Governor Nyesom Wike of Rivers State Friday presented a N483 billion budget for the 2022 fiscal year to the State House of Assembly.
He said the policy thrusts for the 2022 Appropriation Bill christened “Budget of Consolidation” will focus on the state’s quest for greater economic growth and fiscal consolidation, enhancing jobs and wealth creation, building first-rate economic infrastructure, and achieving equity and social protection through poverty reduction and economic inclusiveness.
He said his administration succeeded significantly in managing the resources of the state by building a strong economy relative to most other states of the federation, “Within Nigeria, our economy is not only stronger than 90 per cent of the other states; it has continued to perform better than most others in terms of real economic growth, fiscal consolidation, debt-to-Gross Domestic Product ratio and Internal Revenue Generation.”
Governor Wike said the projected recurrent expenditure is N144bn while the capital expenditure N315bn.
The governor stated that the 2022 budget is pegged on the assumptions of the crude oil benchmark of USD 50 per barrel, National crude oil production estimates of 1.7 million barrels per day; Currency exchange rate of N410 to the Dollar; Gross Domestic Product growth rate of between 3 per cent for the medium term; and an inflation rate of 13.5 per cent.