenditure declined by 10 per cent from the initial N457.5 billion to N411.61 billion and total capital expenditure reduced by 28 per cent from N711.033 billion to N508.9 billion.“The revised total revenue represents a drop of 24 per cent from the projected N1,107.03 billion to N812.5 billion.”
He added that reduced public and private investment, increased inflation, a decline in demand for goods and services, and a reduction in manufacturing activities portended increased unemployment and lower GDP growth.
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