Governor Ben Ayade of Cross River State has finally revised downward the state’s 2020 budget of N1.1 trillion by over 80 per cent, pegging it now at N147.13 billion.
This was disclosed by the Commissioner for Finance, Mr. Asuquo Ekpenyong Jnr., while addressing journalists on further tax reliefs to the people as a way to cushion the COVID-19 pandemic effects.
Mr. Ekpenyong Jnr. said there had been negative effects of the pandemic on businesses in the state which made many in the tourism and service areas to close shop.
He said, “Due to the grave impacts of the COVID-19 pandemic, there have been telling effects on the Gross Domestic Product (GDP) of the state, thereby making it imperative for the government to look at the state’s budget and needfully revise it downward.”
Ekpenyong said the revised budget had been submitted to the House of Assembly for consideration and passage into law.