Oil slump: Ondo reviews N168bn 2014 budget

Oil slump: Ondo reviews N168bn 2014 budget


Following the drop in global crude oil price, which has
resulted in the cut in federal allocation to states, the Ondo
State House of Assembly has begun the review of the
state’s N168bn 2014 Appropriation Act.
The bill for an amendment of the law scaled the second
reading on Tuesday at the House’s plenary after members
blamed the current crisis in the international oil market for
the country’s present economic woes.
House Majority Leader, Mr. Gbenga Akinsoyinu, moved
the motion, seeking the amendment to the budget of N168bn
even though it is barely a month to the end of the fiscal
year.
He argued that it was not unusual for amendments to be
done on budgets, noting that it was a normal global
practice.
The House however supported the amendment to the
budget, after Mr. Demo Aderoloye, had seconded the
subsisting motion.
Fidelis Akinwolemiwa, who is the Chairman, House
Committee on Appropriations, noted that “the fall in the
price of oil at the world market brought about the review
of the Act.”
According to him, the dwindling oil revenue is affecting
Nigeria and other economies of the world, adding that the
situation should not result in panic.
Deputy Speaker, Dare Eniola, also allayed the fears of
Ondo citizens over the situation, saying the situation
would certainly be brought under control.