The Kwara State Government has said that it will on Friday begin its 2020 budget review session.
This is designed to rework the N162bn budget to align with the current global economic realities.
This was contained in a statement by the Commissioner for Finance and Planning, Mrs Oyeyemi Olasumbo, in Ilorin on Wednesday.
She said the review sessions would be staggered in order to avoid overcrowding in line with the COVID-19 safety protocols.
The budget had, among other fundamentals, been predicated on a benchmark oil price of $57 per barrel. However, crude price now hovers around $20, as of Wednesday.
Earlier, the state governor, AbdulRahman AbdulRazaq, hinted that the state might lose up to 50 per cent of its federal allocation for the month of May 2020.
This, he said, was because of the shortfall in the oil revenue due to the global fall in the price of crude in the international market.
AbdulRazaq said this while addressing representatives of civil society at a meeting attended by heads of prominent community-based organizations in the state.
He said, “Kwara may receive as low as N1.5bn from the federal allocation in May, down from an average of N3bn in the previous months, as the NNPC might be unable to contribute anything to the national purse.
“We need to balance expectations with available resources. We are reviewing the budget. We will have to cut down on some capital projects but we do want to prioritize social investments. We have to build a new economy based on our new realities. We will need your feedback.”