From Blessing Douglas, Port Harcourt
Rivers State governor, Mr Siminalayi Fubara has presented an appropriation bill of N800billion to the State House of Assembly.
The proposed 2024 budget christened: “Budget of Renewed Hope, Consolidation and Continuity,” allocated over N410billion to capital expenditure, representing 51 percent, while over N361billion is allocated to recurrent expenditure, representing 49 percent of the budget.
Presenting the budget before the House led by the Speaker, Edison Ehie, Fubara said the 2024 budget proposal is anchored on the assumptions of crude oil price benchmark being 70 dollar per barrel at a One-point-five million barrels production per day, with an exchange rate of Seven Hundred and Fifty Naira to the dollar.
He explained that the budget would be funded from Internally Generated Revenue, Federation Account Allocation Committee (FAAC) receipts, 13% Oil Mineral Derivation Fund, VAT, Excess Crude and grants from development agencies.
“Our total projected revenue for the year 2024 is N800, 392, 485, 433.1kobo as proposed 2024 budget estimate. This constitutes as follows; recurrent expenditure is N361,998,242,570.85kobo. Capital expenditure is N410,266,485,90.64kobo.”
Governor Fubara stressed that great care will be taken to promote economic development through inclusive growth, provision of critical infrastructure that will support economic activities, businesses, social activities, the creation of enabling environment for private sector led industrialisation, job creation and poverty alleviation.
“We will address the challenges of socioeconomic inequality by ensuring an improved access to quality, affordable education, health care, water, social investment, gender empowerment and social inclusion.”
Fubara said the 2024 budget allocated over N120bn to infrastructure, N40bn to education, N30bn to health and N20bn to agriculture with provisions made to continue to pay workers salary including the newly recruited staff into the civil service, gratuities and pension.
In his remarks, the Speaker, Hon. Edison Ehie acknowledged the high budgetary provision to capital expenditure, including education and other critical sectors, which are clear indication that he is committed to better the life of the people and create a more prosperous State for the people.
Ehie said they are satisfied with the performance of the budget of the outgoing year under the leadership of Governor Fubara and assured him of the cooperation of the legislature to speedily consider the details of the budget with view to passing it for his ascent.
