Governor Nyesom Wike of Rivers State has presented a N448b appropriation bill for the 2021 fiscal year to the state House of Assembly.
The governor presented the budget to the lawmakers on Wednesday in Port Harcourt, the Rivers State capital.
According to Wike, the 2021 budget has 305 billion naira earmarked for capital expenditure while 142 billion naira is for recurrent expenditure.
The Governor said the budget christened; “Budget of Recovery and Consolidation” represents over 20 per cent increase from the 2020 revised budget of three hundred billion naira.
Wike noted that the increase in the recurrent budget follows the need to eradicate poverty which is often achieved through government spending.
He said the capital expenditure, representing 68.18% of the total budget size, constituted as follows: Administrative sector N 87, 790,330,011.37; Economic sector N 105,077,364,248,.81; Law and Justice N1,742,996,000.00; Social sector – N 132, 656,033,322.35 and Deductions/Loan repayments N38,000,000,000.00.
The governor explained that the capital budget will be deployed to advance economic growth and social progress by targeting and prioritizing investments.
He said the sum of N82,957,295,248.81 has been provided for the provision of infrastructure, including roads, bridges, and completion of flyover projects at Okoro-Nu-Odo, Rumuola, Rumuogba, and Port Harcourt GRA junction.
“We will also deliver the Ogoni – Andoni – Opobo unity road, the Eastern bypass dualization, 6th and 7th flyover projects and the Wakama road as well as all other ongoing rural roads in our communities and local government areas across the State.”
He said the Recurrent Expenditure of N142,776,489,415 represents 31.82 per cent of the 2021 budget. Out of this sum, he said N76,198,906,179 is for personnel costs; N18,863,016,430 is for overheads and N47,704,566,804 will be for grants and transfers to the consolidated revenue charges.
The budget, however, failed to capture the implementation of the minimum wage agreement with organised labour on consequential salary adjustment to implement the annual salary increment in the state.