Rivers State Governor Nyesom Wike yesterday presented a budget estimate of N483 billion for the 2022 fiscal year to the state House of Assembly for consideration.
Presenting the budget on the floor of the House, Wike said the policy thrusts for the 2022 appropriation bill christened, “Budget of Consolidation,” would focus on the state’s quest for greater economic growth and fiscal consolidation.
The governor said the budget would also enhance job and wealth creation, building first-rate economic infrastructure and achieving equity and social protection through poverty reduction and economic inclusiveness.
He stated that his administration succeeded significantly in managing the resources of the state by building a strong economy in relative to most other states of the federation.
Wike said: “Real tangible growth figures were also posted consistently, which is in excess of five per cent year-in-year-out, especially for the last two years.
“Within Nigeria, our economy is not only stronger than 90 percent of the other states; it has continued to perform better than most others in terms of real economic growth, fiscal consolidation, debt-to-Gross Domestic Product ratio and Internal Revenue Generation.
“The 2022 budget is crafted within the framework of the state’s Medium Term Expenditure Framework, the Economic Strategy Paper, the national economic outlook and the economic growth projections coupled with the various development instruments and programmes.”
The governor stated that the projected recurrent expenditure is N144. 7billion which represents about 30 per cent of the total budget size for 2022 fiscal year while the projected estimate for capital expenditure is N314.9bn which represents about 65 per cent of the budget.
Wike stated that the 2022 budget was pegged on the assumptions of the crude oil benchmark of $50 per barrel, national crude oil production estimate of 1.7 million barrel per day; currency exchange rate of N410 to the dollar; Gross Domestic Product growth rate of between three per cent for the medium term and inflation rate of 13.5 per cent.
The speaker, Rivers State House of Assembly, Rt. Hon. Ikuinyi-Owaji Ibani, noted that the 2021 appropriation bill seeks to consolidate ongoing development as championed by Governor Wike.
Owaji said all members of the assembly knew the exact projects and services that were provided by the Wike administration for the good of the state and its people.