The Governor of Rivers State, Nyesom Wike, has presented the 2021 budget titled “Budget of Recovery and Consolidation,” worth N448.66 billion to the Rivers State House of Assembly for consideration.
According to a report by the News Agency of Nigeria, the budget represents more than 20% increase over the 2020 Revised Budget of N300 billion.
What you should know
- The 2021 budget comprises the sum of N305.89billion budgeted for capital expenditure, while N142.78billion is earmarked as recurrent expenditure.
- Of the budgeted sum for capital expenditure, which represents 68.18% of the total sum constituted; Administrative Sector, N87.7 billion; Economic Sector, N105 billion; Law and Justice, N1.7 billion; Social sector, N132 billion; and deductions/Loan repayments, N38 billion.
- N82.9 billion is budgeted for provision of infrastructure including roads, bridges and the completion of flyover projects at Okoro-Nu-Odo, Rumuola, Rumuogba, and GRA junctions, all in Port Harcourt metropolis.
- Out of the sum budgeted for recurrent expenditure, N76 billion is for personnel costs; N18.8 billion is for overheads and N47.7 billion will be for grants and transfers to the consolidated revenue charges.
What they are saying
Commenting on the budget, the Governor said: “The 2021 budget will also prioritise security and sustain existing efforts in combating insecurity and keeping residents safe and secure.
“We will also deliver the Ogoni/Andoni/Opobo unity road, the Eastern Bypass dualization, 6th and 7th flyover projects and the Wakama road, as well as all other ongoing rural roads in our communities and local government areas across the state.”
What this means
With about 68.18% of the total budget allocated to capital expenditure, this is a pointer that the present administration is committed to continuing various capital and developmental projects aimed at transforming the state, advancing its economic and social growth, and positioning it as one of the frontline states in Nigeria.