Lagos Proposes N1.15trn Budget For 2021 Despite Slow Recovery From Covid-19 Pandemic

Nigeria’s economic hub, Lagos State has proposed a budget of N1.155trn for 2021, which is  down from the 2020 budget by 7.7 per cent.

The governor made the presentation before the State Assembly on Tuesday.

The budget titled ‘budget of rekindled hope’ proposed an increase in the state’s revenue, despite a projected weak recovery for the Nigerian economy.

The State had last year proposed N1.68trn, but reduced the budget by 21 per cent due to Covid- 19 induced revenue shortfall to N920bn.

During the presentation, the governor said the state will repeal the Public Office Holder (Payment of Pension Law 2007).

The law allows  payment of pension and other entitlements to former Lagos Governors and their Deputies.

Details later…