Gov. Babajide Sanwo-Olu has stated that the Lagos State Government is aiming at a minimum performance level of 86% with the 2020 budget at the end of the fourth quarter.
The Governor made this known during the presentation of the 2021 Appropriation Budget at the Lagos State House of Assembly, Ikeja.
Sanwo-Olu revealed that the overall budget performance at the end of the first quarter of 2020 was 56 percent; and then 57 percent at the end of the second quarter.
He stated that there was an increase in the budget performance level by the end of the third quarter which was about 77 percent.
‘The trend of our budget performance has been progressively better,’ the governor stated as he expressed hope that the remaining months will experience ‘a performance level of at least 86 percent, irrespective of the challenges.’
‘I am proud to report to you today that despite the daunting challenges, we have made remarkable progress in all crucial sectors, especially Finance, Health, Education, Transportation, Agriculture, and the Environment,’ the governor added.
He appreciated the Speaker and members of the Lagos State House of Assembly for approving the revision of the 2020 Budget in order to help tackle the corona-virus pandemic.
Sanwo-Olu disclosed that earlier in May, the state was compelled to slash the 2020 budget by 21 percent due to the challenging state of the economy. The budget was slashed from N1.169 trillion to N920.5 billion.
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 this House has a total revenue of N812.47 billion and a deficit financing of N108.01 billion.
‘The recurrent expenditure is N413.41 billion, while capital expenditure is N507.06 billion, making the capital to recurrent ratio 55:45.’
He added that ‘as at September 2020, our total revenue performed at 98 percent, while our total Capital Expenditure and total Recurrent Expenditure performed at 71 percent and 83 percent, respectively.’
Photo Credit: Pulse
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