Lagos 2020 budget revised to N920bn
July 7, 20202.4K views0 comments
The Lagos State government has reworked its 2020 budget arising from the disruption occasioned by the Coronavirus pandemic. The Lagos State House of Assembly yesterday passed the 2020 appropriation (amendment) bill of N920,468,589,337.
The revision followed the recommendations of the joint committee on economic planning and budget and finance.
Gbolahan Yishawu, chairman, house committee on economic planning and budget noted that the approval of the House for re-ordering of priorities in the 2020 Appropriation Bill contained 120 findings and 120 amendments as recommended by the joint committees and okayed by the House through a voice vote conducted by the speaker, Hon. Mudashiru Obasa.
The approval was necessitated by the covid-19 pandemic, which has affected the internal revenue projections of the state and also crippled economic activities.
Giving the breakdown of the re-ordering, Obasa said the total budget shrunk by N248.093billion being 21 per cent to N920.469billion from N1.168trillion, which made the proposed revised total, N920,468,589,337, with the Recurrent Expenditure of N411,608,499,249 and capital expenditure of N508,860,843,967 for the year ending December 31, 2020.
He directed the clerk of the House, Azeez Sanni, to forward a clean copy of the approved bill to governor Babajide Sanwo-Olu for his assent.