Governor Wike presents N550 billion budget for 2023, introduces free school feeding program

Rivers State seizes oil production site owned by Shell over oil spills

Governor of Rivers State, Niesom Wikepresented a budget of N550 billion for the 2023 financial year, the highest budget proposal of his administration since assuming office in 2015.

Wike, in the budget titled, ‘Budget of Consolidation and Continuity’ announced that the state government will provide the sum of N5 billion for the initiation of a free school feeding program for primary school students to increase the enrollments.

Governor Wike, who presented the budget to the Rivers State House of Assembly on Tuesday, said the budget was aimed at consolidating his achievements in the state and providing more infrastructure and prosperity for the citizens.

Budget highlights: According to Wike,

  • We have also allocated the sum of N5,000,000,000.00 under the Special Project to introduce and fund a free feeding program for students in our primary schools to increase and sustain enrollments and reduce poverty.”

The governor also said that the 2023 budget proposal is anchored on the assumption that the crude price standard will be $70 per barrel, where the production level is set at 1.5 million barrels per day.

The news continues after this ad

The exchange rate is set at N435 to one dollar and the economic growth of the state is projected at between 4.5% and 5%.

According to him, the budget will be funded from Federation Account Allocation Committee (FAAC) receipts, 13% Oil Mineral Derivation Fund, Internally Generated Revenue, bank loans, sales of state assets, and grants from development agencies.

The news continues after this ad

Furthermore, the governor noted that in the 2023 budget proposal, his administration plans to spend N175.3 billion on recurrent expenditure, which represents about 31% of the total budget for the 2023 fiscal year, while the sum of N350 billion, which represents about 63% of the total budget was allocated for capital expenditure in line with the view that capital expenditures should be prioritized rather than vice versa.

He explained that by 2023 the state will spend N73.5bn on the salaries of ministries, departments, and parastatals; N 7.8bb in new recruitment; N33.6 in monthly pension as well as N12bn in gratuities and death benefits.

For the ketchup: Recall that in December, Governor Wike presented a budget of N483.17 billion for the 2022 financial year.

Wike said the policy thrusts for the 2022 Appropriation Bill are to continue the state’s quest for greater economic growth and fiscal consolidation, improving jobs and wealth creation, building first-rate economic infrastructure, and achieving equity and social protection through poverty reduction and economic inclusion. .


Please enter your comment!
Please enter your name here