Connect with us
deals book
Advertisement
Polaris bank
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Business

Lagos 2020 budget performance improved from 56% to 77% at the end of Q3

A performance level of at least 86% would be achieved irrespective of the challenges by the end of 2020.

Published

on

Sanwo-Olu presents N1.1 trillion 2020 budget

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.

READ: Lagos Rail Mass Transit: House of Assembly approves N153 billion for construction

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.

READ: EFCC gives reason for unspent N4 billion in 2020 budget

Hotflex

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

President Buhari adopts new security measures for South East

Buhari has adopted new security measures to tackle insecurity in the South Eastern and South Southern part of the nation.

Published

on

President Muhammadu Buhari has adopted new security measures to tackle insecurity in the South Eastern and South Southern part of the nation.

The decision was taken after a memo was presented by the National Security Adviser (NSA), Major General Babagana Monguno (rtd), on the control of drugs, which he said are enablers of Insecurity, but did not also elaborate.

Continue Reading

Business

President Buhari meets with heads of security agencies

President Muhammadu Buhari is currently in a meeting with heads of security agencies at the State House, Abuja.

Published

on

President Muhammadu Buhari is currently in a meeting with security agencies and others at the State House, Abuja.

This was disclosed by the Federal Government via its Twitter handle on Tuesday.

It tweeted, “Security Meeting ongoing, at the State House. President @MBuhari presiding, Vice President, SGF, NSA, Ministers, Service Chiefs, IGP, Intelligence Chiefs in attendance.”

More to come soon…

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.