The Akwa Ibom State House of Assembly Thursday passed the amended 2020 budget which saw a reduction from the initial N597.7 billion to N366 billion in response to the economic challenges arising from the slump in global oil price and the coronavirus pandemic.
The amendment was sequel to a letter sent by Governor Udom Emmanuel to the Assembly during its emergency plenary.
The Chairman of the House Committee on Appropriation and Finance, Uduak Ududoh, told journalists after the plenary the recurrent expenditure had been reviewed downward from N111.22 billion to N98.22 billion.
He added that the capital expenditure reduced from N369.10 billion to N186.94 billion, while the consolidated revenue charges now stand at N80.83 billion as against N116.93 billion.
According to Ududoh, the 2020 budget has been reduced from N597.7 billion to N366 billion, representing a 38.8 percent reduction.
The Speaker of the House, Mr. Aniekan Bassey, who presided over the plenary, said the step taken by the governor to review the 2020 budget downward was very timely to brace up with the economic recession experienced all over the world.
He commended the governor for setting up relevant committees to fight the pandemic in the state.
- BREAKING: 118 new cases of COVID-19 take Nigeria’s total to 61,558. Deaths 1,125; discharges 56,697 - October 19, 2020
- Zamfara Assembly summons commissioners, governor’s aide over N37bn promissory note - October 19, 2020
- Arrested #EndSARS protesters still in Egyptian detention -NIDCOM - October 19, 2020