Notice: Trying to get property 'user_email' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 56

Notice: Trying to get property 'display_name' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 63

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 64

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 67

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 95

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 96

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 97

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 98

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 99

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 100

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 101

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 102

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 103

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 104

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 105

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 106

Notice: Trying to get property 'user_email' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 56

Notice: Trying to get property 'display_name' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 63

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 64

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 67

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 95

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 96

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 97

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 98

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 99

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 100

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 101

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 102

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 103

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 104

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 105

Notice: Trying to get property 'ID' of non-object in /home/nassnews/public_html/wp-content/plugins/schema/includes/extensions/author.php on line 106

Deprecated: class-oembed.php is deprecated since version 5.3.0! Use wp-includes/class-wp-oembed.php instead. in /home/nassnews/public_html/wp-includes/functions.php on line 5050
NASSNEWSNG
Nigeria Assembly News,Serving it Hot!
nass banner new

Lagos State Government sought the endorsement of House of Assembly for a loan of N250 billion

0 233

Lagos State Governor sought the endorsement of House of Assembly for a loan of N250 billion.

Lagos State Governor, Babajide Sanwo-Olu has sought the endorsement of the House of Assembly for a loan of N250 billion.

The governor’s letter was read on the floor of the House during plenary on Tuesday by the Clerk of the Assembly Mr. Sani Azeez.
According to the governor’s letter, the loan was broken down as: a fixed rate bond of N100 billion from the capital market and an internal loan of N150 billion.
The governor explained that the budgetary provisions of recurrent and capital budget of ministries, departments and agencies were not likely to be utilized before the end of the year, saying that N34.050 billion could be re-ordered.
The the letter, the governor stated that his administration was constrained by the lack of revenue for the remaining months of the year and that it would not be in a position to propose a supplementary budget, which informed the recourse to re-ordering 2019 budget.
He said the budget as at 31st August, 2019 had a 71 per cent overall performance, which was below the set target of 100 per cent.
“Further analysis shows that the recurrent expenditure stood at 80 per cent while capital expenditure was at 64 per cent performance, portending a 49:51 capital/recurrent ratio against the target of 55:45.
“It should be noted that some of the major MDAs that are supposed to implement the capital expenditure are performing below expectation, while others have almost exhausted their budgetary provisions,” Sanwo-Olu explained in the letter.
According to the governor, all other arms of government should cooperate with him by ensuring that they improve on spending in priority areas, adding that the administration was desirous of keeping its electoral promises to the citizens and had resolved to take advantage of clement weather condition in the latter part of the year to complete various projects.
The projects, he said would benefit from the re-ordering were: completion of Lagos-Badagry express road; Agege Pen cinema overhead bridge; Agric-Isawo road; Bola Ahmed Tinubu-Igbogbo road; rehabilitation of schools; initiate and complete smart city project and zero tolerance for portholes, among others.
Speaker of the House, Mudashiru Obasa subsequently committed the governor’s request to the joint committees on Finance and Budget and Economic Planning.
They are to report back to the House on Monday, 21 October, 2019.

Get real time updates directly on you device, subscribe now.

Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time
Leave A Reply

Your email address will not be published.

%d bloggers like this: