Following the effects of COVID-19 Pandemic that has drastically crashed the world economy including that of Rivers State, Rivers State House Of Assembly has commenced moves to review and revise the medium term expenditure framework of 2020-2022.
This followed a letter sent by Governor Wike to the House on the need to review the documents.
Presenting the documents before the House, Majority leader,Hon. Martin Chike Amaewhule recalled that the Assembly has before now approved the Medium Term Expenditure Framework for the same period, explaining that there is need to a review based on the current realities on ground.
He disclosed that the variables employed at the time the initial one was approved included a dollar price of $55 US per barrel of crude oil with a production capacity of over 2 million barrels per day and an exchange rate of #305 for $1US, adding that the global lockdown occasioned by COVID-19 Pandemic distorted the economy of the state and the world at large as major companies, factories and offices wre shut leading to price fall of commodities.
He chronicled the reasons for the review and revise explaining that the unexpected uprise in the economy arising from massive inflow of infrastructural programmes and projects across the state, high investment of human capacity development as well as the short down of economy due to emergence of COVID- 19 prompted the review.
Mr leader also informed that poor revenue receipts and low economic activities are the reasons why the House will also look into the Revised 2020 Budget Estimates.
Speaker, Ikuinyi Owaji-Ibani at the end of the presentation urged members to properly digest the details contained in the documents so as to have a very robust debate on the next legislative date.
