Gombe State House of Assembly has today passed into law the State 2020 Revised budget of N107,609,308,593.48 reflecting a decrease of about N24,219,429,000, from the amount earlier passed by the House and assented to by the State Governor, Alhaji Muhammadu Inuwa Yahya.
Presenting a report to that effect on the floor of the House, the chairman House Committee on Appropriation Ali Baba Manu said the downward review of the budget became necessary as a result of Global economic down turn caused by the Covic19 pandemic.
He said the revenue projection of oil price bench mark of $57 per barrel crashed to $25 per barrel while the expected oil production of 2.18 million barrel per day reduced to 1.94 million per day thereby making it necessary for the assumption and bench mark of the revised budget to be anchored on realizable threshold taking cognizance of the current realities.
With the revised budget the Capital Expenditure now stands at N56,956,609,493.48 as against the sum of N71,046,953,693.48 earlier passed, while the Recurrent Expenditure is reduced to N50,652,699,100.00 from the sum of N59,781,783,900 earlier passed.
The reviewed budget also reflected a decrease of the budget deficit from N18,695,764,743.48 to the sum of N17,933,664,743.48.
In his remarks, the Speaker, Alhaji Abubakar Sadiq Ibrahim Kurba commended the State Governor Alhaji Muhammadu Inuwa Yahaya for his diligence in the preparation of the revised Budget and its timely presentation to the House.
He appreciated the effort of the Committee on Appropriation for scrutinizing the revised budget and presenting a comprehensive report that guided the House in passing it despite the short period of time given to the Committee.
He called on the Executive Arm of Government to adhere to financial regulations in implementing the revised Appropriation Law and avoid extra budgetary expenditure.