By OKUNADE ADEKUNLE
Due to the adverse effect of the coronavirus pandemic on internal revenue projections of the Lagos state government in particular and the global economy in general, members of the State’s House of Assembly have approved revised Y2020 budget of ₦920,468,589,337Bn for the State.
The lawmakers on Monday passed the re-ordering from Consolidated State Revenue (CSR) during the Committee of Supply which followed the report by the Joint Committee on Economic Planning and Budget, and Finance.
Honourable Gbolahan Yishawu, Chairman, House Committee on Economic Planning and Budget 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. (Honourable) Mudashiru Obasa.
Giving the breakdown of the re-ordering; the Speaker of the House, Rt. (Honourable) Mudashiru Obasa indicated that the total budget size shrunk by ₦248.093Bn being 21% to ₦920.469Bn from ₦1.168Tn which 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.
He 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.