By EMMA OBI, Calabar –
Governor Ben Ayade of Cross River has trimmed down the 2020 state budget from N1.1 trillion to N147.1 billion.
This brings the total reduction to about N950 billion.
This disclosure was made Monday in Calabar by the state Commissioner for Finance, Asuquo Ekpenyong, during a media briefing jointly organised by the Ministry of Finance and the Cross River State Internal Revenue Service (CRIRS) headed by Akpanke Ogar.
It would be recalled that the Cross River State 2020 Budget was christened “Budget of Olimpotic Meristemasis”.
According to Ekpenyong, “the budget is slashed from N1.1 trillion to N147.1b in the wake of the Covid-19 pandemic, a reduction of over N950b”.
The commissioner added that “the review from N1,100,168,507,687.94 to N147,130,166.966 was necessitated by the impact of the Covid-19 pandemic, and has been sent to the state House of Assembly for ratification”.
“It is no longer news that the world is experiencing one of the most severe public health crises of the last century. I am of course talking about the Corona virus pandemic. This crisis has been more severe than its predecessors due to globalisation. Nigeria and indeed Cross River State is not left out of the crisis”. Ekpenyong said.
“Consequently, the Cross River State Government led by his Excellency, Prof Ben Ayade, decided to do a couple of economic policies in order to forestall the hardship and cushion the effect of the pandemic.”
The commissioner stressed; “one of the policies reviewed is that the Cross River State Government has reviewed its 2020 budget and amended it in line with current economic realities. The budget review exercise had the participation and inputs of all the Ministries, Departments and Agencies (MDAs) including the civil society organisations in the state”. He said.
Similarly, the Executive Chairman of CRIRS, Akpanke Ogar, said the governor had approved reliefs and tax incentives for tax payers in the state to cushion the effect of Covid-19 pandemic.
“This regime of tax incentives has been provided by the State Government, as one of the many avenues for cushioning the impact of the novel Covid-19 pandemic now ravaging most parts of the world,” he stressed.
Ogar gave the list of beneficiaries from the tax relief to include; individuals who earn less than N100,000 monthly, self-employed artisans, petty traders, taxi drivers, owners of restaurants, eateries, pubs, tax rebates and abatement for various businesses.