Rivers Governor Wike Presents 2016 budget of N307 billion

Rivers State Governor, Nyesom Wike, late Friday presented the state’s 2016 Appropriation Bill of N307 billion, tagged “Budget of Consolidation.”

Governor Wike who began reading the budget before members of the state House of Assembly at about 5:20pm, after he had inaugurated 22 new commissioners and six special advisers.

Surprisingly, the Assembly members began sitting immediately after the governor finished reading the budget, and presented the document to the Assembly Speaker, Ikuinyi-Owaji Ibani.

Incidentally, the 2016 budget is coming barely two weeks after the state Assembly had passed a 2015 Supplementary Appropriation Bill of N104.2 billion for the governor. The lawmakers gave the bill the quickest passage ever.

Wike’s budget was N31 billion less than former Governor Chibuike Amaechi’s 2015 budget, which was N338 billion.

In the new budget, the state government proposed N120 billion or 39.08 % for recurrent expenditure in the fiscal year, while N187 billion or 60.91% was earmarked for capital expenditure.

In 2015 budget, N219 billion (or 64.79%) was for capital expenditure, while N119 billion (or 35.20%) was recurrent expenditure.

Wike stated that the proposed budget would be financed through traditional sources of Federation Account and Internally-Generated Revenue (IGR).

Governor Wike also mentioned that the government would diversify the economy of the state from oil to agriculture and industrialisation.

Responding, Speaker of the House, Ikuinyi-Owaji Ibani lauded the governor’s 2016 budget estimation, wishing that no personal interest would override corporate interest.