Governor Nyesom Wike of Rivers State on Thursday presented the 2018 Appropriation Bill of N510 billion to the State House of Assembly.
The bill tagged, “Budget of Consolidation and Empowerment,” was presented during plenary.
The governor said that the bill when signed into law would improve key sectors of the state’s economy.
He said in preparing the fiscal proposal, his administration was guided by the need to consolidate and advance the state investments in infrastructure, education, healthcare, security as well as job creation and empowerment.
Mr. Wike said in spite of some challenges which seemed to hinder development in the state, the inherent potentialities of the state had remained unshaken.
“I have always believed in the boundless potentials of our state and with our human and material resources, a brighter future is possible for everyone.
“I am sure all of you also share in this optimistic idea,” he said.
He explained that the 2018 budget would be funded from federal allocation (N40billion) 13 per cent oil minerals fund (N120 billion) and VAT (N6 billion).
Other sources, he said, are the internally generated revenue (N132billion), reimbursement (N70billion), domestic/international credits (N70 billion) and capital receipts (N20billon.)
The governor said the proposed revenue would be spent on recurrent expenditure which would take N132 billion while capital expenditure would gulp N379.99billion.
He called on relevant stakeholders to support the government to achieve its positive goals for the state.
Responding, the Speaker of the House, Ikuinyi-awaji Ibani, thanked the governor and promised the support of the lawmakers.
He said that a careful analysis of the budget had shown that the Wike-led administration was focused on ensuring an empowered society.