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The Government of Cross River State has slashed its over one trillion Naira budget by nearly 953 billion Naira.
The budget, which was precisely, N1,100,168,507,687.94 (One trillion, One hundred billion, One hundred and sixty-eight million, five hundred and seven thousand, six hundred and eighty-seven naira ninety-four kobo) was slashed due to financial challenges occassioned by the covid-19 pandemic.
The revised budget is now pegged at 147, 130, 166, 966 (One hundred and forty-seven billion, One hundred and thirty million, One hundred and sixty-six thousand, nine hundred and sixty-six) Naira.
The revised sum is about 13 percent of the original 2020 budget as signed into law by the Governor, Professor Ben Ayade.
In a remark, Asuquo Ekpenyong Junior, the Commissioner for Finance, told newsmen in Calabar, the capital of Cross River State, south-south Nigeria, that the downward review of the budget became necessary due to the current global crunch occasioned by the Covid-19 pandemic.
“The budget as submitted has a revised figure of 147, 130, 166, 966 (One hundred and forty-seven billion, one hundred and thirty million, one hundred and sixty-six thousand, nine hundred and sixty-six) naira,” stated Ekpenyong.
He said, “it is no longer news that the world is experiencing the most severe public health crisis of the century, which is the coronavirus pandemic. Nigeria and indeed Cross River State are not left out of this crisis”.
“This has had a negative effect on the Gross Domestic Products, GDP, of many nations including Nigeria and especially Cross River. So, the Cross River State Government thought it imperative to put in place measures to cushion the effect of the pandemic and reviewed its 2020 budget in line with current economic realities,” noted Ekpenyong.
He explained that the budget review exercise had the contributions of existing government agencies and civil society organizations in the state, noting “the budget has been submitted to the House of Assembly for consideration”.
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