Wike presents 2017 N470billion budget for accelerated devt
Rivers State governor, Mr Nyesom Wike laying the 2017 State
Budget Christened "the Golden Jubilee budget for accelerated development,"
before the Rivers State House of Assembly on Wednesday.
(Nigeria) Rivers State governor, Mr Nyesom Wike on Wednesday presented the state's 2017 budget of N470billion to the State House of Assembly.
The 2017 budget is christened “the Golden Jubilee budget for
accelerated development.”
In 2016, the Rivers State Government budgeted N307billion.
A breakdown of the
2017 budget indicates that the total projected capital expenditure is
N329 billion representing 70percent, while N141billion is proposed for
recurrent expenditure.
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."
The governor said: "This budget is underpinned by the
following basic principles:
"First, enhancing the business environment, including
tackling the security challenges for the private sector to grow, expand our tax
revenue base, and drive our economy through the value chain into becoming one
of the largest economies in West Africa;
"Second, committing a greater proportion of available
resources towards infrastructure development and public works to stimulate
economic growth, create employment and reduce poverty."
He said priority attention
would be given to the following
areas in 2017
•Security of lives and property; •Infrastructure development
and maintenance;
•Education, •Healthcare delivery, and •Empowerment.
In the 2017 budget, the sum of N77, 409,275,000.00,
representing nearly 40 per cent of total capital expenditures was allocated to
the Ministry of Works to accelerate the development and expansion of
infrastructure throughout the State in 2017.
The governor noted
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, while
Women and Youth Development was allocated N1b
for empowerment programmes.
Another N12billion is spread across the budget for women empowerment.
The governor said: "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."
On the financing of the budget, the governor said that the
2017 budget will be funded from revenue receipts from: (i) the Federation
Account Allocation Committee (FAAC), (ii) the 13% Derivation proceeds, (iii)
Value Added Tax (VAT), (iv) Reimbursements, (v) Internally Generated Revenue
(IGR) and (vi) Domestic credits.
He added: "We are projecting an aggregate sum of N220billion
from FAAC, distributed as follows: N23 billion naira from Statutory Allocation.
N102 billion naira from 13% mineral derivation fund, N16.6 billion naira from
VAT, N8 billion exchange gain, N70 billion for Paris Club and other
reimbursements, and N400 million naira from capital receipts.
"We are also projecting to generate an aggregate sum of
N168, 857,926,276.00 from IGR."
Explaining the drive of the 2017 budget, Governor Wike said:
"In terms of sectoral allocation, the projections shows that N14.160
billion is allocated to the administrative sector; N115.245 billion is
allocated to the economic sector, N125.630 billion s allocated to the social
sector, while N3.050 billion is allocated to the Law and Justice sector; and
N70.915 billion is allocated to special heads.
"The unprecedented increase in the capital expenditure,
once again, underscores our commitment to direct substantial resources to the
critical growth sectors of our economy, including addressing infrastructure
gaps to accelerate economic growth, secure the State and improve the wellbeing
of our people."
In his response, Speaker of the Rivers State House of
Assembly, Mr Dabo Adams said the governor
by the 2017 budget has proven that he is committed to the development of
the state.
He commended the governor
for ensuring that the budget
covers all sectors of needs in the state.
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