The Kaduna State House of Assembly, on Thursday approved downward, the state 2020 budget from the earlier approved figures of N259.25 billion to N223.6 billion.
The approval followed a request to that effect by the state government.
The lawmakers unanimously approved the revised budget at its sitting in Kaduna presided by the Speaker, Alhaji Yusuf Zailani, after a report by the Chairman, House Committee on Budget, Finance and Appropriation, Alhaji Ahmad Muhammad.
The chairman had said that the review was necessary as a result of the COVID-19 pandemic and the depressed global crude oil prices, which affected the revenue projections of the state.
“The review of the 2020 budget was based on the price of crude oil at 20 dollars per barrel as against 55 dollars per barrel.
“Exchange rate at N360 per dollar as against N306 per dollar, reduction in value added tax and oil bench mark, which was at 1.7m barrel per day as against 2.2m barrel per day,” the chairman said.
Muhammad said that the Kaduna state government reviewed its budget in order to address the macroeconomic assumptions on which the budget were earlier predicated.
According to him, N146,112,237,760.69 billion and N77,489,480,486.22 billion were now allocated for capital and recurrent expenditure as against the sum of N184,105,599,693.28 billion and N77,145,220,040.38 billion respectively.
He said that thi would enable the state to continue its development programmes.
Also the percentage of the allocations, Muhammad said, stand at 65.65 per cent and 34.35 per cent for capital and recurrent expenditure respectively as against the ratio of 73.7 per cent and 26.3 per cent for same in the budget earlier passed.
The Chairman stated that, the economic sector which was allocated with the sum of N80.6 billion has been reduced to the sum of over N54.2 billion, Social Sector which was at N76.5 now stands at N63.8 billion.
He said that the regional sector which was allocated N4.8 billion has been increased to N5.4 billion while general administration which was allocated N27.9 billion was reduced to N22.6 billion.
Zailani later adjourned the sitting to Tuesday, July 7. (NAN)
