3023/9/6/2015/CH/BJO/NAN
Gov. Ifeanyi Okowa of Delta on Tuesday requested the state House of Assembly to approve the reviewed 2020 budget, following the shortfall in revenue allocation to the state.
The request is contained in a letter read during plenary of the Assembly in Asaba, by the Speaker, Chief Sheriff Oborevwori.
Okowa recalled that the sum of N394.4 billion was appropriated for the 2020 fiscal year, which was made up of the recurrent and capital expenditures.
He said that the appropriation was hinged on some macro-economic and financial projections, which the government usually rely on for budgetary purposes.
The governor, however, noted that the macro-economic and financial indices could no longer be relied upon for the funding of the budget due to the raging COVID-19 pandemic.
He said that the pandemic triggered a sharp drop in the price of crude oil and slide in the exchange rate with its attendant negative effects on revenue accruable to the government.
”In consideration of the foregoing, it has become necessary to review the 2020 approved budget to be in tune with current realities.
“Therefore, a budget of N280 billion is being proposed as the revised 2020 budget.
”Suffice to mention that the proposed revised budget is made up of N152,697, 946,472.00 for recurrent expenditure and N127,086, 141,573.00 for capital expenditure,” he said.
Consequently, the Majority Leader, Mr Tim Owhefere, moved a motion for the house to receive the letter for further consideration.
The motion, seconded by the minority leader, Mr Anidi Emosivwe, was unanimously adopted by the Assembly when it was put to voice vote by the speaker.
The speaker referred the request to the House Committee on Finance and Appropriations for scrutiny.
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