Governor Nyesom Wike has presented an appropriation bill of over N483bn for the 2022 fiscal year to the Rivers State House of Assembly for consideration.

Wike said the policy thrusts for the 2022 budget proposal christened, “Budget of Consolidation,” would
focus on the state’s quest
for greater economic growth
and fiscal consolidation, enhancing jobs and wealth creation, building first-rate economic infrastructure, and achieving equity and social protection through poverty reduction and economic inclusiveness.

In a statement issued by his media aide, kelvin Ebiri, in Port Harcourt, Wike said real tangible growth figures were also posted consistently, which is over five per cent year-in, -year-out, especially for the last two years.

Giving a breakdown of the budget, the governor said the projected recurrent expenditure was N144, 764,818,977.00, which represents about 30 per cent of the total budget for  2022 fiscal year.

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He said the projected estimates for capital expenditure was 314, 903,108,116.00bn, which represents about 65 per cent of the total budget.

The governor stated that the 2022 budget was pegged on the assumptions of the crude oil benchmark of $50 per barrel, national crude oil production estimates of 1.7 million barrels per day, currency exchange rate of N410 to the dollar, a gross domestic product growth rate of between three per cent for the medium term, and an inflation rate of 13.5 per cent.

The statement read in part, “Within Nigeria, our (Rivers) economy is not only stronger than 90 per cent of the other states, but it has also 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.

“Although this is yet another ambitious projection, given the challenges of the national economy, we believe we would be able to successfully implement the capital because it is backed by a concrete plan of action and within achievable limits.”

He explained that over half of the capital budget estimate was targeted at the economic and social sectors.

Governor Wike urged the Supreme Court to expedite the trial of the Value Added Tax suit between the Rivers State government and the Federal Government.