Chief Nyesom Wike presents N307bn budget proposal

Rivers State Governor, Chief Nyesom Wike, has presented a budget proposal of N307bn tagged ‘Budget of Consolidation’....


Wike, who made the budget presentation before the State House of Assembly at about 5:20pm on Friday, said it (budget) would avail him the opportunity to consolidate on the achievements of his administration within the past six months.

The budget presentation came just two weeks after the Assembly had passed the 2015 Supplementary Appropriation Bill of N104.2bn.

The governor’s budget was N31bn less than former Governor Chibuike Amaechi’s 2015 budget, which was pegged at N338bn.

Presenting his proposal, the governor suggested that N120bn would be for recurrent expenditure in the fiscal year, while N187bn was earmarked for capital expenditure.

He recalled that the sum of N219bn was earmarked for capital expenditure in the 2015 Budget while N119bn was for recurrent expenditure for the same year.

According to Wike, the proposed budget will be financed through traditional sources of Federation Account and Internally-Generated Revenue, adding that his administration would diversify the economy of the state from oil to agriculture and industrialisation.

In his remark, the Speaker of the House, Mr. Ibani Ikuinyi-Owaji, hailed the governor’s 2016 budget estimation, adding that no personal interest would override the interest of the state.