Rivers State Governor, Nyesom Wike, has presented a budget estimate of 550 billion naira for the 2023 fiscal year, the highest to be projected by his administration since assuming office in 2015.
He also announced a free feeding program for primary school students in order to increase enrollment.
“We have also provided the sum of N5,000,000.00 under Special Projects to introduce and fund a free feeding program for pupils in our primary schools to increase and sustain enrolments and reduce poverty,” he said.
Wike, who will be handing over by May next year, said the budget is aimed at consolidating on his achievements in the state.
He said the 2023 budget proposal is anchored on the assumptions that the benchmark crude oil price will be $70 per barrel at a 1.5-million-barrel production per day; an exchange rate of N435 to the dollar; and a state economic growth projection of between 4.5 and 5%, among others.
According to him, the budget will be funded from the Federation Account Allocation Committee (FAAC) receipts, the 13% Oil Mineral Derivation Fund, internally generated revenue, bank loans, sales of state assets, and grants from development agencies.
Tagged “Budget of Consolidation and Continuity,” Wike said the sum of 175 billion naira, representing about 31% of the total budget, is proposed for recurrent expenditure, while the sum of 350 billion naira, representing about 63% of the total budget, is allocated for capital expenditure in line with the vision to prioritize capital expenditures over recurrent.