Katsina Gov signs 2020 supplementary budget into law

Katsina State Governor Aminu Bello masari has signed the supplementary budget for the year 2020 into law.

This is the first time in the last five years for the state to witness a down ward review of its annual budget after it has been assented to.

Tvcnews correspondent Abdullatif Yusuf reports that the initial approved estimates for the budget was about 244 billion naira but it has now been reduced to 213 billion naira.

The signing of the deficit budget at Katsina state government house was witnessed by state lawmakers and other stakeholders.

The initial budget was reduced by 13% to enable government concentrate on achievable targets in the fiscal year.

The government is responding to present economic realities prompted by the Corona virus outbreak and growing insecurity in the state.

The unraveling economic crisis is a challenge that has affected countries across the globe, and governments both at national and state levels are already developing strategies to keep afloat.

The federal government has reduced the oil bench from 50 to 30 dollars per barrel as it adjusts to the economic crisis.

But it is expected that if the situation improves, states may increase on their projections for the year 2020.