Wike presents N510 billion budget for 2018

Rivers State Governor, Nyesom Wike has presented N510 billion Appropriation Bill for the 2018 fiscal year to the state House of Assembly.Presenting the document yesterday, he said the Budget of Consolidation, Advancement and Empowerment, was aimed at consolidating and advancing the state’s  investments in infrastructure, education, healthcare and security.

It is also targeted at growing the economy to create jobs for the youths and empower the people of the state in different sectors.The governor explained to the House that capital expenditure was allocated N379 billion, while recurrent expenditure received N132 billion.

Wike disclosed that the budget would be financed through revenues from the Federation Accounts Allocation Committee (FAAC) amounting to N40 billion, 13 per cent oil fund of N120 billion and value added tax (VAT) of N6 billion.

Other sources of financing the budget are projected internally generated revenue (IGR) of N132 billion, reimbursements of   N70 billion, domestic and international credits of N70 billion and capital receipts estimated at N20 billion.

The governor said the substantial increase in the capital expenditure, which has 75 per cent and the recurrent expenditure with 25 per cent allocation underscores his administration’s commitment to direct substantial resources to the critical growth sectors of the state’s economy.

Highlights of the budget showed that the Ministry of Works was allocated N90 billion while N35 billion was budgeted for the Special Projects Bureau (SPB) to fund the delivery of capital projects in the 2018 Appropriation Bill.