Lagos Assembly House On Tuesday, a resolution was passed to reduce the 2020 state budget from N1.68 trillion to N920.5 billion due to the economic challenges posed by the COVID-19 pandemic.
The resolution was taken after a voice vote conducted by the Mayor, Mudashiru Obasa, during the plenary session at the Assembly complex in Ikeja.
The Secretary of the House, Mr. Azeez Sanni, read a letter from Governor Babajide Sanwo-Olu requesting a reduction in the size of the Assembly's budget.
The state government announced plans to revise the N1.168 trillion budget in 2020 due to the economic effects of the COVID-19 pandemic.
State Commissioner for Economic Planning and Budget, Sam Egube, said that the budget revision became necessary after the fall in the price of oil in the international market, as well as the reduction of the revenue generated internally (IGR).
In plenary, Obasa chaired the Chamber's Joint Budget and Economic and Financial Planning Committees to reduce the size of the state budget for the year 2020 from N1.68 trillion to N920.5 billion.
The speaker said that the committees should report to the House within a week.
He said: “Based on the governor's request, the Chamber will assiduously work to review the budget to reorient, reorder and take into account current challenges.
“We need to do this to give us the best chance to stimulate the economy and ensuring that the post-COVID-19 response economy is strong and long-lasting. "
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