3rd June, 2015
Jethro Ibileke/Benin
As most states in the country now face the hash reality of the downturn of the economy, Edo State House of Assembly on Wednesday made a downward reviewed of the approved 2015 budget appropriation of the state.
Governor, Adams Oshiomhole had in September, 2014, presented a budget estimates of N156.551billion to the house but it was increased by the lawmakers to the N159.3 billion.
The downward review of the 2015 budget appropriation was sequel to a letter titled “A bill for 2015 proposed revised budget estimates” written to the House by from the State Governor, Adams Oshiomhole to the assembly requesting for the reviewing of the budget as a result of the current economic downturn occasioned by the fall in the prices of oil in the international market.
Consequently, the earlier approved budget of N159, 398, 802, 906 was proned down to N127, 016, 936, 976.
The recurrent and capital expenditures of the rivised budget is now N62, 997, 149, 796 and N64, 019, 787, 180 respectively.
The governor in the letter dated June 3, 2015, said in view of the situation which had resulted in reduction of revenues from the federation account, it has become imperative to review the approved 2015 state budget.
“Accordingly, it is being proposed that the approved 2015 budget be reviewed downward from N159.398.802.906 billion to N127.016.936.976 billion,” it added.
The lawmakers which rounded off the fifth session of the Edo state House of Assembly suspended the relevant house rules to give immediate passage to the governor’s request.
Summing the house resolutions at the committee of supply, the Speaker of the house, Uyi Igbe said the most hit ministries are works and environment and public utilities.
He said the house has to approve the cutting down of the 2015 budget size in order to enable the state government to meet up the challenges of the current economic realities.