Rivers State Governor, Nyesom Wike on Thursday presented the 2018 Appropriation Bill of N510 billion to the State House of Assembly.
The bill, tagged: “Budget of Consolidation and Empowerment,” was presented during plenary.
The governor said the bill, when signed into law, would improve key sectors of the state’s economy.
He said in preparing the fiscal proposal, his administration was guided by the need to consolidate and advance the state investments in infrastructure, education, healthcare, security as well as job creation and empowerment.
He said in spite of some challenges which seemed to hinder development in the state, the inherent potentialities of the state had remained unshaken.
In his words: “I have always believed in the boundless potentials of our state and with our human and material resources, a brighter future is possible for everyone.
“I am sure all of you also share in this optimistic idea.”
Wike explained that the 2018 budget would be funded from federal allocation (N40 billion) 13 per cent oil minerals fund (N120 billion) and VAT (N6 billion).
Other sources, he said, are the internally generated revenue (N132 billion), reimbursement (N70 billion), domestic/international credits (N70 billion) and capital receipts (N20 billion.)
Wike said the proposed revenue would be spent on recurrent expenditure which would take N132 billion while capital expenditure would gulp N379.99billion.
He called on relevant stakeholders to support the government to achieve its positive goals for the state.
Responding, Ikuinyi-awaji Ibani, the Speaker of the House, thanked the governor and promised the support of the lawmakers.
Ibani said a careful analysis of the budget had shown that the Wike-led administration was focused on ensuring an empowered society.