Rivers Consolidation, Continuity Budget Scales First Reading At Assembly

The 2023 Appropriation Bill, presented by the Rivers State Governor, Chief Nyesom Wike, yesterday, scaled the first reading on the floor of the state House of Assembly.
The state lawmakers had decided to expeditiously and conscientiously deliberate on the fiscal spending legislation in the next sitting of the House.
Earlier, the Rivers State Governor, Chief Nyesom Wike, had presented an Appropriation Bill of N550, 666,987,238.00 for the 2023 fiscal year to the state House of Assembly for consideration.
Wike while giving a breakdown of the budget, said the projected recurrent expenditure is N175, 249, 692, 497, which represents about 36.8percent of the total budget, while the projected estimates for Capital Expenditure is N350, 977, 495, 537, representing about 63.2percent of the total budget.
The governor said the policy thrusts for the 2023 budget proposal christened, “Budget of Consolidation and Continuity,” would focus on delivering economic growth, additional infrastructure and prosperity for citizens.
He noted that the 2023 budget was based on the framework of the state’s Medium Term Expenditure Framework (MTEF), the State’s Economic Strategy Paper (SESP), the national economic outlook and the state’s economic growth projections pegged on the assumptions of crude oil benchmark of $70 per barrel, national crude oil production estimates of 1.7million barrels per day, currency exchange rate of $435.57 to the Dollar, a gross domestic product growth rate of between three per cent, an inflation rate of 13.1per cent and state economic growth projection between 4 and 4.5percent.
He explained that the budget would be funded from FAAC receipts, 13percent oil mineral derivation fund, IGR, Value-Added Tax (VAT), Federal Government’s bridging facility and refunds, commercial bank loans, sale of state assets and grants from international development agencies.
Wike emphasised that the projected recurrent expenditure would be deployed to meet government’s administrative obligations on salaries, pensions and gratuities for civil servants and overheads for the day-to-day operations of the government and Ministries, Departments and Agencies (MDAs).
The governor pointed out that the 2022 capital expenditures posted impressive performance as capital receipts were judiciously utilised to fund infrastructure projects, including roads, bridges, and flyovers as well as investments in human capital development in the areas of education, healthcare and citizen’s security.
According to him, “New projects may not be awarded in 2023, except where such is considered very significant.
“My administration will galvanise efforts and resources to complete all ongoing projects so that the new government can start on a clean slate, unencumbered”, he noted.
He also pointed out that adequate provisions would be made on all aspects of the administration’s priorities, including law, order, security and justice; sustainable physical infrastructure, such as roads, bridges and jetties; and human capital development – education, healthcare, skill acquisition, business development, job creation, women and youth empowerment, agriculture and poverty reduction.
Wike acknowledged the unity of purpose, togetherness and support accorded his administration by the state House of Assembly over the last seven and half years, and assured of his administration’s commitment to use the 2023 budget to deliver more transformative infrastructure and other strategic projects and services to move the state closer to the point of self-sustainability.
In his remarks, the Speaker of the State House of Assembly, Rt Hon Ikuinyi-Owaji Ibani, noted that Wike, had through prudent allocation of resources, put in place a roadmap for the development of the state.
Ibani, who commended the governor for his achievements in the past seven years, noted that his numerous infrastructure projects, would impact positively on the development of the state in future, and assured of speedy consideration of the budget.

By: Ike Wigodo