Akwa Ibom's budget undergoes 38.8% downward Review.

Aimed at meeting the challenges of the post Covid-19 era, Akwa Ibom State House of Assembly has review the state budget downward by 38.8 percent.

Chairman House Committee on Information Hon Aniefiok Dennis while highlighting the breakdown of the amended budget said that the amended recurrent expenditure excluding the consolidated revenue fund now stands at NGN98.22BN from the previous NGN111.22BN indicating an 11.7% slash.

According to him, the house approved a NGN36.1BN reduction from the NGN116.93BN consolidated revenue fund charges for the year 2020 to arrive at the amended provision of NGN80.83BN indicating a 30.88% downward review.

The previously approved capital expenditure in the 2020 budget stood at NGN369.58BN, but the house further made 50.58% reduction to arrive at an amended provision of NGN186.94BN capital expenditure.
This development brings the total State’s budget size to NGN366BN for the 2020 fiscal year from the previous NGN597.73BN indicating a 38.8% reduction in the State’s budget.

He stated that the steps taken by the State Executive and the Legislature to review the budget is apt considering the current realities while urging Akwa Ibom people’s support towards all measures employed by the state government towards keeping the people safe and getting the state back in sound economic footings from the global ravaging coronavirus pandemic.

The House adjourned plenary to Thursday the 7th day of May 2020.

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