Rivers State Governor, Nyesom Wike has presented a budget estimate of 550 billion naira for the 2023 fiscal year.
The budget estimate, which is tagged budget of consolidation and continuity, is the highest to be projected by his administration since assuming office in 2015.
In the budget estimate, Wike provided the sum of N5, 000, 000, 00. 00 under special projects to introduce and fund a free feeding programme for pupils in the primary schools to increase and sustain enrolments and reduce poverty.
The Rivers State governor, whose tenure will lapse in May 2023, said that the budget is aimed at consolidating on his achievements in the state.
Wike noted that the 2023 budget proposal is anchored on the assumptions that crude oil price benchmark will be $70 per barrel at a 1.5 million barrel production per day; an exchange rate of N435 to the dollar; and state economic growth projection of between 4.5 and 5%, among others.
According to him, the budget will be funded from the Federation Account Allocation Committee (FAAC) receipts, 13% Oil Mineral Derivation Fund, Internally Generated Revenue, bank loans, sales of state assets and grants from development agencies.
He disclosed that said the sum of 175 billion naira representing about 31% of the total budget is proposed for Recurrent Expenditure, while the sum 350 billion naira, representing about 63% of the total budget is allocated for Capital Expenditure in line with the vision to prioritize capital expenditures over recurrent.
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