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

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The Edo State Government has approved the downward review of the 2017 budget from the initial ₦153.187bn to ₦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 nation’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,” Ohonbamu said.

He explained that “EXCO, after careful examination and deliberation approved a revision of the 2017 budget from the initial budget sum of ₦153.187bn to ₦127.921bn representing a 16.49% reduction.”

Specifically, the commissioner said that “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.”

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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