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 Chairman House Committee on budget, 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.”
However, the Kaduna state government reviewed its budget in order to address the macroeconomic assumptions on which the budget were 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 which will help the state continue its development programmes. He said.
Also the percentage of the allocation stands at 65.65 percent to 34.35 percent for capital and recurrent expenditure as against the ratio of 73.7 percent to 26.3 percent for same expenditures respectively.
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.
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