New Telegraph

Wike presents N483bn budget to Rivers Assembly for 2022

Governor of Rivers State, Nyesom Ezenwo Wike, yesterday presented a budget estimate of N483, 173, 307,096.00 for 2022 fiscal year to the state House of Assembly for consideration. He said that the 2022 “Budget of Consolidation,” will be used for greater economic growth and fiscal consolidation, enhancing jobs and wealth creation.

The governor also said that the budget will be utilised for the building of firstrate economic infrastructure, and achieving equity and social protection through poverty reduction and economic inclusiveness. Further, he stated that the budget is pegged on the assumptions of the crude oil bench mark of $50 per barrel; national crude oil production estimates of 1.7 million barrel per day; currency exchange rate of N410 to the dollar; Gross Domestic Product growth rate of between three per cent for the medium term and Inflation rate of 13.5 per cent. The governor noted that his administration succeeded significantly in managing the resources of the state by building a strong economy in relative to most other states of the federation.

According to him, real tangible growth figures were also posted consistently, which is in excess of five per cent year-in-year-out, especially for the last two years. “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.

“The 2022 budget is crafted within the framework of the state’s Medium Term Expenditure Framework, the state’s Economic Strategy Paper, the national economic outlook and the state’s economic growth projections coupled with the various development instruments and programmes.” Wike said that the projected recurrent expenditure is N144, 764,818,977.00, which represents about 30 per cent of the total budget size for 2022 fiscal year.

He added the projected estimates for capital expenditure is 314, 903,108,116.00, which represents about 65 per cent of the total budget size. The governor also explained that over half of the capital budget estimate is targeted at the economic and social sectors in a bid to generating real economic growth, job creation, poverty reduction and improvements in the living standards of cit-izens. “We have therefore decided to make agriculture part of our engines for sustainable economic growth and development by support our people to move beyond subsistent levels of production, ‘he said.

Adding that: “Our approach is to de-emphasise the direct participation of the state government in agriculture and encourage the private to take the lead. “We have provided the sum of N16, 937,632,000.00 in the 2022 capital budget to revitalise, stimulate and grow the agricultural sector in the state.” Wike urged the Supreme Court to expedite the trial of the Value Added Tax suit between the Rivers State government and the federal government. “In anticipation of our victory we are continuing with our plan to integrate the VAT into our mainstream tax operations and strengthen the capacity of the RSIRS to effectively administer this head of tax when the responsibility comes.” Speaker, Rivers State House of Assembly, Ikuinyi-Owaji Ibani, commended the audacity of the 2021 Appropriation Bill that seeks to consolidate ongoing development as championed by the governor. He said all the members of assembly know the exact projects and services that are provided by Wike’s administration for the good of the state and its people.

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