The Taraba state Commissioner of Finance Mr. Solomon Elisha says the state government is set to review the year 2020 budget in line with current economic realities occasioned by the impact of the global Coronavirus pandemic.
Mr. Elisha, who stated this in a press briefing in Jalingo the Taraba state capital north east Nigeria, stressed that the move became necessary due to the dwindling global economy and the fall in price of crude oil.
“The assumption on the 2020 budget was based on the daily crude oil output of 2•1 million barrels at 56•50 dollars per barrels and at the exchange rates of 305, Naira to the US dollar. Now the daily crude oil production of the country is now less than a million barrels and the price has also plummeted to an all time low from over 56 US dollar to be fluctuating between 20 to 30 US dollars”.
“You will however agree with me that the current economic predicament following the outbreak of the Coronavirus our budget expectations have been rendered unrealistic and ineffective,” he explained.
He also noted that the above gloomy scenario may further reduce the monthly receipts from the federation account, as such the need for the review of the state’s budget.
The commissioner who also reiterated the state government’s commitment towards embarking on profitable activities that would benefit the people, also called on the people of the state to cohabit peacefully with one another for the development of the state.
” I want to assure you that the governor of the state is more interested in activities that is profitable and that can benefit the people directly, but this cannot be left for the government alone the people have to play their part by living in peace with one another so that money meant for developing the state will not be used for the settlement of crisis or disputes,” he said.
He also called on the people of the state to be patient in these trying times as the situation will not last forever.
Source: Voice of Nigeria