Wike presents N510 billion budget estimate

Wike presents N510 billion budget estimate

Governor Nyesom Wike of Rivers State has presented the 2018 Appropriation Bill of N510 billion to the state’s House of Assembly for consideration and subsequent approval.

Governor Wike said the budget, christened  “Budget of Consolidation, advancement and empowerment”,  would consolidate and advance the State’s  investments in infrastructure, education, healthcare, and security, as well as in growing the economy to create jobs and empower the people.

Presenting the budget proposal to the Assembly, on Thursday, the governor said the proposed 2018 State budget has N379, 997, 687, 404.00 as capital expenditure, while  N132 billion would be used for recurrent expenditure.

His words, “This gives a capital to recurrent expenditure ratio of 75 to 25 percent respectively. The substantial increase in capital over recurrent expenditure, once again, underscores our commitment to direct substantial resources to the critical growth sectors of our economy”.

Governor Wike further said that the  budget would be funded from Federation Account Allocation Committee (FAAC)    N40 billion; 13 percent oil minerals fund: N120 billion, VAT: N6 billion: Internally Generated Revenue (IGR): N132 billion, Reimbursements:  N70 billion, Domestic/International  Credit N70 billion and Capital receipts N20 billion.

The governor stated that a total portfolio of N90 billion and N35 billion have been allocated to the Ministry of Works and the Special Projects Bureau respectively, to fund the delivery of capital projects in the 2018 budget.

He said that the administration is committed to the completion of key projects in different parts of the state. The projects included: dualization of Saakpenwa – Bori road; dualization of Slaughter – Trans Amadi – Garrison road;  dualisation of Elelenwo – Akpajo road;  dualization of Oil mill – Woji – Elelenwo – Akpajo road, dualisation of Prof. Tam David West (Obiriikwerre – Airport) road; The Andoni – Opobo (Unity) road; and  Internal road network in Abonnema in Akuku Toru Local Government Area, Amadi-Ama in Port Harcourt Local Government Area, Okochiri in Okrika Local Government Area, Elele and Isiokpo in Ikwerre Local Government Area, among others.

Sun

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