Rivers State Governor, Nyesom Ezenwo Wike has signed into law the revised 2020 Appropriation Bill.
This followed the presentation of the Budget by the Majority Leader of the State House of Assembly, Hon. Martin Amaewhule, to him at Government House, Port Harcourt.
Total figure of the revised budget for 2020 fiscal year signed by the Governor is N300,370,071,183.33 Billion.
It is a 48 percent reduction from the N530,813,357,619.00Billion originally budgeted for spending.
Governor Wike said the unfortunate effect of the COVID-19 pandemic, particularly in Nigeria, necessitated the review.
The implication of the review of the budget, according to him, is that budgetary allocations including capital and recurrent expenditure have been reduced.
However, this, he said, will not affect the delivery of quality developmental projects and services to Rivers people.
“It is most unfortunate that everybody is living a different life now because of the pandemic, which calls for us to face the economic reality.
“The COVID-19 has affected economic activities and revenues of government, and so it became necessary to review our budget.
“By the revised budget, it means that so many things have to change. We have cut down the capital and recurrent expenditure to face the reality.
“We are the only State that has not cut down the salaries of political appointees and elected officers . Virtually all the States have cut down 20 to 30 percent of salaries of political appointees. Having cut down the recurrent expenditures , the overhead will no longer be the same”, he said.
The post Wike Signs ₦300 Billion Revised 2020 Budget appeared first on Naijaloaded | Nigeria’s Most Visited Music & Entertainment Website.
Source: News update