The Governor of Rivers State, Nyesom Wike, has presented a budget of 470 billion Naira for the 2017 fiscal year in the state in south-south Nigeria.
The budget, named ‘The Golden Jubilee Budget for Accelerated Development,’ was presented to lawmakers at the House Assembly on Wednesday in Port Harcourt, the state’s capital.
Governor Wike expressed optimism that the proposal would herald the historic landmark of the 50th Anniversary of the state in 2017.
The breakdown of the budget proposed 141 billion Naira for recurrent expenditure, out of which 62 billion Naira was allocated to personnel emolument, 20 billion Naira for payment of pensions and gratuities and 17 billion Naira for overhead cost.
Capital expenditure was pegged at 329 billion Naira representing, 70% of total budget estimate with the remaining 30% percent for recurrent expenditure. (Channels TV)