The Edo State Government has approved the downward review of the 2017 budget from the initial â‚¦153.187bn to â‚¦127.921billion, representing a 16.49% reduction.
In a statement issued after an emergency Executive Council (EXCO) meeting held at Government House in Benin City, Commissioner for Communication and Orientation, Rt. Hon. Paul Ohonbamu, said the downward review was occasioned by the sub-optimal performance of the nationâ€™s macro-economic environment.Â
â€œThe Commissioner for Budget and Planning presented a memo requesting for the approval of the draft 2017 revised budget estimate on account of the sub-optimal performance of the nationâ€™s macro-economic environment,â€ Ohonbamu said.
He explained that â€œEXCO, after careful examination and deliberation approved a revision of the 2017 budget from the initial budget sum of â‚¦153.187bn to â‚¦127.921bn representing a 16.49% reduction.â€
Specifically, the commissioner said that â€œthe creation of new ministries as well as the present harsh economic realities in the country necessitated the reduction and assured that the new budget estimate will be sent to the Edo State House of Assembly for consideration and passage.â€