Wike proposes N530bn for 2020 budget

Rivers State Governor, Nyesom Wike, on Tuesday presented a budget proposal of N530billion for the 2020 fiscal year to the State Assembly for consideration.

The 2020 budget represents a 50 percent increase from the N480billion budgeted in 2019 for recurrent and capital expenditure.

The document titled: “Budget of Re-assurance,” is geared towards achieving economic growth, promoting sustainable human capital development, improve human capacity, improve security and job creation, amongst others.

Presenting the proposal to the lawmakers, Wike said the budget covers the new workers’ minimum wage and included those to be employed in the state in the New Year.

He noted that the budget has a total recurrent expenditure of N156, 659,436,569 while capital expenditure is N374,153, 920,743.

READ ALSO: Konga upgrades platform, introduces USSD and cardless withdrawal

Wike said: “The capital expenditure for 2020 is estimated to be N374, 153,920,743.00 which constitutes nearly 70 percent of the total budget. The summary of sectoral allocations of the capital expenditure is as follows:

“Administrative sector gets N15, 061,008,000; Economics sectorN136, 444,523,766.60 and Law and Justice, will get N2, 400,000,000, and Social sector gets N138, 558,553,322.35.

“Others are the special head that is to receive, N57, 367,124,462.05, and the sum of N24, 322,731,192 planned for the repayment of monies earlier borrowed.”

Wike stated that the sum of N93,968,823,766.60 had been provided for the Ministry of Works to continue to fund the strategic road development programme for 2020.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now