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Lagos Assembly passes Y2020 N920.47bn revised budget

Lagos State House of Assembly has passed the Year 2020 Appropriation (Amendment) Bill of ₦920.47 billion for the state.

The House passed the amended Bill after taking the report by the Joint Committee on Economic Planning and Budget, and Finance.

Chairman, House Committee on Economic Planning and Budget, Mr. Gbolahan Yishawu, noted that the approval of the House for re-ordering of priorities in the 2020 Appropriation Bill contained 120 findings and 120 amendments as recommended by the Joint Committees and okayed by the House through a voice vote conducted by the Speaker, Hon. Mudashiru Obasa.

Yishawu said that the approval of the Bill was necessitated by the unexpected coronavirus 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, Mr. Mudashiru Obasa indicated that the total budget size shrunk by ₦248.093bn being 21 percent to ₦920.469bn from ₦1.168Tn.

He 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 December 31, 2020.

He then directed the Clerk of the House, Mr. Azeez Sanni to forward a clean copy of the approved Y2020 Appropriation (Amendment) Bill to the Governor, Mr. Babajide Sanwo-Olu for his assent.

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