Edo cuts 2017 Budget by 16.49% over macro-economic performance

The Edo State Government has approved the downward review of the 2017 budget from the initial N153.187bn to N127.921billion, representing a 16.49% reduction.

In a statement issued after an emergency Executive Council meeting held at the Government House in Benin City, the Commissioner for Communication and Orientation, Paul Ohonbamu, said the downward review was occasioned by the sub-optimal performance of the nation’s macro-economic environment.

Ohonbamu said: “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.

“EXCO, after careful examination and deliberation approved a revision of the 2017 budget from the initial budget sum of N153.187bn to N127.921bn representing a 16.49% reduction.”

Specifically, the commissioner said “the 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”.