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Lagos State Governor, Babajide Sanwo-Olu, has disclosed that the state’s overall 2020 budget performance improved from 56% at the end of the first quarter to 77% at the end of the third quarter of 2020.
This was revealed by the Governor at the presentation of the 2021 budget to the Lagos State House of Assembly, yesterday.
READ: House of reps pass N10.8 trillion revised 2020 budget, approve $5.5 billion external loan
He explained that the trend of the state’s budget performance had been progressively better, and he was optimistic that by the end of the year, a performance level of at least 86% would be achieved irrespective of the challenges.
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What you should know
- In May 2020, the government of Lagos State was compelled to slash its 2020 budget by 21%, from N1.169 trillion to N920.5 billion, in line with new economic realities.
- The Lagos State House of Assembly approved the revised budget in August 2020 with a 10% reduction in recurrent expenditure and a 24% reduction in capital expenditure.
- The revised 2020 Budget Appropriation Bill approved by the House has a total revenue of N812.47billion and a deficit financing of N108.01billion. The recurrent expenditure is N413.41billion, while capital expenditure is N507.06billion, making the capital to recurrent ratio 55:45.
- The Governor stated that as of September 2020, Lagos State’s total revenue performed at 98%, while total Capital Expenditure and total Recurrent expenditure performed at 71% and 83% respectively.
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