Rivers State House of Assembly has passed the state government’s proposed N555, 666, 987.238 medium term expenditure framework (MTEF), for the year 2023-2025.
The passage comes ahead of the planned presentation of 2023 Appropriation Bill to the lawmakers by Governor Nyesom Wike on the floor of the House later this month.
The Speaker Ikwuinyi Ibani-Awaji, who read a breakdown of the MTEF, showed that N350, 977, 495, 537 will be appropriated for capital expenditure.
The sum of N175, 249, 692. 497 is for recurrent expenditure, while N18, 472, 409, 765 will be proposed for planning reserve.
All the 15 lawmakers present at plenary voted in favour of the executive Bill. Those who spoke during the debate supported the proposal.
The Speaker said: “If you look at the three-year sector allocation, you will find out that the total budget size of 2023 fiscal year, as explained in the medium term expenditure framework, particularly in 3 (c), as a whole is N555, 666, 987. 238.
“Out of which N175, 249, 692. 497 is for recurrent expenditure, while personnel cost overhead, social contributions, special programmes, grants and contributions, public debt charges, transfer to internal revenue service and transfer to local governments, N350, 977, 495, 537, will be for capital expenditure.
“The sum of N18, 472, 409, 765 will serve as planning reserve to be allocated to sectors and bilateral discussion to form critical expenditure items not envisaged at the stage of issuing budgets.”
