Lagos Assembly Passes N920.47 Billion Revised 2020 Budget

Lagos Assembly Passes N920.47 Billion Revised 2020 Budget

By Wires Editor | The Trent on July 7, 2020
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Babajide Sanwo-Olu, Gbenga Omotoso
Babajide Sanwo-Olu, the governor of Lagos State

Lagos State House of Assembly has passed the Year 2020 Appropriation (Amendment) Bill of ₦920.47 billion for the state.

The House passed the amended Bill on Monday, July 6, 2020, after taking the report by the Joint Committee on Economic Planning and Budget, and Finance.

Gbolahan Yishawu, the 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, Mudashiru Obasa.

Yishawu said that the approval of the Bill was necessitated by the unexpected coronavirus pandemic, COVID-19, which has adversely affected the internal revenue projections of the State and also crippled the economic activities on a global scale.

While giving the breakdown of the re-ordering, the Speaker, Mudashiru Obasa indicated that the total budget size shrunk by ₦248.093 billion being 21 percent to ₦920.469 billion from ₦1.168 trillion.

He noted that this made the proposed revised total, ₦920,468,589,337 billion with the Recurrent Expenditure of ₦411,608,499,249 and Capital Expenditure of ₦508,860,843,967 for the year ending December 31, 2020.

He then directed the clerk of the house,  Azeez Sanni to forward a clean copy of the approved Y2020 Appropriation (Amendment) Bill to the Governor, Babajide Sanwo-Olu for his assent.

Source: Vanguard

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