The Lagos State Government says it is targeting a performance level of at least 86 per cent of the year 2020 budget at the end of the fourth quarter.
Gov. Babajide Sanwo-Olu said this during the presentation of the 2021 Appropriation Budget at the Lagos State House of Assembly, Ikeja.
Sanwo-Olu said that at the end of the first quarter of 2020, the overall budget performance was 56 per cent; and then 57 per cent at the end of the second quarter.
He said that the budget performance level rose to 77 per cent by the end of the third quarter.
“The trend of our budget performance has been progressively better; we are optimistic about closing the year with a performance level of at least 86 per cent, irrespective of the challenges.
“I am proud to report to you today that despite the daunting challenges, we have made remarkable progress in all crucial sectors, especially Finance, Health, Education, Transportation, Agriculture, and the Environment,” the governor said.
He thanked the speaker and members of the Lagos State House of Assembly for approving the revision of the 2020 Budget to accommodate the exigencies of the coronavirus pandemic.
According to him, in May, the state was compelled to slash the 2020 budget by 21 per cent, in line with new economic realities.
He noted that the budget was slashed from N1.169 trillion to N920.5 billion.
Sanwo-Olu said that the Lagos State House of Assembly approved the revised budget in August 2020 with a 10 per cent reduction in recurrent expenditure and a 24 per cent reduction in capital expenditure.
“The revised 2020 Budget Appropriation Bill approved by this House has a total revenue of N812.47 billion and a deficit financing of N108.01 billion.
“The recurrent expenditure is N413.41 billion, while capital expenditure is N507.06 billion, making the capital to recurrent ratio 55:45.
“As at September 2020, our total revenue performed at 98 per cent, while our total Capital Expenditure and total Recurrent Expenditure performed at 71 per cent and 83 per cent, respectively,” he said.