Wike presents N470bn appropriation

Rivers State Governor, Barr Ezenwo Nyesom Wike yesterday  presented an estimated  budget  of N470 billion for the 2017 fiscal year.

Presenting the budget, tagged “The Golden Jubilee Budget for accelerated development”, before the Rivers State House of Assembly, Wike stated that out of the budgeted amount, N329 billion  only, which represents 70% is for capital expenditure, while N141 billionn representing 30% is for recurrent expenditure.

He said the budget was premised on the need to consolidate on his administration’s achievements for 2016 and restore the state’s economy to sustained growth path and expand economic opportunities for all. Wike said the budget would be funded from revenue receipts accruing from the Federation Account Allocation Committee (FAAC), 13% derivation proceeds, Value Added Tax, VAT, Reimbursements, internally-generated  revenue, IGR, and domestic credits.