The Edo State House of Assembly has reviewed downward the one hundred and sixteen point six-four-eight billion Naira 2016 budget, attributing its action to the current economic crisis in the country.
The review was sequel to a letter from the state government by the Secretary to the State Government, Professor JULIUS IHONVBERE, asking the House to adjust the budget to enable the government amend its expenses as a result of the falling crude oil price.
After the deduction of seven hundred million Naira from the original budget, the adjusted budget now has recurrent estimate of sixty three point four-two-one billion Naira while twenty one point seven billion Naira was voted for capital projects.
Majority Leader of the House, FOLY OGEDENGBE, explained that the Executive’s request for the review was due to the present economic reality such as the falling oil price and dwindling inflow from the federation account.
The review was, however, unanimously supported by the lawmakers and amended as requested.