Coronavirus forces Governor Sanwo-Olu to slash 2020 budget by N248bn

Coronavirus forces Governor Sanwo-Olu to slash 2020 budget by N248bn

- Lagos state government has slashed its 2020 budget over the coronavirus pandemic

- The budget was slashed by N248billion

- Sam Egube, the state’s commissioner for economic planning and budget, made the disclosure on Thursday, May 21

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Following revenue pressures resulting from coronavirus pandemic, the Lagos state government has announced a slash of its 2020 budget.

Vanguard reports that the total expenditure for the year 2020 is now N920.5 billion, less by N248 billion from the N1.68 trillion it had budgeted.

Legit.ng gathered that the state’s commissioner for economic planning and budget, Sam Egube, who announced this on the evening of Thursday, May 21, stated that the new figures would be presented to the House of Assembly for approval soon.

He listed some of the factors that necessitated the review of the budget to include “fall in crude oil prices with deleterious effects on statutory allocation expectations, downward pressure on its Internally-Generated Revenue, devaluation of the Naira, reduced public and private sector investments.

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Coronavirus forces Governor Sanwo-Olu to slash 2020 budget by N248bn

Lagos state governor, Babajide Sanwo-Olu, during a presentation at the state House of Assembly. Credit: Twitter/Babajide Sanwo-Olu.
Source: Twitter

Others are: "increased inflation, the decline in goods and services as well as reductions in manufacturing activities, which all portend lower Gross Domestic Product (GDP), growth and increased unemployment."

Meanwhile, Legit.ng had previously reported that Governor Ben Ayade enumerated some of the strategies used to ensure that Cross River state did not record any case of COVID-19.

It was reported that the governor said the state responded quickly to the pandemic by shutting its borders, closing airways and declaring ‘No Mask No Movement.’

In another report, the World Helth Organisation (WHO) said 106,000 cases were reported on Tuesday, May 19 - the most in a single day since the outbreak in China.

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WHO director-general, Tedros Adhanom Ghebreyesus, made the disclosure during his opening remarks at the media briefing on Covid-19 on Wednesday, May 20.

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Ghebreyesus further stated that during a virtual meeting held by world leaders, it was agreed that "barriers to universal access to vaccines, diagnostics and therapeutics" should be lifted.

Among top resolutions made during the meeting which was also attended by President Cyril Ramaphosa of South Africa and President Xi of China, it was submitted that vaccines should be classified as a global public good for health in order to bring the pandemic to an end.

Ghebreyesus expressed hope and urged the world leaders to invest in the health sector and ensure that the institution is handed a high-quality priority in order to bring the crisis into an end.

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Source: Legit.ng

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