Wike Presents N550b 2023 Budget To State Assembly

Governor Nyesom Wike of Rivers state on Tuesday  presented the 2023 Appropriation Bill to the State House of Assembly for consideration.

Christening the 2023 appropriation bill, ‘Budget of Consolidation and Continuity’, Wike said it comprises capital and recurrent expenditure of N550, 666,987,238.00 for the fiscal year 2023.

Presenting the budget before State lawmakers on Tuesday in Port Harcourt, he explained that his administration has projected the sum of ₦350,977,495,537.00 as Capital Expenditure for the fiscal year 2023.

“This amount represents about 63.2% of the total budget and conforms to our practice of prioritising capital expenditures over recurrent.”

Under capital expenditure, governor Wike said the State will spend N114,264,480,208 on infrastructure, N36,999,486,717 specifically on education and N31,500,002,023 on health.

“Accordingly, the sum of N114,264,480,208 is provided in the 2023 capital budget estimate to fund the completion of all ongoing roads and other physical infrastructural projects awarded by our administration.”

In the 2023 budget proposal, governor Wike said his administration has also proposed a Recurrent Expenditure of N175,249,692,497à, representing about 31% of the total budget for the 2023 fiscal year.

The governor explained that in 2023 the State will expend N73,460,278,307 on salaries (Ministries/Departments/Parastatals), N7,758,772,851 on new recruitment, N33,600,000,000 on monthly pensions as well as N12,000,000,000 on gratuities/death benefits.

Governor Wike said the fiscal year 2023 budget is targeted at delivering economic growth, additional infrastructure and prosperity for citizens.