Wike presents N470billion Appropriation Bill for 2017 fiscal year
The Rivers State Governor, Chief Nyesom Ezenwo Wike, on Wednesday presented a budget of N470billion to the State House of Assembly for the fiscal year of 2017. The budget estimate, the governor said, was projected at 2.1 million barrels of crude oil output per day with a bench mark of $40 per barrel.
Christened “the Golden Jubilee Budget for Accelerated Development”, the 2017 Appropriation Bill showed a remarkable increase from the N307billion budgeted by the government in 2016.
Breaking down the 2017 budget, the governor indicated that capital expenditure would gulp N329 billion representing 70 per cent, while N141, 000,000,000.00, representing 30 per cent was proposed for recurrent expenditure.
In his presentation, Governor Wike said: “Rivers State will be 50 years old next year, and to herald this historic landmark, we have christened the 2017 budget “the Golden Jubilee Budget for Accelerated Development. This budget is premised on the need to consolidate on our achievements for 2016 and restore the State’s economy back to a sustained growth path and expand economic opportunities for all.”
Going further, Governor Wike stated that the budget was underpinned by the basic principles of enhancing the business environment, including tackling the security challenges for the private sector to grow, expanding the tax revenue base of the state, and driving its economy through the value chain into becoming one of the largest economies in West Africa.
The governor said that the budget would also basically commit a greater proportion of available resources towards infrastructure development and public works to stimulate economic growth, create employment, and reduce poverty.
He said that priority attention would be given to security of lives and property, infrastructure development and maintenance, education, healthcare delivery, and empowerment.
The governor allocated the sum of N77, 409,275,000.00, representing nearly 40 per cent of total capital expenditures to the Ministry of Works to accelerate the development and expansion of infrastructure throughout the state in 2017.
The budget also indicated that N30 billion was allocated to the Ministry of Education for 2017 to invest in providing educational infrastructure and improving the quality of education in the State; the health sector got N27billion; Women and Youth Development was allocated N1b for empowerment programmes; while another N12billion was spread across the budget for women empowerment.
“As we have often stated, the days of wasting scarce public resources on frivolities or unviable social and economic programmes are over for good. We have demonstrated in the last 17 months that focusing on real priorities not only delivers progress but also enables us to do more with less, and we will not deviate from this position in 2017.
“Furthermore, we shall continue to encourage, support and attract private-sector investments, both local and foreign, in the diverse sectors of our economy to create well-paying jobs, reduce poverty, and improve the socio-economic conditions of our people,” he said.
On the financing of the budget, the governor said that the 2017 budget would be funded from revenue receipts from the Federation Account Allocation Committee, FAAC, the 13% Derivation proceeds, Value Added Tax, VAT, Reimbursements, Internally Generated Revenue, IGR, and Domestic credits.
He said that the unprecedented increase in the capital expenditure underscored government commitment to direct substantial resources to the critical growth sectors of the economy of the state, including addressing infrastructure gaps to accelerate economic growth, secure the State, and improve the wellbeing of our people.
Responding, the Speaker of the Rivers State House of Assembly, Rt. Hon. Dabotorudima Adams said the content of the budget, particularly as the capital expenditure was more than the recurrent, showed that the governor was committed to the development of the state and thanked him his doggedness in piloting the affairs of the state.
Soon after the presentation, the Speaker committed the Appropriation Bill to the Committee stage on the floor of the Assembly and the lawmakers immediately commenced debate on it.
Rivers State Governor, NyesomEzenwo Wike (r) and the Speaker of the House of Assembly, Rt Hon Dabo Adams after the presentation of 2017 Budget to the Rivers State House of Assembly on Wednesday by the governor.
Rivers State Governor, Nyesom Ezenwo Wike laying the 2017 State Budget Christened “the Golden Jubilee budget for accelerated development” before the Rivers State House of Assembly on Wednesday.
Rivers State Governor, Nyesom Ezenwo Wike laying the 2017 State Budget Christened “the Golden Jubilee budget for accelerated development” before the Rivers State House of Assembly on Wednesday.
R-L: Deputy Governor Ipalibo Harry Banigo, Rivers State Governor, Nyesom Ezenwo Wike, Speaker of the House of Assembly, Rt Hon Dabo Adams, Clerk of the House, Stanford Oba and Majority Whip, Evans Bipi after the presentation of 2017 Budget to the Rivers State House of Assembly on Wednesday by the governor
