THE Rivers State Governor, Chief Nyesom Wike, on Wednesday, presented a budget of N470bn for the 2017 fiscal year to the state House of Assembly.
Tagged ‘The golden jubilee budget for accelerated development’, the governor explained that the estimate was projected at 2.1 million barrels per day crude oil production at a benchmark of $40 per barrel.
He stated that while N329bn, representing 70 per cent of the total budget, was earmarked for capital expenditure, N141bn, representing 30 per cent, was for recurrent expenditure.
Explaining that the budget was targeted at consolidating on his administration’s achievements in 2016, Wike pointed out that the 2017 budget would revamp Rivers economy and expand economic opportunities.
The governor said, “We are projecting an aggregate sum of N220bn from FAAC, distributed as follows: N23bn from statutory allocation; N102bn from 13 per cent mineral derivation fund; N16.6bn from VAT; N8bn exchange gain; N70bn for Paris Club and other reimbursements, and N400m from capital receipts.
“We are also projecting to generate an aggregate sum of N168, 857,926,276.00 from IGR.
“Mr. Speaker, as indicated above, the 2017 budget’s strategy is designed towards aligning expenditures with priorities that best support our economic transformation agenda.”
The governor, who also spoke on the performance of the 2016 budget, put at N307bn, said out of the N115bn projected for allocation, only N92.5bn was received, while N73.5bn was received from internally generated revenue out of the expected N120bn as of September, 2016.
Wike said, “In terms of sectoral allocation, the projections show that N14.160bn is allocated to the administrative sector; N115.245bn is allocated to the economic sector, N125.630bn is allocated to the social sector, while N3.050bn is allocated to the law and justice sector; and N70.915bn is allocated to special heads.”
Reacting, the Speaker of the House, Mr. Adams Dabotorudima, stated that the governor had shown that he had the development of people at heart by ensuring that the capital expenditure was more than recurrent expenditure in the 2017 estimate.
The budget was moved to committee stage while the Speaker of the House, directed ministries, parastatals, government agencies and departments to make their presentations to the House Committee on Appropriation before December 30, 2016.
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