Governor Nyesom Wike of Rivers State on Tuesday presented a budget proposal of N530,813,357,619.00 for the 2020 fiscal year christened: Budget of “Reassurance, profound impact for inclusive growth and shared prosperity” to the State House of Assembly for consideration and passage into law.
Presenting the 2020 Budget Proposal to the Rivers State House of Assembly he said that the budget has a total of N480 billion recurrent expenditure of N156,659,436569.00, while capital expenditure is N374,153,920,743.00.
The summary of the budget allocations to all sectors of the capital expenditure are as follows: Administrative sector: N15, 061,008,000.00; Economic sector; N136, 444,523,766.60; Law and Justice: N2, 400,000,000.00; Social sector: N138, 558,553,322.35; Special Head: N57, 367,124,462.05 and Loan repayments: N24,322,731,192.00
He said “The substantial increase in capital over recurrent expenditure, once again reflects and underscores our commitment to direct more resources to the growth and productive sectors of our economy.
“This Administration is poised to fulfill every promise it made to our people. Consequently, various expenditure portfolios have been allocated to all the relevant MDAs to fund capital expenditures and deliver physical and socioeconomic infrastructure and development for our people.”
The High-point of the recurrent expenditure is the allocation of funds for the new minimum wage and the recruitment of 4000 new employees into the civil service.