Rivers: Wike Proposes N480 Billion Budget For 2019

Rivers State Governor Nyesom Wike has proposed four hundred and eighty billion naira for the 2019 appropriation Bill.

The 2019 appropriation bill christened, “Budget of Sustainable Growth and Economic Development” will be funded from the States Internally Generated Revenue and the funds from the monthly Federal Allocation.

In the proposed Bill, one hundred and fifty seven billion naira is for the recurrent expenditure, while two hundred and twenty three billion naira was set aside for capital expenditure.

Governor Wike said the 2018 budget recorded substantial improvement with a twenty five percent increase in the IGR.

Presenting the 2019 Appropriation Bill to the House, Governor Wike said the strategic thrust for the 2019 budget is to promote economic growth and diversification, create jobs and reduce unemployment; take as many of Rivers people out of poverty and improve the standard of living of Rivers State.

The budget is premised on an oil price bench mark of 55 United States Dollars per barrel, which is 5 dollars lower than that of the Federal Government.

He said because the 2019 Appropriation Bill has set priorities for human capital development and infrastructural provision, a substantial part of the capital budget is allocated to the Ministries of Agriculture; Education; Employment Generation and Empowerment; Health; Sports Development; Women Affairs; Works; and Youth Development.

The governor proposed N72, 911,765,640.21 billion naira for the construction and improvement of the State’s road network and transport infrastructure.

According, “The capital allocation of 323,288,970,085.00 for the 2019 fiscal year represents 65 per cent of the total budget. This sum is however less than the figure for 2018 by N57, 708,717,319.00 due to the reduction in the total size of the 2019 budget as against that of 2018.

“This sum, which constitutes about 24 per cent of the total capital budget, will be utilized to continue with the funding of the construction and completion of roads.

“The sum of 18,000,000,000.00 has been proposed to fund all aspects of securing and keeping Rivers State safe, peaceful and secure, including the operationalisation of the recently established State Neighbourhood Safety Corps programme.

Speaker of the Rivers State House of Assembly, Ikuinyi-Owaji Ibani said the House will give the budget the required consideration in the interest of the state.

He noted that the House had already approved the Medium Term Expenditure Framework, which will form the basis of the budget’s consideration.

The budget passed through its first reading after the State Governor laid the budget on the table.