The Lagos State House of Assembly has reordered the year 2020 budget to N920,468,589,337 bn,reflecting the exigency even as COVID-19 pandemic ranges.
Lawmakers after voice votes on the sectoral breakdown of the budget 2020 as read by Rt.Hon Mudashiru Obasa,unanimously passed the re-ordering from Consolidated State Revenue, during the Committee of Supply sequel the report by the Joint Committee on Economic Planning and Budget, and Finance.
The Chairman, House Committee on Economic Planning and Budget, Hon. Gbolahan Yishawu stresed 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 Committee.
Yishawu said that the approval of the money bill was necessitated by the unforeseen pandemic (COVID-19), which has adversely affected the internal revenue projections of the State and also crippled the economic activities on a global scale.
While giving the breakdown of the re-ordering, The Speaker, Rt. Hon. Ajayi Obasa indicated that the total budget size shrunk by ₦248.093Bn being 21% to ₦920.469Bn from ₦1.168Tn.
Obasa noted that this 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.
The Speaker consequently,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.