Governor of Rivers State, Nyesom Wike has presented a budget of 550.7 billion naira for the 2023 fiscal year.
Wike presented the 2023 Appropriation Bill tagged Budget of Consolidation and Continuity to the State House of Assembly on Tuesday.
Presenting the budget, the governor said that his administration projected ₦351bn as Capital Expenditure for the 2023 fiscal year.
He explained that his administration has also proposed a Recurrent Expenditure of N175.3bn, representing about 31 percent of the total budget for the 2023 fiscal year.
According to him, the 2023 budget is targeted at delivering economic growth, additional infrastructure, and prosperity for citizens.
He also announced a free feeding programme for pupils in primary schools to increase enrolments.
“We have also provided the sum of N5,000,000,00.00 under Special Projects to introduce and fund a free feeding programme for pupils in our primary schools to increase and sustain enrolments and reduce poverty,” the governor said.
Wike said the 2023 budget proposal is hinged 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.
He noted that 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.
The governor explained that in 2023 the State will spend N73.5bn on salaries of ministries, departments, and parastatals; N 7.8bb on new recruitment; N33.6 on monthly pensions as well as N12bn on gratuities and death benefits.
