Lagos begins downward review of N1.168trn 2020 budget

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The Lagos State government says it has commenced a downward review of the year 2020 budget as a result of the negative economic and social effects of the coronavirus (COVID-19) pandemic.

Sam Egube, Commissioner for Economic Planning and Budget, disclosed this on Thursday, noting that the review was approved by the State Executive Council.

He explained that the process aims to reduce the N1.168 trillion budget approved by the Lagos State House of Assembly to N920.5 billion.

The commissioner pointed out the negative effect of the fall in crude oil prices on statutory allocation expectations, the downward pressure on Internally Generated Revenue (IGR), devaluation of the naira, reduced public and private investment and increased inflation rate as reasons for the overhaul of the projected figures of the 2020 budget.




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