Governor Nyesom Wike of River State has presented the 2018 Appropriation Bill of N510bn to the Rivers State House of Assembly for consideration and subsequent approval.
The budget was christened, “Budget of Consolidation, advancement and empowerment.”
While presenting the budget on the floor of the state House Assembly, on Thursday, Wike said the budget will consolidate and advance the state’s investments in infrastructure, education, healthcare, and security, as well as in growing the economy to create jobs and empower the people.
Wike said the proposed 2018 Rivers State Budget has N379, 997, 687, 404.00 as capital expenditure, while N132 billion will be used for recurrent expenditure.
He said, “This gives a capital to recurrent expenditure ratio of 75 to 25 percent respectively. The substantial increase in capital over recurrent expenditure, once again, underscores our commitment to direct substantial resources to the critical growth sectors of our economy.”
He added that the 2018 budget will be funded from FAAC N40, 000,000,000.00,13% oil minerals fund: N120, 000,000,000.00 VAT :N6, 000,000,000.00: Internally Generated Revenue: N132,000,000,000.00,Reimbursements: N70,000,000,000.00, Domestic/International Credits N70,000,000,000,000 and Capital receipts N20,000,000,000.00. The governor stated that a total portfolio of N90 billion and N35 billion have been allocated to the Ministry of Works and the Special Projects Bureau respectively to fund the delivery of capital projects in the 2018 budget. He said that the administration is committed to the completion of key projects in different parts of the state.
He listed the projects to include, Dualization of Sapkenwa – Bori road; Dualization of Slaughter – Trans Amadi – Garrison road; Dualization of Elelenwo – Akpajo road; Dualization of Oil mill – Woji – Elelenwo – Akpajo road Dualization of Professor Tam David West (Obiriikwerre – Airport) road; The Andoni – Opobo (Unity) road; and Internal road network in Abonnema in Akuku Toru Local Government Area, Amadi-Ama in Port Harcourt Local Government Area, Okochiri in Okrika Local Government Area, Elele and Isiokpo in Ikwerre Local Government Area, among others. Other key projects also earmarked for delivery in 2018: Bonny – Bile Waterside jetty; Mile one market, phase 2; Reclamation works in Abalama in Asari Toru Local Government Area, Ogu town in Ogu/Bolo Local Government Area, Bakana in DegemaLocal Government Area, and Ogbumnabali in Port Harcourt Local Government Area; Constituency projects; Real Madrid Football Academy; Luxury living quarters for Judicial Officers from the State, among other projects; and the cinema and restaurant project in the Pleasure Park among other projects.
Wike said, “we shall also start some new projects, including the Women Development Centre the new world-class international conference centre, and roads.”
On education, he said, “We are devoting N50 billion to fund the education sector for the 2018 fiscal year. This sum is N20 billion more than that of 2017. In addition, we have proposed a capital grant of N500 million to each of our tertiary institutions to bolster infrastructural development and improve quality.”
“Apart from proposing the sum of N2 billion for the provision of scholarships for critical areas of the State’s manpower needs, we have also proposed to set aside another N2 billion to partner, encourage and support the development of private universities and improve access to tertiary education for Rivers indigenes in the State.”
On Security, the governor said that the State Government will continue to invest heavily in the security of lives and property through the funding of security agencies and provision of logistics for them to effectively secure the state.
He said, “We have also approved the establishment of the Rivers State Neighbourhood Safety Corps to further enhance the security in the State. When fully established and operational, the corps will have the responsibility to collaborate with the security agencies to combat crime and cultism in our communities and neighbourhoods.
“The State Executive Council has already approved the bill to give effect to this initiative, which we shall soon transmit for the consideration of the House of Assembly and passing into law.
The N22 billion we have proposed in the 2018 budget for security operations will also take care of the setting-up and operationalization of this agency.”
Governor Wike proposed N6 billion for employment generation, N7 billion for women development and N2 billion to support youth development.
He added that the state government will inject N1 billion into the State’s Microfinance Agency to provide loans and support the development of small-scale enterprises in the State.
He said that sports development will be funded by the State Government in 2018, noting that the Real Madrid Football Academy will come on stream.
He said, ” We will also continue to fund the State’s football teams and support them to win laurels at national and continental for the State. For these and other activities for a comprehensive development of sports in the State, we propose to spend N2.5 billion for fiscal year 2018.”
He said that N4.350billion has been allocated to the law and justice sector. He said the administration decided to renew and strengthen her partnership with the Church of God in the State by proposing to establish a Trust Fund for the Church to administer to its needs.
The sum of N1 billion has been proposed under this budget for this purpose.
Wike added, “For us, our State deserves meaningful development and we must, as a Government, continue to do our best to deliver to our people. That is why we are offering a realistic budget for 2018, which takes a balanced and pragmatic approach towards solving the developmental challenges of our State and take it to the next level of transformation.”