FinanceNews

LAGOS ASSEMBLY APPROVES N920BN REVISED BUDGET.

The Lagos State House of Assembly has passed the year 2020 appropriation (amendment) Bill of ₦920,468,589,337Bn for the State.

Members of the House passed the re-ordering from Consolidated State Revenue, during the Committee of Supply following the report by the Joint Committee on Economic Planning and Budget, and Finance.

The Chairman, House Committee on Economic Planning and Budget, Hon. Gbolahan Yishawu noted that the approval of the House for re-ordering of priorities under the Year 2020 Appropriation contained 120 findings and 120 amendments as recommended by the Joint Committees and approved by the House through a voice vote conducted by the Speaker, Rt. Hon. (Dr.) Mudashiru Obasa.

Yishawu said that the approval of the Bill was necessitated by the unforeseen pandemic (COVID-19) which has adversely affected the internal revenue projections of the State and also crippled the economic activities on a global scale.

While giving the breakdown of the re-ordering, The Speaker, Rt. Hon. Ajayi Obasa indicated that the total budget size shrunk by ₦248.093Bn being 21% to ₦920.469Bn from ₦1.168Tn.

Obasa noted that this made the proposed revised total, ₦920,468,589,337Bn with the Recurrent Expenditure of ₦411,608,499,249 and Capital Expenditure of ₦508,860,843,967 for the year ending 31st December 2020.

The Speaker, Rt. Hon Mudashiru Ajayi Obasa, thereafter, directed the Clerk of the House, Mr Azeez Sanni to forward a clean copy of the approved Y2020 appropriation (amendment) Bill to Governor Babajide Sanwo-Olu for his assent.

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