Rivers State Governor, Nyesom Wike has presented a budget of N530b (five hundred and thirty point eight billion naira) for the 2020 fiscal year to the State Assembly.
This is a fifty percent increase from the 2019 appropriation Law of N480b (four hundred and eighty billion naira), which Governor Wike said performed well.
He said the 2020 budget christened Budget of Re-assurance is meant to achieve economic growth, promoting sustainable human capital development, improve human capacity, improve security, job creation and others.
As expected, the Ministry of Works got the lion share of ninety-three billion naira, which will be funded with the Federal Allocation, Internally Generated Revenue and thirteen percent derivation fund.
In all, one hundred and fifty-six billion naira is for re-current expenditure and three hundred and seventy-four billion naira was set aside for capital expenditure which constitutes seventy percent of the total budget with forty Billion naira for Agriculture, forty-nine billion naira for Education, thirty-eight billion naira for Health among others.
The 2020 Appropriation Bill of the Rivers state government provided for the thirty thousand naira new minimum wage, increased funding for pensions, as well as special funding for the equipping of skill acquisition centres to improve human capacity.
According to him, “It is on this optimistic premise that we have come to present the Rivers State Budgetary Estimates for fiscal year 2020 before the State House of Assembly for the consideration and passing into law.
“Mr. Speaker, the 2020 budget is about effective resource mobilization, responsible management of available finances, living within our means and delivering efficient public services to our people. The budget has been prepared within the Revised Medium-Term Expenditure Framework (MTEF) 2020 – 2022 and our Fiscal Strategy Paper.
“Going through the MTEF, you will notice a strong recommitment to fiscal discipline and responsible resource management. We kept our revenue and growth assumptions within feasible limits based on reasonable assessment of the prevailing state of the domestic and national economies and opportunities for growth.
“In 2019, we had a total revenue estimates of N480,411,324,684.00 .
“Mr. Speaker, the total budget for Rivers State for the 2020 fiscal year is N530,813,357,619.00.
“The budget will be funded from the regular revenue sources, including Statutory Allocation, 13% Oil Mineral Fund, Taxes and non-tax revenues such as feeds, fines, permits, rents, interests, dividends, licenses and domestic credit.”
Meanwhile, the Rivers state House of Assembly has said those criticizing Governor Nyesom Wike were doing so in error.
Speaker of the House, Ikuinyi Owaji-Ibani said this in his address during the special session of budget presentation of the 2020 Appropriation Bill.
Owaji-Ibani said the Governor had shown prudence since his assumption of office in 2015 through consistent execution of projects in the state.
The Speaker said the Governor’s emphasis on food security was important, adding that Governor Wike had left a big responsibility for whoever will take over from him.
The Rivers State House of Assembly also passed the revised Medium Term Expenditure Framework.
