COVID-19: Lagos State Cuts 2020 Budget by 21 Percent to N920.5bn

Sanwo OluBabajide Olusola Sanwo-Olu, the current Governor of Lagos State
  • COVID-19: Lagos State Cuts 2020 Budget by 21 Percent to N920.5bn

Lagos State has revised down the 2020 expenditure as COVID-19 bites.

According to the state Commissioner for Economic Planning and Budget, Mr Sam Egube, the state Executive Council has approved the reduction of Lagos State’s 2020 Budget by 21 percent.

Egube said the 2020 budget would be reduced from N1,168.6 trillion initially approved by the State House of Assembly to N920.5 billion.

The commissioner attributed the decision to the negative impact of COVID-19 on the state’s economy, Nigeria’s commercial capital.

He said the state has put together a holistic approach to cushion the effect of the pandemic.

“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,” Egube stated.

“To restart the economy, we are going to optimise the state’s budget for investments in jobs and priority sectors through jobs creation, economic stabilisation and fiscal consolidation.”

“While to re-imagine the state economy, we will prepare the state to operate and thrive within the new reality with digitisation, business environment reforms and economic diversification,” the commissioner added.

Speaking on the budget, he said the budget size is reduced has been reduced by 21 per cent from N1,168.6 trillion to N920.5 billion with the financing deficit increasing slightly by 11 per cent from N97.5 billion to N108.1 billion.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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