Illegal Crude Refiners Ruining Our Health, National Economy - Wike

Governor Nyesom Wike has presented the Rivers State House of Assembly with a budget of N483, 173 billion for the 2022 fiscal year.

He said during the presentation that the 2022 Appropriation Bill, dubbed “Budget of Consolidation,” would focus on the state’s pursuit of greater economic growth and fiscal consolidation, as well as improving jobs and wealth creation, constructing first-rate economic infrastructure, and achieving equity and social protection through poverty reduction and economic inclusion.

The governor claimed that his administration had made significant progress in managing the state’s resources by establishing a strong economy.

According to him, real tangible growth has been consistent, averaging over 5% year after year, especially in the last two years.

“Within Nigeria, our economy is not only stronger than 90 per cent 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 state’s Economic Strategy Paper, the national economic outlook and the state’s economic growth projections coupled with the various development instruments and programmes,” Wike said.

According to him, the projected recurrent expenditure for the fiscal year 2022 is N144, 764,818,977.00, or roughly 30% of the total budget.

According to him, capital expenditures are expected to total N314, 903,108,116.00, or about 65% of the total budget.

The governor stated that the 2022 budget was based on the following assumptions: a 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; the medium-term GDP growth rate of 3%; and 13.5 per cent inflation rate.

“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,” the governor said.

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