… Assures enhancement in infrastructural development, education and healthcare

…Targets entrepreneurship, social welfare for Rivers people

Governor of Rivers State, Sir Siminalayi Fubara has presented an appropriation bill of N800bn to the State House of Assembly for consideration.

Titled “Budget of Renewed Hope, Consolidation and Continuity”, the proposed 2024 budget allocates over N410bn to capital expenditure, representing 51 percent, while over N361bn, representing 49 percent is allocated to recurrent expenditure.

Governor Fubara said that the 2024 budget proposal is anchored on the projection of the crude oil price benchmark, being $70 per barrel at 1.5m barrels of production per day, with an exchange rate of Seven Hundred and Fifty Naira to the dollar.

According to him, the budget will 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, 433.1k as proposed 2024 budget estimate. This constitutes as follows; recurrent expenditure is N361,998,242,570.85k Capital expenditure is N410,266,485,90.64k.”

Governor Fubara explained that greater care will be taken to promote economic development through inclusive growth. While critical infrastructure will be provided to support economic activities, businesses, and social activities, there will be an enabling environment for private sector-led industrialization, job creation, and poverty alleviation.

“We will address the challenges of socioeconomic inequality by ensuring improved access to quality, affordable education, health care, water, social investment, gender empowerment, and social inclusion.”

Sir Fubara said the 2024 budget allocates over N120bn to infrastructure, N40bn to education, N30bn to healthcare, and N20bn to agriculture with provisions made to continue to pay workers’ salaries including that of newly recruited staff into the civil service, as well as their gratuities and pensions.

Speaker of the Rivers State House of Assembly, Rt. Hon. Edison Ehie acknowledged the high budgetary provision to capital expenditure, including education and other critical sectors, which are clear indications that he is committed to bettering the life of the people and creating a more prosperous Rivers State.

Rt. Hon. 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 a view to passing it for his ascent.

Signed

Boniface Onyedi
SSA, Media to the Governor of Rivers State

December 13, 2023

• Governor Siminalayi Fubara (r) and Speaker, RSHA, Rt. Edison Ehie after presentation of 2024 Budget on Wednesday