Lagos State has reduced its 2020 budget as the impacts of the Coronavirus bite harder.
Total expenditure is now N920.5 billion, less by N248 billion which is 14.7 percent from the N1.68 trillion it earlier budgeted.
The State’s Commissioner for Economic Planning and Budget, Mr. Sam Egube, announced this yesterday.
He said that the new figures would be presented to the state’s House of Assembly for approval.
Mr Egbube identified fall in crude oil prices, lower internally generated revenue, devaluation of the naira and general decline in manufacturing activities as some of the reasons for the budget review.
He however explained that 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.
“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.