Wike presents N448.6b budget of recovery, consolidation for 2021

Rivers State Governor Nyesom Wike, yesterday, presented a budget of N448.6b for 2021 to the State House of Assembly for consideration and approval.
Presenting the appropriation bill tagged: “Budget of Recovery and Consolidation,” Wike said the N448.6b proposed for 2021 represented 20 per cent increase over the 2020 Revised Budget of N300b.

The budget earmarked N306b for capital expenditure and N143b for recurrent expenditure. Wike explained that the capital budget would be deployed for economic growth and social progress by targeting and prioritising investments.

He said the capital expenditure, representing 68.18 per cent of the budget would deploy N88b to the administrative sector, N105b for the economic sector, law and justice N1.7b, social sector N132b, while deductions and repayment of loans would gulp N38b.
He explained that infrastructure, including roads, bridges and flyover projects at Okoro-Nu-Odo, Rumuola, Rumuogba and Port Harcourt GRA Junction, would receive N83b.

“We will also deliver the Ogoni– Andoni–Opobo Unity Road, expansion of the Eastern Bypass, sixth and seventh flyover projects, the Wakama Road and other ongoing rural roads across the state,” he said.

Wike added that over N6b would be deployed to stimulate economic growth through investments in commerce, culture and tourism, mineral resource development, as well as address environmental challenges to improve the quality of life of Rivers people.

Similarly, N14b would be used to fund various socio-economic investment schemes to support the development of small and medium scale businesses, as part of efforts to create jobs and reduce poverty, among others.
He noted that the economic impacts of the COVID-19 pandemic exposed the state to food insecurity, which is why N16b would be spent on targeted investments in the agriculture value chain in a bid to create employment and enhance collective food security in the state.

Commenting on the 2020 budget performance, the governor disclosed that at October, total revenue collected amounted to N226.5b, representing about 75 per cent overall proportional performance.

Speaker of the House, Ikuinyi Ibani, commended Governor Wike’s commitment to the transformation of the state economy, saying generations yet unborn would acknowledge his good deeds. He assured that the lawmakers would consider and pass the budget early enough to facilitate continued development of Rivers State.