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29 December 2016
by Usman Alabi
Rivers State Governor, Nyesom Wike, on Wednesday presented a budget of N470bn for the 2017 fiscal year to the State House of Assembly.
The budget tagged “Golden jubilee budget for accelerated development” is benchmarked on a 2.1 million barrels crude oil production per day at $40 per barrel
N329bn representing 70 per cent of the total budget was earmarked for capital expenditure, while N141bn, representing 30 per cent, was for recurrent expenditure.
The governor said “We are projecting an aggregate sum of N220bn from FAAC, distributed as follows: N23bn from statutory allocation; N102bn from 13 per cent mineral derivation fund; N16.5bn from VAT, N8bn exchange gain;N70bn for Paris Club and other reimbursements, and N400m from capital receipts.
“We are also projecting to generate an aggregate sum of N168,857,926,276.00 from IGR.
The governor in his explanation on the performance of the 2016 budget said the budget which is N307bn. He said out of the N115bn projected for allocation, only N92.5bn was received , while N73.5bn was received from internally generated revenue out of the expectedN120bn as of September,2016
For the 2017 budgetin terms of sectoral allocation, N14.160bn is allocated to the administrative sector; N115.245bn is allocated to the economic sector; N125.630bn is allocated to the social sector, while N3.050bn is allocated to the law and justice sector; and N70.915bn is allocated to special heads.
What is your take on this budget.
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