Covid-19: Taraba Government Reviews Its 2020 Budget

Must Read

- Advertisement -

As a way of responding to the Coronavirus pandemic in Nigeria, the Taraba state government has trimmed down its 2020 budget from N215,923, 576,810.00 to N176, 616, 318, 475.000.

This was disclosed by the Commissioner for Budget and Planning, Hon. Solomon B. Elisha while briefing media practitioners on the current details of the 2020 budget, said 12.60% of the total revised expenditure has been dedicated to the fight against COVID-19, stating that “the COVID-19 response has taken 12.60% of the total export of the revised budget size and it cuts across the sectors bordering on crisis, recovery, mitigation, livelihood and palliative.”

Covid-19: Taraba Government Reviews Its 2020 Budget
Commissioner for Budget and Planning, Hon. Solomon B. Elisha addressing the press on why the state’s 2020 Budget was reviewed.

The Commissioner revealed that the downward review was necessitated by the prevailing situation heralded by the COVID-19 pandemic.

Citing the sharp decrease in the amounts accrued to the state in the first quarter of 2020, Hon. Elisha said, “the state has no reason to go beyond the projection of the Nigeria Governors’ Forum (NGF) and the Federal Government has the power to generate and share from this source.”

- Advertisement -

To however ensure that the revised budget sees the light of the day, the Taraba state government, as made known by him, has obtained permission through the legislature to access loans from commercial banks.

According to him, agreements have been signed with some of these creditors and an Irrevocable Standing Payment Order (ISPO) with Access Bank which is already in operation to fund some of the capital projects.”

Read Also:  AVERAGE PRICE OF 1KG OF YAM TUBER DECREASED BY 13.38% to N223.63 IN OCT. 2017 FROM N259.51 IN SEP. 2017 – NBS

Honourable Elisha said that the state government has made a commitment of funders to some World Bank Assisted Projects and other funds as matching grants, stating that other commitments have also been with external partners to supply farm inputs.

In the area of water supply, the African Development Bank (AfDB) as revealed by the commissioner has since been engaged in the provision of potable water in some urban centres of the state.

- Advertisement -

The Taraba state commissioner who also disclosed that the revised budget received the blessings of the entire members of the State House of Assembly and that due process was duly followed to the end said that Governor Ishaku has assented to the reviewed budget.

He said that the Internally Generated Revenue (IGR) of Taraba which was earlier pegged at over N6 billion for the fiscal year in question was not altered despite the adverse effect of the pandemic and the reason tied to the apron string of back-logs of revenue arrears to be collected especially the federal government’s IPPS with over N4 billion out of which more than half have already been recovered.

- Advertisement -
spot_imgspot_img

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Covid-19: Taraba Government Reviews Its 2020 Budget - Brand Spur

DirectAsia Reveals 5 Factors That Could Influence Your Car Insurance Quotes...

SINGAPORE - Media OutReach - 14 May 2021 - Despite global economic disruptions brought about by the COVID-19 pandemic, car insurance premiums remain steep in Singapore. In a bid to help car owners make informed decisions about their vehicle insurance coverage and ensure accessibility of car insurance, DirectAsia, Singapore's leading online insurer, points out that individuals must first be educated on the determinants of one's policy. The organisation thus puts its support behind car owners by revealing several factors that insurers weigh when pricing out a quote.


Covid-19: Taraba Government Reviews Its 2020 Budget - Brand Spur


1. Vehicle Make and Model

Continental cars, luxury cars and SUVs are typically tied to higher insurance rates. These can be attributed to the importing fees and expensive parts. On the contrary, vehicle owners can anticipate lower insurance rates when owning a car from Japanese or Korean brands.

2. Age of Car

New vehicles are obligated to higher insurance rates as the potential costs of repairing or replacing the car parts are being considered. The rates dip as the car ages and stay at a minimum when the vehicle reaches ten years or more.

3. Experience & Age of Insured


Given that younger drivers have a higher propensity to take risks while driving and pose a greater likelihood of being involved in car accidents, insurers tend to charge higher rates for this age group. This also applies to novice drivers with less than two years of experience behind the wheels. Following that are senior drivers above the age of 65, who may have higher risk of accidents on the roads.

4. Vehicle Modifications


Car modification is one of the lesser-known factors that could raise your insurance premium. Despite that, DirectAsia emphasises the importance of declaring any modifications to the insurer or prospective insurer, as non-disclosure may result in future claims being repudiated.

