By sam Tor
Adamawa State Executive Council has approved a downward review of the twenty twenty budget by twenty four percent affecting only the capital expenditure and overhead cost.
The was after the council considered and approved a review of the twenty twenty medium term expenditure framework and fiscal strategy paper in line with the extent laws of the fiscal responsibility commission twenty eighteen.
The Commissioner of Information and Strategy Doctor Umar Garba Pella disclosed this in an interview with newsmen shortly after an extra ordinary meeting of the council presided over by Governor Ahmadu Umaru Fintiri.
Doctor Garba Pella explained that the measure was taking by the council after a holistic review of the situation and consider the crisis that affect the economy as a result of COVID-19 pandemic, the world is battling with.
He added that government has deemed it necessary to review the budget in order to meet up with the physical reality and revealed that the budget review will soon be transmitted to the state Assembly for consideration and approval.
Contributing, the Commissioner of Finance Mr. Ishaya Dabari said the review did not affect personnel cost and was base on the bench mark used by the federal government but expressed optimism that the review of the budget will be realised.
According to the review of medium term expenditure framework, oil production was reviewed from two point one, eight million barrel par day to one point nine, four million barrel par day, oil pricing from fifty five dollar par barrel to twenty five dollar par barrel.
Others include exchange rate from three hundred and five naira par dollar to three hundred and sixty naira par dollar, inflation rate from ten point three, six percent to twelve point two, six percent while internally generated revenue IGR was reviewed from twelve point eight, one, three billion naira to seven point six, eight eight billion naira.
