The Edo State Government has approved the downward review of its 2017 budget from the ₦153.187bn to ₦127.921billion, representing a 16.49 per cent reduction.
The state Commissioner for Communication and Orientation, Paul Ohonbamu, disclosed this in a statement he issued after an emergency Executive Council meeting at Government House in Benin City on Friday.
He said the review was due to sub-optimal performance of Nigeria’s macro-economic environment.
“The 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 nation’s macro-economic environment,” Mr. Ohonbamu said.
“EXCO, after careful examination and deliberation, approved a revision of the 2017 budget from the initial budget sum of ₦153.187 billion to ₦127.921 billion representing a 16.49 per cent reduction.”
The commissioner said the creation of new ministries by the state government also contributed to the reduction.
He said the new budget estimate will be sent to the State House of Assembly for consideration and passage.