Ebonyi Governor David Umahi on Monday signed into law the revised 2020 budget of ₦132,002,391,626.66.
The revised budget suffered a 25.9 percent reduction from the previous version of ₦178,136,634,975.38, which was passed into law in January.
Speaking at the virtual event, Commissioner for Finance, Orlando Nweze, said the downward revision of the budget became necessary due to the COVID-19 pandemic, which affected economic productivity.
Orlando said the state aligned itself with the Federal expected Gross Domestic Product, GDP of -4.42% and inflation rate of 14.13%. In producing the budget.
A breakdown of the budget shows for recurrent expenditure, Personnel cost reduced by 14.21% from N18.158B to ₦15.577B.
Also, overhead cost increased by 23.43% from ₦22.922B to ₦28.293B, recurrent contingency was reduced by 80% from ₦5B to ₦1B.
For capital expenditure, there was a 33% reduction in Capital Expenditure from N127.056B to N85.132B and capital contingency was reduced by 60% from N5B to N2B.
Umahi, while signing the budget, said the state was focusing much on agriculture to recover from the pandemic.
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