Bauchi State Government says that it will review its 2020 budget to align with the current economic realities caused by dwindling oil prices and shortfalls in revenue occasioned by the COVID-19 pandemic.
The State Commissioner of Budget and Economic Planning, Dr Aminu Gamawa, who disclosed this to newsmen shortly after the State’s Executive Council meeting said the review of the budget became necessary to do what is realistic in view of the dwindling oil prices caused by coronavirus.
As part of its fiscal adjustment measures, he disclosed that the state government had created a stabilization account that will galvanize resources to feel the funding gap created by the downfall in oil prices and to reduce the impact of the economic downturn caused by the pandemic.
He said: “The council has approves the creation of a stabilization account and cutting down unnecessary spending as part of our economic stimulus package. Oil prices have continued to fall, we if did not review our budget, then we will be deceiving the people because the current economic realities are not favorable for us to move on with our initial plans.”
The commissioner assured that the state government would support farmers, especially through provision fertilizers and other necessary inputs to boost agricultural activities, urging the people, especially the youths, to embrace agriculture in order to guarantee food security in the state.