The Akwa Ibom State House of Assembly has amended
the state 2020 budget from N597.7 billion to N366 billion, saying the decision
was to meet the economic challenges occasioned by COVID-19 pandemic ravaging
the world.
Also, the Assembly explained that the amendment and
passing of the budget into law which took place on Thursday at plenary was
sequel to a letter sent by the state Governor, Mr. Udom Emmanuel, to the state
Assembly during its emergency plenary.
Briefing journalists after the plenary, the
Chairman, Assembly Committee on Appropriation and Finance, Uduak Ududoh, said
the recurrent expenditure of N111.22 billion earlier approved for the 2020
budget has been reduced to N98.22 billion.
He added that the capital expenditure which stood
at N369.10 billion has been reduced to 186.94 billion, while the consolidated
revenue charges now stood at N80.83 billion as against N116.93 billion.
The chairman explained that the total budget size
approved in 2020 which was N597. 7 billion has now been reduced to N366 billion
for the 2020 fiscal year, representing 38.8 per cent reduction.
The Speaker, Hon. Aniekan Bassey, who presided over
the plenary, said the step taken by the governor to review the 2020 budget
downward was very timely in order to brace up with the economic recession
experienced globally.
He commended the governor for setting up relevant
committees to fight the coronavirus pandemic in the state.
The bill had earlier passed through the first,
second and third reading and was passed into law after due consideration at the
Committee of Supply, chaired by the Speaker.
The House Leader, Udo Kierian, in his contribution,
said the fall of the crude oil price at the international market has a negative
effect on the 2020 budget, stressing that was the reason for the review.
He added that the speedy attention given by the
Assembly to review the budget was to enable financial machinery for the state
to operate from and also to create awareness for the Akwa Ibom people on the
present reality.
Meanwhile, the House had adjourned plenary after the
review of the budget, and would reconvene on May 7, 2020.
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