Adamawa State Executive Council has approved a downward review of the 2020 budget by 24 percent affecting only the capital expenditure and overhead cost.
The decision was reached after the council considered and approved a review of the 2020 medium term expenditure framework and fiscal strategy paper in line with the extant laws of the fiscal responsibility commission 2018.
The commissioner of information and strategy, Dr. Umar Garba Pella disclosed this in an interview with newsmen shortly after an extra ordinary meeting of the council presided by Governor Ahmadu Umaru Fintiri.
Pella explained that the measure was taken 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.
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 2.18 million barrel per day to one 1.94 million barrel par day, oil pricing from $55 per barrel to $25 dollar per barrel.
Others include exchange rate from N305 per dollar to N360 per dollar, inflation rate from 10.36 percent to 12.26 percent while internally generated revenue IGR was reviewed from N12.813 billion to N7.688 billion