Lagos State Governor, Babajide Sanwo-Olu, has disclosed that the state’s overall 2020 budget performance improved from 56 percent at the end of the first quarter to 77 percent 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.
Sanwo-Olu xplained 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 percent would be achieved irrespective of the challenges.
In May 2020, the government of Lagos State was compelled to slash its 2020 budget by 21percent 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 percent reduction in recurrent expenditure and a 24 percent 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 percent while total Capital Expenditure and total Recurrent expenditure performed at 71 percent and 83 percent respectively