Muhammad B Tukur
Adamawa State Executive Council has approved a downward review of the 2020 budget by 24% affecting only the capital expenditure and overhead cost.
This 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 2018.
The Commissioner of Information and Strategy Dr. Umar Garba Pella disclosed this in an interview with newsmen shortly after an extra ordinary meeting of the council presided over by Governor Ahmadu Umaru Fintiri.
Dr. Garba Pella explained that the measure was taken by the council after a holistic review of the situation and considered the crisis that affected the economy as a result of COVID-19 pandemic.
Garba said that government has deemed it necessary to review the budget in order to meet up with the physical reality; revealing that the budget review would soon be transmitted to the state assembly for consideration and approval.
Contributing, the commissioner of finance Mr. Ishaya Dabari said the review did not affect personnel cost and was based on the bench mark used by the federal government; he expressed optimism that the review of the budget would be realised.
According to the review of medium term expenditure framework, oil production was reviewed from 2.18 million barrel par day to 1.94 million barrel par day
Oil pricing from 55 dollar par barrel to 25 dollar par barrel.
Exchange rate from N305 par dollar to N360 par dollar.
Inflation rate from 10.36% to 12.26%
internally generated revenue IGR was reviewed from N12.813b to 7.688b