Diri Cuts Bayelsa Budget By 24.3%
The Bayelsa Governor, Douye Diri, has cut the state’s 2020 budget by 24 percent.Governor Diri said that the decision was reached following a drop in monthly revenue occasioned by the COVID-19 pandemic.
He said the anticipated projections of the initial budget had to be re-evaluated to reflect the current realities of the global economic downturn occasioned by the devastating impact of the COVID-19 challenge. According to the governor, all the parameters used in the previous budget, which was presented to the state assembly on April 22, had been overtaken by the effects of the health crisis.
“The effect of the global lockdown has resulted in low demand for crude oil, which is Nigeria’s major earner. The price of oil dropped to as low as $20 per barrel in some months as against the $55 per barrel benchmark.
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