Bauchi State government says it will review its 2020 budget in order to meet up with the current economic realities caused by dwindling oil prices and shortfalls in revenue.
Dr Aminu Gamawa, the state’s commissioner for budget and economic planning who briefed newsmen at the end of the State’s executive council meeting said the review of the budget was necessary in view of the dwindling oil prices caused by coronavirus.
The commissioner who said the coronavirus pandemic has affected oil prices at the international level opined that Bauchi state “has to review its budget and do what is realistic.”
“Oil prices have continue 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”, he said.
Dr Gamawa said as part of measures to reduce the impact of the economic downturn caused the by the pandemic, the state government has created a stabilization account that will galvanize resources to feel the gap created by the downfall in oil prices.
“The council meeting approves the creation of a stabilization account and cutting down unnecessary spending as part of our economic stimulus package”, he added.
He said the council shall incentivize local farmers in Bauchi state by providing necessary support “because that is where our strength lies at the moment.”
“We are calling on the people of Bauchi State particularly the youths to key into agriculture, because food security is very important especially during recessions.
“So if we can be able to feed ourselves through sustainable agriculture, that will help reduce the economic wrath caused by onomic recession”, he added.
The commissioner also said as part of measures to reduce the economic pain associated with coronavirus in the state, the council has consolidated measures to properly sanitize the payroll system in the state.