Nigeria: Lagos reduces its 2020 budget due to coronavirus impact

Nigeria's Lagos State has reduced its 2020 budget as the impacts of the coronavirus bite harder, according to a news report by TVC News.

Total expenditure is now N920.5 billion, less by N248 billion which is 14.7 percent from the N1.68 trillion it earlier budgeted.

The State's Commissioner for Economic Planning and Budget, Sam Egube, announced this on May 21.

He said that the new figures would be presented to the state's House of Assembly for approval.

Egbube identified fall in crude oil prices, lower internally generated revenue, devaluation of the naira, and a general decline in manufacturing activities as some of the reasons for the budget review.

He however explained that with the strong pandemic response, the state government would engender food security and safety net, provide economic stimulus, and ensure society was run by assuring public safety and wellbeing.

"To restart the economy, we are going to optimize the state's budget for investments in jobs and priority sectors through job creation, economic stabilization, and fiscal consolidation, "Egbube said.

"While to re-imagine the state economy, we will prepare the state to operate and thrive within the new reality with digitization, business environment reforms, and economic diversification," the commissioner added.