Gov. Wike Presents 2023 Budget of N550.6bn to Rivers House of Assembly

Rivers State Governor Nyesom Wike on Tuesday presented the 2023 Appropriation Bill before the Rivers State House Assembly.

The Governor presented a budget estimate of N550,666, 987, 238 for consideration by the House.

The recurrent expenditure of N175, 249, 692, 497 representing about 31% of the entire budget was proposed.

For the capital expenditure, N350, 977, 495, 537 was proposed by the governor which represents 63.2% of the entire budget.

The governor, who presented the appropriation bill to the state’s House, also announced a free feeding programme for pupils in primary schools to increase enrolments.

Wike explained that his administration projected ₦351bn as Capital Expenditure for the 2023 fiscal year.

The Governor explained that in 2023 the State will spend N73.5bn on salaries of ministries, departments and parastatals; N 7.8bb on new recruitment; N33.6 on monthly pensions as well as N12bn on gratuities and death benefits.

Wike said the fiscal year 2023 budget was targeted at delivering economic growth, additional infrastructure and prosperity for citizens.

He said that while no new projects might be awarded, the administration would galvanise efforts and resources to complete all ongoing projects so that the new government could start on a clean slate.

The Governor said in 2021 and 2022, the state government introduced many fiscal measures, including a moratorium on external borrowing to achieve economic growth, fiscal discipline and financial consolidation.

“These measure have significantly blocked revenue leakages, improved the atate capacity for internal revenue generation and prevented unsustainable deficit financing.

“We have, therefore, resolved to continue with the existing fiscal measures for the year 2023. This means that there would be no increase in tax rates. No new taxes will also be introduced.

“However, we will continue to intensify our drive to significantly improve IGR by expanding opportunities for more investments, industrialization, and efficient tax collection,” the Governor said. (Daily Post)
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