Reduces Land Use Charge
Determined to keep its finances intact whilst optimising revenue potentials in the COVID-19 effect on the economy, the Lagos State Government has adopted strategies.
The State Commissioner for Finance, Dr. Rabiu Olowo, announced this on Wednesday June 3 at the Ministerial Press Briefing to mark Governor Babajide Sanwo-Olu’s one year in office at Alausa, Ikeja.
“Lagos state achieved 106 per cent performance with respect to revenue against the budget in the first quarter of this year,” he divulged.
While acknowledging that the direct impact of the pandemic led to a drop in the state’s internally generated revenue and Federal Allocation, Olowo said there had been potential decline of Foreign Direct Investment (FDI) and increased pressure on income and purchasing power of Lagosians.
His words: “The present administration had in a swift response re-ordered the 2020 Budget and re-prioritised its Capital Expenditure to reflect current realities.”
