The Lagos House of Assembly has passed a resolution to reduce the size of the state’s 2020 budget from N1.68 trillion to N920.5 billion due to the economic challenges posed by the COVID-19 pandemic.
The resolution was made following a voice vote conducted by the Speaker of the House, Mr Mudashiru Obasa, during plenary in Ikeja on Tuesday.
The Clerk of the House, Mr Azeez Sanni, had read a letter by Governor Babajide Sanwo-Olu requesting the reduction in the size of the budget on the floor by the House.
The Lagos State Government had recently disclosed plans to reorder the N1.168trn 2020 budget following current economic challenges as a result of the COVID-19 pandemic.
The Commissioner for Economic Planning and Budget, Mr Sam Egube, said the reordering became necessary in view of the slump in oil price in the international market as well as the reduction in Internally Generated Revenue.
Obasa, at the plenary, directed that the House Joint Committees on Budget and Economic Planning and Finance reduce the budget size of the state for the year 2020 from N1.68 trillion to N920.5 billion.
The speaker said the committees were to report back to the House within one week.
He said, “Based on the governor’s request, the House will work assiduously to review the budget to refocus, reorder and take into consideration the current challenges.
“We need to do this to give us the best chance of stimulating the economy and ensuring that the post-COVID-19 response economy will be strong and enduring.”
- NAN