The Edo State House of Assembly, on Monday, approved a downward review of the state’s 2017 budget, as proposed by the executive arm of government.
It will be recalled that Governor Godwin Obaseki, had on October 16, wrote to the house to approve the budget’s reduction from N153.18 billion as passed in February to N127.92 billion.
In the reviewed bill, the government slashed the recurrent expenditure from N76.5 billion to N66.9 billion, while the capital expenditure was also reduced from N76.6 billion to N61.8 billion.
Moving the motion for the consideration of the bill, the Majority Leader, Roland Asoro (APC -Orihionmwon South), said the reduction in the budget was to allow the state government meet the prevailing economic realities.
He also explained that the reduction was due to the dwindling allocations from the Federation Account, arising from the fall in oil prices at the international market.
The Deputy Speaker, Victor Edoror (APC – Esan Central) seconded the motion.
The House unanimously adopted the motion.
The Speaker, Kabiru Adjoto, said that the 2017 Appropriation Act had to be reviewed downward because of dwindling revenue.
‘‘We are reviewing the budget downward to reflect the reality of the nation’s economy,” he said.
House rules 20, 27, 42 43 44 and 45 were suspended to enable the lawmakers consider the bill. (NAN)