In spite of the challenges posed by the COVID-19 pandemic, the Lagos State Government recorded a 56% budget performance in Q1 2020 with N163.2 billion in revenue, N14.9 billion more than Q1 2019.
This performance, according to the Lagos State Commissioner for Economic Planning and Budget, Mr. Sam Egube, “is higher than the 68% (N148.3 billion) recorded for the same period in 2019.”
Speaking at the press briefing on Wednesday, Egube noted that the downside of the COVID-19 pandemic had necessitated a 21% reduction in the go-forward budget size, to make the budget realistic.
In preparation for the post-COVID-19 economy, the government is working out terms to harness public and private investments towards creating a strong mixed-sector economy, expanding social services, and environmental stability.
According to Egube, “the government will also restart the Lagos State economy by focusing on job creation, economic stabilisation, and fiscal consolidation, in addition to re-imagining the way Lagos operates, focusing on digitisation, business environment reforms and economic diversification.”
All of these are geared towards neutralizing the adverse effects of the pandemic on the economic planning of the state, and building a strong response focused on food security, economic intervention, and public safety.
The government had also assured that the impact of the pandemic on the economy of Lagos state will be minimal, as palliatives have been structured to ensure that residents thrive beyond the crisis.
The State govt has said that the impact of COVID-19 on the State’s economy will be very minimal, assuring residents that the present administration has developed a holistic plan to ensure that Lagos thrives during and beyond the crisis#LASG
Read More.. https://t.co/D5HKLLIvUD pic.twitter.com/9EoGkvS6zK
— The Lagos State Govt (@followlasg) June 3, 2020
Creating a resilience committee
The commissioner added that during Q1 2020, the government inaugurated the Lagos State Resilience Committee which worked with the ministry of economic planning and budget to assess the state and develop a resilience strategy.
“The initiative is aimed at improving the resilience of the State and its ability to bounce back from adversity”, Egube explained.
The strategy entails building “efficient power, effective mass transit systems, access to potable water and key infrastructure to support a growing economy and achieve social progress”.