Anthony Iwuoma
The Lagos State government has slashed its 2020 budget by N248 billion.
The slash from its originally budgeted N1.68 trillion to N920.5 billion, was necessitated by decreased revenue occasioned by the ravaging COVID-19 pandemic.
Disclosing the development on Thursday evening, the state’s Commissioner for Economic Planning and Budget, Mr. Sam Egube, said government would soon present the new figures to the House of Assembly for approval.
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Some of the reasons Egube adduced for slashing the budget included “fall in crude oil prices with deleterious effects on statutory allocation expectations, downward pressure on its Internally-Generated Revenue, devaluation of the Naira, reduced public and private sector investments, increased inflation, decline in goods and services as well as reductions in manufacturing activities, which all portend lower Gross Domestic Product, GDP, growth and increased unemployment.”
