The Lagos House of Assembly has passed a resolution to reduce the size of the state’s 2020 budget from N1.68 trillion to N920.5 billion due to the economic challenges posed by the COVID-19 pandemic.
The Clerk of the House, Mr Azeez Sanni, had read a letter by Governor Babajide Sanwo-Olu requesting the reduction in the size of the budget on the floor by the House. The Commissioner for Economic Planning and Budget, Mr Sam Egube, said the reordering became necessary in view of the slump in oil price in the international market as well as the reduction in Internally Generated Revenue.
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