Rivers State Governor, Nyesom Ezenwo Wike on Tuesday signed the 2018 Appropriation Bill of the state into law.
The budget of N510billion was passed by the Rivers State House of Assembly in January.
The Budget has N379, 997, 687, 404.00 as capital expenditure, while N132 billion will be used for recurrent expenditure which gives a capital to recurrent expenditure ratio of 75 to 25 percent respectively,
The 2018 budget will be funded from FAAC N40, 000,000,000.00,13% oil minerals fund: N120, 000,000,000.00 VAT :N6, 000,000,000.00: Internally Generated Revenue: N132,000,000,000.00,Reimbursements: N70,000,000,000.00, Domestic/International Credits N70,000,000,000,000 and Capital receipts N20,000,000,000.00.
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.
The governor signed the budget in the presence of members of the Rivers State House of Assembly and the State Executive Council at the Government House Port Harcourt on Tuesday.
Governor Wike assured that the budget will be implemented diligently.
He said that the Rivers State Government will fast track the implementation of the budget, which will lead to greater development of the state.
He also commended the State Legislators for expediting the process that led to the passage of the 2018 budget.
“You passage of this budget means that we will expedite action on several areas of development. At present, we have already started work”.
The governor also called on members of the Rivers State House of Assembly to work with relevant agencies to implement their respective constituency projects.
He said that funds for the implementation of the 2017 constituency projects have been released , while that of 2018 will be released after proper account is given for that of last year.
The governor also signed the Keenule Beeson Saro-Wiwa Polytechnic Law No. 3 of 2018, Rivers State Waterways Law No. 4 of 2018 and Rivers State Local Government Law No. 5 of 2018.