Ernest Chinwo in Port Harcourt
Rivers State Governor, Nyesom Wike, has presented a budget proposal of N530,813,357,619.00 for the 2020 fiscal year to the state House of Assembly for consideration and passage.
He christened the 2020 Budget of Rivers State: “Budget of Reassurance, Profound Impact for Inclusive Growth and Shared Prosperity.”
The proposed budget is N50.8 billion higher than the N480 billion budgeted for 2019.
Presenting the 2020 Budget Proposal to the Rivers State House of Assembly yesterday, Wike said the budget was made up of N156,659,436569.00 recurrent expenditure and N374,153,920,743.00 capital expenditure.
“The capital expenditure for 2020 is estimated to be N374,153,920,743.00, which constitutes nearly 70 per cent of the total budget. The summary of sectorial allocations of the capital expenditure are as follows: Administrative sector – N15,061,008,000.00; Economic sector – N136,444,523,766.60; Law and Justice – N2,400,000,000.00; Social sector – N138,558,553,322.35; Special Head – N57,367,124,462.05 and Loan repayments – N24,322,731,192.00.
“The substantial increase in capital over recurrent expenditure once again reflects and underscores our commitment to direct more resources to the growth and productive sectors of our economy.
“This administration is poised to fulfill every promise it made to our people. Consequently, various expenditure portfolios have been allocated to all the relevant MDAs to fund capital expenditures and deliver physical and socio-economic infrastructure and development for our people,” he said.
The highpoint of the recurrent expenditure was the allocation of funds for the new minimum wage and the recruitment of new employees.
“The sum of N70,227,748,472.32 is earmarked for salaries and wages; N8,000,000,000.00 for the new minimum wage, while N18,429,375,634.45 is for overheads.
“Also, N5,000,000,000.00 is set aside for new recruitments, N3,000,000,000.00 as counterpart fund for pensions, N900,000,000.00 for death benefits and N33,176,728,931.33 as monthly pensions and gratuities. Government has also provided over N400,000,000.00 as counterpart contributions for donor programmes,” he said.
Wike stated that a sum of N93,968,823,766.60 has been provided for the Ministry of Works to continue to fund the strategic road development programme for 2020. He said several roads are under construction, but the state government was committed to delivering some key roads by the end of 2020.
The roads include: Kira–Sakpenw–Bori–Kono road linking Gokana Tai, and Khana local government areas; Andoni -Opobo Unity road linking Opobo/Nkoro and Andoni local government areas; Abonnema Ring Road in Akuku Toru Local Government Area, Isiokpo internal roads in Ikwerre Local Government Area; Rumuekini–Aluu road linking Obio/Akpor and Ikwerre Local Government Area.