The Lagos State Government is poised to review its 2020 N1.168tn budget in the wake of current economic challenges as a result of COVID-19 pandemic.
The Commissioner for Economic Planning and Budget, Mr Sam Egube; and Commissioner for Information and Strategy, Mr Gbenga Omotoso, said this during an inter-ministerial press briefing in Alausa, Ikeja on Thursday.
Egube said the move was necessitated by the slump in world oil price as well as the reduction in Internally Generated Revenue of the state.
He said, “We are working assiduously, to review the budget to refocus, reorder and take into consideration the current challenges. We need to do this to give us the best chance of stimulating the economy and ensuring that the post-COVID-19 response economy will be strong, and enduring.
Meanwhile, Omotoso said the Presidential lockdown directive in the state was still in force, saying Governor Babajide Sanwo-Olu had not relaxed the directive.
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