A’IBOM ASSEMBLY AMENDS 2020 APPROPRIATION LAW

A’IBOM ASSEMBLY AMENDS 2020 APPROPRIATION LAW

The Akwa Ibom State House of Assembly has passed into law the amended 2020 appropriation law from initial N597.74billion outlay to N366billion to meet up with the economic challenges globally due to Covid 19 pandemic ravaging the world.

Briefing journalists, the Chairman of the House Committee on Information, Barrister Aniefiok Dennis and his Appropriation and Finance counterpart, Rt. Hon. Uduak Odudoh giving details and breakdown, pointed out that the Recurrent Expenditure as approved for 2020 stood at N111,224,509,700 with a reduction of 13,000,000,000. The amended version of the Bill now stands at N98,224,509,700, for Recurrent Expenditure excluding the Consolidated Revenue Fund Charges.

According to Barrister Dennis, the “the approved provision for the Consolidated Revenue Fund Charges for the year 2020 was N116,933,504,020. The House approved a reduction of N36,100,000,000. The amended provision is now N80,833,504,020.”

“The Capital Expenditure approved in the 2020 Budget stood at N369,576,986,280. The House approved a reduction in the sum of N182,635,000,000 for the Capital Expenditure, as part of the amendment. The approved Capital Expenditure now stands at N186,941,986,280.

“From the foregoing, the total Budget size approved in 2020 which was N597,735,000,000, has now been reduced to N366,000,000,000, for the 2020 fiscal year. This represent 38.8% reduction of the original Budget,” he said.

He urged members of the public to rely on the position as presented by him as the true and correct version of what transpired at the House during plenary today being the Wednesday, the 29th day of April 2020.

Barrister Dennis further urged the people of the state to continue to adhere to necessary preventive directives by the relevant authorities, saying “the 7th Assembly remains appreciative to the Executive for being apt in its approach to curb the spread of the pandemic.”

Also speaking, Rt. Hon. Odudoh said the timely passage of the Bill will enable the state to benefit from the numerous incentives of the World Bank.

Meanwhile, the House has adjourned plenary till May 7, 2020.

Press Unit
Akwa Ibom State House of Assembly.

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