Adamawa State Executive Council on Tuesday approved a downward review of the 2020 budget by 24 percent affecting only the capital expenditure and overhead cost.
The was after the council considered and approved a review of the 2020 medium-term expenditure framework and fiscal strategy paper in line with the extant laws of the fiscal responsibility commission twenty-eighteen.
The Commissioner of Information and Strategy Dr. Umar Garba Pella disclosed this in an interview with newsmen shortly after an extraordinary meeting of the council presided over by Governor Ahmadu Umaru Fintiri.
He said that the measure was taking by the council after a holistic review of the situation and consider the crisis that affects the economy as a result of the COVID-19 pandemic, the world is battling with.
He added that the government has deemed it necessary to review the budget in order to meet up with the physical reality and revealed that the budget review will soon be transmitted to the state Assembly for consideration and approval.
Also contributing, the Commissioner of Finance Mr. Ishaya Dabari said the review did not affect personnel cost and was base on the benchmark used by the federal government but expressed optimism that the review of the budget will be realised.
According to the review of the medium-term expenditure framework, oil production was reviewed from two points one, eight million barrel per day to one point nine, four million barrel per day, oil pricing from fifty-five dollar par barrel to twenty-five dollar per barrel.
Others include exchange rate from N305 per dollar to N360 per dollar, inflation rate from ten points three, 60 percent to 12.2, six percent while internally generated revenue IGR was reviewed from 12.8, three billion naira to seven point six, eight eight billion naira.
Ibrahim Abdul’ Aziz based in Yola, North Eastern part of Nigeria read Journalism from the prestigiousAhmadu Bello University (ABU) Zaria and attended several professional coursesonTackling Sensitive Subjects- BBC World Trust, News Reporting Course, Catholic Media Centre, Reporting Corruption- BBC World Trust and Reporters Training on New Challenges- VOA . In 2012 he was among thosehonored by the by Nigeria Media Merit Award (NMMA) and presently he is a member, Nigeria Union of Journalists (NUJ) and Member, Translators Without Border (TWB) international.
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