LAGOS State governor, Mr Babatunde Fashola, on Tuesday, raised the alarm over the dwindling resources of the state, which, he said, would definitely affect the implementation of its 2015 Appropriation Law for the state.

According to him, the dwindling resources was occasioned by the global fall in the price of crude oil, the postponement of the general election, increase in exchange rate and others, adding that they were serious impediments to the targeted income of the state government.

Fashola said this as he addressed the 40-member state House of Assembly, at a special session presided over by the Speaker, Honourable Adeyemi Ikuforiji.

He lamented that the actions of the managers of the nation’s economy had been inconsistent as its external reserves had dwindled considerably with consequent serious affect on the state revenue for the 2015 fiscal year.

Consequently, the governor announced an amendment of the budget of all the agencies of government to the actual income of the revenue.

According to Fashola, what the amendment suggested was that no section would get up to 100 per cent of its budgetary allocation.

The House of Assembly had, in January, passed a budget size of N4.89 billion, which the governor finally signed into law.

“We want to propose an amendment of the budget of all the agencies of government to the actual income of the revenue. It is not reduction of the budget, but to propose that no section gets up to 100 per cent of its budgetary allocation,” Fashola said.

The governor, while speaking further, stated that the purchasing power of the people had reduced considerably, adding that the monthly shares of the state government from the Federation Account had reduced from N11 billion to N10 billion.

According to him, the gross revenue performance of the state was 86 per cent in 2014, adding that budget performance could not be measured until the expected money comes in.

“The budget performance terminates with the revenue, which is about 80 per cent. We are the only government that has performed up to 80 per cent in the last three years,” he added.

Fashola maintained that the Nigerian economy was now cut in troubled waters, saying that without electricity supply, prospects of alternative economic activities such as agriculture, small scale enterprises, tourism and others, additional revenues would become impossible.

He lamented a situation where the Minister of Finance and the Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, instructed Nigerian banks not to give loans to any state government without her approval, alleging that the measure was taken due to the forthcoming elections.

He further condemned the Monday rally organised by the Oodua People’s Congress (OPC), led by Chief Gani Adams, adding that he received several complaints from the people after the rally through text messages, phone calls and e-mail.