Rivers State Gov. Nyesom Wike has presented an appropriation bill totaling N550,666,978, 246 for the 2023 fiscal year.
The 2023 appropriation bill titled “Budget of Consolidation and Continuity’ was presented by the governor during plenary at the Rivers State House of Assembly on Tuesday in Port Harcourt.
A breakdown of the budget showed that over N175 billion naira representing about 31per cent of the total budget is proposed for Recurrent Expenditure, while over N350 billion naira, representing about 63 per cent of the total budget is allocated for Capital Expenditure.
The 2023 budget proposal amongst other economc factors was planned based on an estimated crude oil price benchmark of $70 per barrel at 1.5 million barrel production per day and an exchange rate of N435 to the dollar; as well as a state economic growth projection of between 4.5 and 5 per cent.
The governor noted that the budget will be funded from the Federation Account Allocation Committee (FAAC) receipts, 13 per cent Oil Mineral Derivation Fund, Internally Generated Revenue(IGR), bank loans, sales of state owned assets and grants from development agencies.
Sectoral summary showed that the agriculture Sector would gulp N166 billion on funding and agriculture investment with a view of tackling unemployment and boosting investment for the state.
Over N30 billion was assigned to the education sector to enhance continued implementation of the free Primary and Secondary education, awards of contracts for reconstruction of delspidated public schools, and for the enhancement of the Free School Feeding Program.
Security is expected to gulp N30 billion, N20 billion assigned to special projects such as desilting of canals and drains amongst other projects geared towards environmental conservation.
The proposed 2023 appropriation bill also covered enhancement of the Health sect Youths empowerment, culture, Sports development, women empowerment, employment generation amongst other critical sectors.
Commenting on the budget which has scaled the first reading, Speaker of the House, Mr Ikunyi-owaji Ibani commended the governor on his administration’s achievements.
“The infrastructure you are putting in place have a co-relationship with the development of the future of the state, indeed, your administration is laying a foundation that will take Rivers State beyond this point.
Before now, the concept of continuity had been lacking but you have initiated it to achieve a purposeful and meaningful development in the state,” he said.