Read Also:  COVID-19: Taraba Government Rejects 100 Almajiris From Nasarawa State

5. Claim History

Lastly, claim history is also added to the equation. If a single claim above $10,000 or two or more claims were made in the past three years, insurers might add on loading fees, which results in a higher base premium.

Conversely, individuals with good driving records and no past claims within one year or more are entitled to no claim discount(NCD). This can go up to 60% at DirectAsia.

Revolutionising Car Insurance in Singapore and Beyond


Besides understanding the rating factors, DirectAsia highlights that finding the right insurer to meet an individual's unique lifestyles, preferences and needs is equally critical.

Reflecting DirectAsia's relentless commitment to delivering unrivalled value are its tailored and transparent policies, complemented with exclusive promotions and optional benefits like NCD Protector Plus, Compensation for Loss of Use and more. Both experienced and inexperienced drivers can expect highly customisable motor insurance policies from the award-winning insurer.

Interested individuals can reach out to DirectAsia for a no-commitment quote here.

About DirectAsia Singapore

DirectAsia, a subsidiary of the Hiscox Group, was launched in Singapore in 2010 with a goal of changing the face of insurance in Asia. The industry leader places its customers at the forefront and seeks to make insurance less complex by offering quick, convenient and transparent online insurance policies that are jargon-free. For more information, please visit: https://www.directasia.com/.


#DirectAsia

Covid-19: Taraba Government Reviews Its 2020 Budget - Brand Spur
- Advertisement -
spot_imgspot_img

Latest News

DirectAsia Reveals 5 Factors That Could Influence Your Car Insurance Quotes in Singapore

SINGAPORE - Media OutReach - 14 May 2021 - Despite global economic disruptions brought about by the COVID-19 pandemic, car insurance premiums remain steep in Singapore. In a bid to help car owners make informed decisions about their vehicle insurance coverage and ensure accessibility of car insurance, DirectAsia, Singapore's leading online insurer, points out that individuals must first be educated on the determinants of one's policy. The organisation thus puts its support behind car owners by revealing several factors that insurers weigh when pricing out a quote.


Covid-19: Taraba Government Reviews Its 2020 Budget - Brand Spur


1. Vehicle Make and Model

Continental cars, luxury cars and SUVs are typically tied to higher insurance rates. These can be attributed to the importing fees and expensive parts. On the contrary, vehicle owners can anticipate lower insurance rates when owning a car from Japanese or Korean brands.

2. Age of Car

New vehicles are obligated to higher insurance rates as the potential costs of repairing or replacing the car parts are being considered. The rates dip as the car ages and stay at a minimum when the vehicle reaches ten years or more.

3. Experience & Age of Insured


Given that younger drivers have a higher propensity to take risks while driving and pose a greater likelihood of being involved in car accidents, insurers tend to charge higher rates for this age group. This also applies to novice drivers with less than two years of experience behind the wheels. Following that are senior drivers above the age of 65, who may have higher risk of accidents on the roads.

4. Vehicle Modifications


Car modification is one of the lesser-known factors that could raise your insurance premium. Despite that, DirectAsia emphasises the importance of declaring any modifications to the insurer or prospective insurer, as non-disclosure may result in future claims being repudiated.

5. Claim History

Lastly, claim history is also added to the equation. If a single claim above $10,000 or two or more claims were made in the past three years, insurers might add on loading fees, which results in a higher base premium.

Conversely, individuals with good driving records and no past claims within one year or more are entitled to no claim discount(NCD). This can go up to 60% at DirectAsia.

Revolutionising Car Insurance in Singapore and Beyond


Besides understanding the rating factors, DirectAsia highlights that finding the right insurer to meet an individual's unique lifestyles, preferences and needs is equally critical.

Reflecting DirectAsia's relentless commitment to delivering unrivalled value are its tailored and transparent policies, complemented with exclusive promotions and optional benefits like NCD Protector Plus, Compensation for Loss of Use and more. Both experienced and inexperienced drivers can expect highly customisable motor insurance policies from the award-winning insurer.

Interested individuals can reach out to DirectAsia for a no-commitment quote here.

About DirectAsia Singapore

DirectAsia, a subsidiary of the Hiscox Group, was launched in Singapore in 2010 with a goal of changing the face of insurance in Asia. The industry leader places its customers at the forefront and seeks to make insurance less complex by offering quick, convenient and transparent online insurance policies that are jargon-free. For more information, please visit: https://www.directasia.com/.


#DirectAsia

Covid-19: Taraba Government Reviews Its 2020 Budget - Brand Spur
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img