The Akwa Ibom State House of Assembly has passed into law the amended 2020 appropriation law from initial N597.74billion outlay to N366billion to meet up with the economic challenges globally due to Covid 19 pandemic ravaging the world.
The amendment, according to the Speaker, Rt. Hon. Aniekan Bassey, is contained in a letter sent in by the State Governor and received by the Assembly during its emergency plenary on Wednesday, April 29.
The Speaker, in his opening remarks, further commended the Governor’s stride in the fight against COVID-19, saying “May I, at this moment, applaud His Excellency, Governor Udom Emmanuel, for painstakingly standing by our people, for setting up the COVID-19 Taskforce Committee and for subsequently setting up the Post-COVID-19 Economic Recovery Committee for the good and progress of Akwa Ibom.”
According to the Bill, as amended, “The Accountant General of Akwa Ibom State may, when authorized so to do by warrants issued by the Governor of Akwa Ibom State, in addition to the sums provided for in Section 1 of the Appropriation Law, 2020 pay by warrants not exceeding savings in sum of Thirteen Billion Naira from the Consolidated Revenue Fund and One Hundred and Eighty-Two Billion, Six Hundred and Thirty-Five Million Naira from the Capital Development Fund.”
Also speaking, the House Leader, Sir Udo Kierian Akpan, said the fall of the crude oil price in the international market has a negative effect on the 2020 Appropriation Law passed on the December 5, 2019 by the State House of Assembly and assented to by the Governor on Wednesday, December 18, 2019.
He said the speedy attention given by the House to review the 2020 fiscal law is to enable financial machinery for the State to operate from and also for the awareness of Akwa Ibom people on the present reality.
Providing details to journalists shortly after the plenary, Chairman of the House Committee on Information, Barrister Aniefiok Dennis, and his Appropriation and Finance counterpart, Rt. Hon. Uduak Odudoh, pointed out that “the Recurrent Expenditure as approved for 2020 stood at N111, 224,509,700 with a reduction of 13,000,000,000. The amended version of the Bill now stands at N98, 224,509,700, for Recurrent Expenditure excluding the Consolidated Revenue Fund Charges.”
Explaining further, they said “the approved provision for the Consolidated Revenue Fund Charges for the year 2020 was N116, 933,504,020. The House approved a reduction of N36, 100,000,000. The amended provision is now N80, 833,504,020.”
“The Capital Expenditure approved in the 2020 Budget stood at N369, 576,986,280. The House approved a reduction in the sum of N182, 635,000,000 for the Capital Expenditure, as part of the amendment. The approved Capital Expenditure now stands at N186, 941,986,280.”
“From the foregoing, the total Budget size approved in 2020 which was N597,735,000,000, has now been reduced to N366,000,000,000, for the 2020 fiscal year. This represents 38.8% reduction of the original Budget,” they explained.
While urging members of the public to rely on this position as the true and correct version of what transpired at the plenary, the Information Committee Chairman advised Akwa Ibom people to adhere strictly to all preventive directives by the relevant authorities.
He added that “the 7th Assembly remains appreciative to the Executive for being apt in its approach to curb the spread of the pandemic.”
Also speaking, Rt. Hon. Odudoh said the timely passage of the Bill will enable the state to benefit from the numerous incentives of the World Bank.
Meanwhile, the House has adjourned plenary till May 7, 2020.
