The Cross River State Government has slashed its 2020 budget from N1.1tn to N147.1bn.
The cut in the budget represents a downward review of over N950bn.
This was announced by the state Commissioner for Finance, Asuquo Ekpenyong, in Calabar on Monday at a media briefing jointly organised by the Ministry of Finance and the state Internal Revenue Service headed by Akpanke Ogar.
Ekpenyong said the review from N1,100,168,507,687.94 to N147,130,166.966 was necessitated by the impact of the COVID-19 pandemic.
He said, “The budget has been sent to the state House of Assembly for review, consideration and possible resolution. The budget as submitted has a revised figure of N147,130,166,966.”