The Kwara State Governor, AbdulRahman AbdulRazaq on Wednesday said the state government will have to cut down some capital projects as the country weathers the storm of global economic meltdown that comes with plummeting oil prices.
In a statement sent to THE INFORMANT247 by his spokesperson, Rafiu Ajakaye, he said Kwara may receive as low as N1.5bn from the federal allocation from May, down from an average of N3bn in the previous months, as the NNPC might be unable to contribute anything to the national purse.
AbdulRazaq said, “The world is in a dire strait. There are no resources. 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 prioritise social investments. We have to build a new economy based on our new realities.”