COVID-19: Akwa Ibom reduces 2020 budget by N231.7bn

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.

READ ALSO: Sanwo-Olu suggests delay by Buhari‘s govt led to COVID-19 spread

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.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now