The Lagos State Ministry of Economic Planning and Budget held a Press Briefing on 'Y2020 APPROPRIATION LAW ANALYSIS "BUDGET OF AWAKENING" ' by Mr. Sam Egube Hon. Commissioner M.E.P.B on Tuesday 7th January 2020 at the Bagauda Kaltho Press Center, Alausa Ikeja, Lagos.
With the signing of the N1.168tn 2020 Appropriation Bill into law, we are ready to work to provide quality governance in all areas that are critical to achieving our development priorities enunciated in our THEMES agenda for a greater Lagos.
The Commissioner disclosed that the Budget tagged: “Budget of Awakening” is meant to generate an internal revenue of N886.041bn while other revenue projections include capital receipts of N232.29bn and Federal transfers of N184.988bn.
Egube stated on Tuesday during the Year 2020 budget analysis at the press centre in Alausa that the @jidesanwoolu administration has resolved to make Lagos the envy of the world through deliberate efforts to promote investments in all sectors across the State.
The N1.168 trillion budget recently signed into Law by Governor @jidesanwoolu will promote investments in all sectors of the State's economy as well as make meaningful impacts in the lives of the people, Commissioner for Budget and Economic Planning, Mr. Sam Egube, has said.
@jidesanwoolu met with CBN Governor, @godwinemefiel & the Minister of Finance, Budget & National Planning, Mrs. Zainab Ahmed on Tuesday and solicited special support from the FG to enable Lagos function effectively as a hub of the country’s economy. @PoliceNG#ForAGreaterLagos
We owe a debt of gratitude to the @BBCAfrica journalists whose efforts have exposed this scourge. Their efforts are a reminder of what can be achieved when good people say 'enough is enough' and act to make it so. #SexForGrades
10. More government-owned enterprises budget be added to the nation’s budget to ensure proper checks and balances among government agencies.
11. Debt Management Office (DMO) should put more efforts and strategies in managing the foreign and local debts.
13. National Assembly should expedite action on the passage of the finance bill which will be brought along with the National Budget into Law for easy implementation of the 2020 budget, most especially in the area of VAT.
14. The Committee calls for an urgent review/amendment to the FRA Act and the various Laws of the revenue generating agencies to align with current realities.
15. The Committee recommended earmarking 1% of the Consolidated Revenue Fund to finance the Basic Healthcare Provision Fund to be classified as Statutory Transfer.
16. The Committee recommended the adoption of N1.5 trillion as the amount for new borrowing as a result of reduction of N200 billion which was sourced from the increase of revenue target of the NCS.