By; JULIANA KATUNG, Kaduna
The Kaduna State House of Assembly has approved the sum of N223, 601, 718, 760. 69 billion as the revised budget for the year 2020 as against the sum N259, 250, 819, 733.65 earlier approved.
The Kaduna State Government reviewed its budget in order to address the macroeconomic assumptions on which the budget was earlier predicted and accordingly, the sum of N146, 112, 237, 760. 69 and N77, 489, 480, 486.22 were allocated for capital and recurrent expenditure as against the sum of N184, 105, 599, 693.28 and N77, 145, 220, 040.38 respectively to help the state continue its development programmes.
Also, the percentage of the allocation stands at 65.65 per cent to 34.35 per cent for capital and recurrent expenditure as against the ratio of 73.7 percent to 26.3 per cent for same expenditures respectively.
The chairman House Committee on byudget, Finance and Appropriation, Hon. Ahmad Muhammad Chokali who is representing Zaria Kewaye Constituency, said that it was necessary to review the budget as a result of the COVID-19 pandemic and the depressed global crude oil prices which affected the economic projection of the state which resulted in huge falls in revenue 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 market which was at 1.7m barrel per day as against 2.2m barrel per day.” He added
In addition, Hon. Ahmad stated that, the economic sector which was allocated with the sum of N80.6 billion has been reduced to the sum of over N54.2billion, Social Sector which was at N76.5 now stands at N63.8, while Regional Sector which was at N4.8 billion has increased to the sum of N5.4 billion and the general administration which was allocated with the sum of N27.9 billion has reduced to the sum of N22.6 billion.
The approval came after the hoouse set aside rule 3:1 order 12 of the standard rule of the House to allowed the third reading follow by the approval.