Bayelsa State House of Assembly on Monday passed into law the state government’s Appropriation Bill of N251billion for the 2015 fiscal year.
The 24-member House slashed by N69billion the original budget estimate of N320.6billion submitted by Governor Seriake Dickson last December.
A break down of the approved budget christened “A Budget of Continuity” indicated that the sum of N95. 6billion was allocated for capital projects, while personnel cost would gulp N49.4billion, overhead expenditure N49.054billion and N56.9billion for consolidated revenue fund charges.
The House explained that it slashed the initial N320.6billion budget estimate after taken into consideration the dwindling statutory federal allocation to the state due to the current fall in the price of crude oil at the international market.
Speaker Konbowei Benson, who presided over plenary, remarked that the House arrived at the new approved budget figure after painstakingly and realistically reviewing the prevailing economic situation facing the country.
He urged the people of the state to give their support to the polices and programmes of the government in order to deliver the dividends of democracy.