Governor of Rivers State, Nyesom Wike has presented the 2017 appropriation bill of N470 billion before the Rivers State House of Assembly.
The Appropriation Bill is tagged: “The Golden Jubilee Budget 2017 for accelerated development”.
While presenting the budget estimate at Wednesday’s plenary Governor Wike explained that the capital expenditure was 329 billion Naira, while the recurrent expenditure was N141 billion.
He said it was pegged at the daily oil output of 2.1million barrels per day at a benchmark of $40 per barrel, as against federal government’s projections of 2.4million barrel daily export of $45 per barrel benchmark price.
A breakdown of the 2017 budget estimate indicates that road infrastructure got an allocation of N77 billion, education sector will gulp 30 billion, health sector 27 billion Naira, while security is allocated N15 billion.
The Rivers State Governor Nyesom Wike further noted that the 2017 budget was aimed at consolidating on the achievements of his administration in 2016 and to improve the security situation of the state to attract foreign direct investments to the state.
Governor Wike disclosed that the 2017 budget would be funded via revenue receipts from the Federation Account Allocation Committee (FAAC), 13% Derivation proceeds, Value Added Tax (VAT), Reimbursements, Internally Generated Revenue (IGR) and Domestic credits
“This budget is underpinned by the following basic principles: first, enhancing the business environment, including tackling the security challenges for the private sector to grow.
“Expand our tax revenue base, and drive our economy through the value chain into becoming one of the largest economies in West Africa.
“Second, committing a greater proportion of available resources towards infrastructure development and public works to stimulate economic growth, create employment and reduce poverty,” he said.
He added that “the unprecedented increase in the capital expenditure, once again, underscores our commitment to direct substantial resources to the critical growth sectors of our economy.
“This includes addressing infrastructure gaps to accelerate economic growth, secure the state and improve the wellbeing of our people,”
Meanwhile, the Speaker of the Rivers State House of Assembly Dabotorudima Adams directed the House Committee on Appropriation to liaise with the relevant ministries over the estimated bill