Business

Recession forces Cross River to slash 2016 budget by N44bn

Why Supreme Court dismissed case seeking to sack Gov Ayade
Two months to the end of the year, the Cross River State House of Assembly has reduced the state’s 2016 budget from N303 billion to N259.1 billion.
This was disclosed by the Chairman, House Committee on Finance and Appropriation, Mr. Eteng Williams, in Calabar on Monday.
According to him, the present economic realities in the country is responsible for the slash, adding that the review of the budget was passed on October 21.
“With the realities on ground, there is a need for us to do a revised budget to face realities and act accordingly. That is why we decided to revise the state budget from the initial N303bn to N259.155bn.
“In the revised budget, we are expecting to do a lot of work because this is the right period when most of the construction works are done. There are some projects that were not contemplated at that time; but as the state moves ahead, we found out that there was the need for us to make provisions for them.
“We have a shortfall in the federal allocation, this was largely caused by the drop in oil price in the international market,” he said.
The lawmaker further stated that the reviewed budget would principally focus on the provision of jobs and agriculture so as to provide food.
By Timothy Enietan-Matthews…
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