BENIN Edo State House of Assembly has reviewed downward the N116.648 billion 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, SSG, 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.
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Read more at: https://www.vanguardngr.com/2016/11/edo-assembly-reviews-2016-budget-downward/After the deduction of N700 million from the original budget, the adjusted budget now has recurrent estimate of N63.421 billion while N21.7 billion 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 falling oil price and dwindling inflow from the federation account, adding that the review was a kind of budget virement and urged the members to back the review. The review was, however, unanimously supported by the lawmakers and amended as requested. The House also amended the law establishing the Edo University Iyamho. The institution is now to be known as Edo University of Science and Technology, Iyamho.
Read more at: https://www.vanguardngr.com/2016/11/edo-assembly-reviews-2016-budget-downward/
