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Rivers State Governor, Nyesom Wike has presented a budget estimate of 550 billion naira for the 2023 fiscal year.
Tagged, Budget of Consolidation and Continuity, Wike noted the sum of 175 billion naira representing 31% of the total budget is proposed for Recurrent Expenditure, while the sum 350 billion naira, representing 63% of the total budget is allocated for Capital Expenditure in line with the vision to prioritize capital expenditures over recurrent.
According to him, the budget will be funded from the Federation Account Allocation Committee receipts, 13% Oil Mineral Derivation Fund, Internally Generated Revenue, bank loans, sales of state assets and grants from development agencies.
