By Monsuru Olowoopejo
After observing adverse effect of coronavirus outbreak has left on Lagos State economy, the state government has disclosed that it may have to adjust 2020 budget of N1.17 trillion and to channel the funds into ventures that would generate quick employment and resources for Lagosians.
It indicated that the state’s plans and strategies were already in pipeline to boost economy after coronavirus case subside and that Lagos state would provide updates on activities aimed at reducing the effects of the pandemic on the populace.
The Commissioner for Economic Planning and Budget, Sam Egube, said that the ravaging pandemic had slowed down the growth of the State’s economy, shut down industrial production and distorted the supply chain of essential items, thereby heightening the fear of food insecurity among residents.
Speaking at a pressing briefing organised by the state government on Thursday, in Lagos, Egube said that the state had started putting in place plans to ensure businesses return to normalcy after coronavirus and that no stone would left unturn once those strategies were been concluded.
Egube said: “We have started to put together post-COVID-19 response and stimulation plan to ensure our business continuity plan is riding after Coronavirus. We are going to look at the enterprise; that is, Small and Medium Scale businesses that have the capacity to generate quick revenue and employment. All these economic stimulus packages will be rolled out when we have clarity on the slowdown of the spread of Coronavirus in the State”.
“We will be looking at the construction sector and agriculture, empowering of people with vocational knowledge and skills. We believe these investments will stimulate growth and set the economy of the State on a powerful rebound for more prosperity”, he added.
While pointing out that the outbreak of the COVID-19 pandemic had reinforced the need to draw up the database of people living in the State, Egube advised residents to enrol with Lagos State Residents Registration Agency (LASRRA) to enable the government update its database of residents for emergency planning and budgeting.