By Emmanuel Awari-Jalingo
The Taraba State government has advanced plans to slash down its 2020 budget, even as it has passed into law by the State House of Assembly in February.
This development is as a result of hardship imposed on the global community, including Federal and State Governments of Nigeria who have been forced to slash their budgets earlier passed by the National and States Assemblies.
The Commissioner for Budget and Planning Hon. Solomon Elisha while speaking on the the negative effects of the Coronavirus pandemic in the state, said the N215.8bn budget appropriated by the State House of Assembly for 2020, was predicated on certain macroeconomic expectations being stable.
According to him, the budget was based on crude oil production, oil price benchmark per barrel, the exchange rate of the United States dollar and inflation rates among other variables.
“It is imperative to remind you that the 2020 budget was based on the daily crude oil output of 2.1 million barrels, at 56.50 dollars per barrel, and the exchange rate of N305 to the US dollar”
“You will, however, agree that with the current predicament, following the outbreak of the Coronavirus, our budget expectations have been rendered unrealistic and ineffective”
“The daily crude oil production of the country is now less than a million barrel, the crude oil price has also plummeted to an all-time low from over 56 US dollars to be fluctuating between 20 to 30 US dollar”
He pointed out that with the development, it was obvious that the state’s monthly receipt from the federal account is bound to decline in the long run, adding that the development has also undermined the state’s Internally Generated Revenue IGR, a situation he attributed to the lockdown, which crippled economic activities all over the state.
“As a result of the development, the Darius Ishaku led administration has deemed it appropriate to approve a downward review of the 2020 budget” – he said.
“The details of the review would be sent to the State House of Assembly soon for further ratification while approval of the state house of assembly will be communicated to the public as soon as it is done”. – he added.
NEWSCOVID-19: GOV. TO SLASH IT’S 2020 BUDGET SOON – Elisha.
Emmanuel Awari-Jalingo
As the COVID 19 bites harder across the world, both Federal and State Governments have been forced to slash their budgets earlier passed by the National and States Assemblies.
The Taraba State government on its part has also concluded plans to slash down its 2020 budget which was passed into law by the State House of Assembly in February.
The Commissioner for Budget and Planning Hon. Solomon Elisha while speaking on the the negative effects of the Coronavirus pandemic in the state, said the N215.8bn budget appropriated by the State House of Assembly for 2020, was predicated on certain macroeconomic expectations being stable.
According to him, the budget was based on crude oil production, oil price benchmark per barrel, the exchange rate of the United States dollar and inflation rates among other variables.
“It is imperative to remind you that the 2020 budget was based on the daily crude oil output of 2.1 million barrels, at 56.50 dollars per barrel, and the exchange rate of N305 to the US dollar”
“You will, however, agree that with the current predicament, following the outbreak of the Coronavirus, our budget expectations have been rendered unrealistic and ineffective”
“The daily crude oil production of the country is now less than a million barrel, the crude oil price has also plummeted to an all-time low from over 56 US dollars to be fluctuating between 20 to 30 US dollar”
He pointed out that with the development, it was obvious that the state’s monthly receipt from the federal account is bound to decline in the long run, adding that the development has also undermined the state’s Internally Generated Revenue IGR, a situation he attributed to the lockdown, which crippled economic activities all over the state.
“As a result of the development, the Darius Ishaku led administration has deemed it appropriate to approve a downward review of the 2020 budget” – he said.
“The details of the review would be sent to the State House of Assembly soon for further ratification while approval of the state house of assembly will be communicated to the public as soon as it is done”. – he added.
Show quoted text
NEWSCOVID-19: GOV. TO SLASH IT’S 2020 BUDGET SOON – Elisha.
Emmanuel Awari-Jalingo
As the COVID 19 bites harder across the world, both Federal and State Governments have been forced to slash their budgets earlier passed by the National and States Assemblies.
The Taraba State government on its part has also concluded plans to slash down its 2020 budget which was passed into law by the State House of Assembly in February.
The Commissioner for Budget and Planning Hon. Solomon Elisha while speaking on the the negative effects of the Coronavirus pandemic in the state, said the N215.8bn budget appropriated by the State House of Assembly for 2020, was predicated on certain macroeconomic expectations being stable.
According to him, the budget was based on crude oil production, oil price benchmark per barrel, the exchange rate of the United States dollar and inflation rates among other variables.
“It is imperative to remind you that the 2020 budget was based on the daily crude oil output of 2.1 million barrels, at 56.50 dollars per barrel, and the exchange rate of N305 to the US dollar”
“You will, however, agree that with the current predicament, following the outbreak of the Coronavirus, our budget expectations have been rendered unrealistic and ineffective”
“The daily crude oil production of the country is now less than a million barrel, the crude oil price has also plummeted to an all-time low from over 56 US dollars to be fluctuating between 20 to 30 US dollar”
He pointed out that with the development, it was obvious that the state’s monthly receipt from the federal account is bound to decline in the long run, adding that the development has also undermined the state’s Internally Generated Revenue IGR, a situation he attributed to the lockdown, which crippled economic activities all over the state.
“As a result of the development, the Darius Ishaku led administration has deemed it appropriate to approve a downward review of the 2020 budget” – he said.
“The details of the review would be sent to the State House of Assembly soon for further ratification while approval of the state house of assembly will be communicated to the public as soon as it is done”. – he added.
On Mon, May 18, 2020, 4:19 PM Emmanuel Awari wrote:
NEWSCOVID-19: GOV. TO SLASH IT’S 2020 BUDGET SOON – Elisha.
As the COVID 19 bites harder across the world, both Federal and State Governments have been forced to slash their budgets earlier passed by the National and States Assemblies.
The Taraba State government on its part has also concluded plans to slash down its 2020 budget which was passed into law by the State House of Assembly in February.
The Commissioner for Budget and Planning Hon. Solomon Elisha while speaking on the the negative effects of the Coronavirus pandemic in the state, said the N215.8bn budget appropriated by the State House of Assembly for 2020, was predicated on certain macroeconomic expectations being stable.
According to him, the budget was based on crude oil production, oil price benchmark per barrel, the exchange rate of the United States dollar and inflation rates among other variables.
“It is imperative to remind you that the 2020 budget was based on the daily crude oil output of 2.1 million barrels, at 56.50 dollars per barrel, and the exchange rate of N305 to the US dollar”
“You will, however, agree that with the current predicament, following the outbreak of the Coronavirus, our budget expectations have been rendered unrealistic and ineffective”
“The daily crude oil production of the country is now less than a million barrel, the crude oil price has also plummeted to an all-time low from over 56 US dollars to be fluctuating between 20 to 30 US dollar”
He pointed out that with the development, it was obvious that the state’s monthly receipt from the federal account is bound to decline in the long run, adding that the development has also undermined the state’s Internally Generated Revenue IGR, a situation he attributed to the lockdown, which crippled economic activities all over the state.
“As a result of the development, the Darius Ishaku led administration has deemed it appropriate to approve a downward review of the 2020 budget” – he said.
“The details of the review would be sent to the State House of Assembly soon for further ratification while approval of the state house of assembly will be communicated to the public as soon as it is done”. – he added.
Nasarawa Reporters 