Governor Nyesom Wike of Rivers State has signed into law the revised 2020 Appropriation Bill. This followed the presentation of the budget by the Majority Leader of the state House of Assembly, Hon. Martin Amaewhule, to him at the government House, Port Harcourt.
Total figure of the revised budget for 2020 fiscal year signed by the governor is N300, 370,071,183.33.
It is a 48 percent reduction from the N530, 813,357,619.00 originally budgeted for spending.
Governor Wike said the unfortunate effect of the COVID-19 pandemic, particularly in Nigeria, necessitated the downward review of the budget.
The implication of the review of the budget, according to him, was that budgetary allocations including capital and recurrent expenditure had been reduced.
However, this, he said, would not affect the delivery of quality developmental projects and services to Rivers people.
“It is most unfortunate that everybody is living a different life now because of the pandemic, which calls for us to face the economic reality.
“The COVID-19 has affected economic activities and revenues of government, and so it became necessary to review our budget.