Ayodele Olalere
Lagos State Commissioner for Budget and Planning, Mr. Sam Egube, has explained how the state recorded 81 per cent of the projected internally generated revenue for the first half of 2020, in spite the scourge of the COVID-19 pandemic on economic activities on the state.
Egube made the disclosure at the 2019/2020 annual Press Week of the Lagos Governor’s Office Correspondent, LAGOCO, tagged “Rethinking Lagos for the Post-Covid 19 Era,” which was held at the Bagauda Kaltho Press Centre, Alausa. Ikeja, on Thursday.
The Commissioner, who was represented by the Senior Special Assistant to the governor on Economic Matters,
Mr. Lekan Balogun, disclosed that the 81 percent performance of the projected revenue for the period under review stood at N432.6 billion.
The Commissioner added despite the COVID-19 pandemic, the state government has been able to restrategise to conform with the demands of the present realities, adding that as a good government, Mr Babajide Sanwo-Olu’s administration has been able to respond when disturbances arise.
“Lagos State economy remains the largest and arguably the fastest growing economy in Nigeria. The state’s economy was projected to grow at four per cent prior to COVID-19. However, the COVID-19 has affected the possibilities of achieving such prosperous target.
“Having looked at the half of the year budget performance, it showed that despite the challenges of the COVID-19 pandemic, the total revenue recorded in performance is at 81 per cent of our initial target,” he said.
Egube however mentioned that while the state’s economy’s was projected to record a four per cent growth, the COVID-19 pandemic has brought in strains that demanded a contraction in the State’s budget by 21 per cent in response to constriction in economic activities.
According to him, the review of the budget was among others, necessited by lower GDP growth, decline in demands for good and services, and shortfall in revenue generation
Egube added the state government reviewed the state’s budgetary plan in order to maintain a strong response to the effects on lands, food, ensure job creation, economic stability and economic reforms for ease-of-doing business.
He said rhat the experience of the lockdown brought the state government to the reality of the shortcomings in the state’s food storage system, which necessitated the increase of the allocation to Agriculture to N2.8 billion.
Egube who stated there is need for parsimony in government spending, stressed that with the experience of the COVID-19, the state government has introduced a creation of stabilisation fund at one per cent of yearly IGR to provide support during future emergencies.
In his remark, Governor Babajide Sanwo-Olu who was represented by the State’s Commissioner for Information and Strategy, Mr. Gbenga Omotoso, said despite the COVID-19 crisis, “governance never stopped.”
According to him, as soon as the lockdown was eased, the piloting of the state commenced which has led to the commissioning of a number of completed projects, while those undergoing execution are set for completion.
Among the projects he highlighted were brought to completion amidst the COVID-19 lockdown includes the rolling of new buses for ease of transportation, launching new boats and channel-routes for waterways; commissioning of new health facilities; housing schemes among others.
In his goodwill message, the Chief Press Secretary to the Governor, Mr Gboyega Akosile appreciated the members of the Governor’s press corps for the support given to Sanwo-Olu’s administration in terms of publicity of government programmes.
While urging the journalists to continue in that regards, Akosile assured Lagosians the readiness of the Governor to deliver on his campaign promises.
In his address, the Chairman, Nigerian Union of Journalists (NUJ), Dr Qasim Akinreti, praised the Governor for showing exemplary leadership despite the attendant challenges, saying “Lagos has excel very well to redefine the way we do things.
“It is on record that when COVID-19 came, the Governor stood up to be counted and responded appropriately. Lagos has become a reference point, other governors have come to borrow a leaf from Lagos State,” Akinreti said.
