Rivers Gov. Wike on the eve of Christmas presented to the State assembly his 2019 budget tagged “Budget for Economic Growth and Sustainable Development.”
The appropriation bill expenditure size is N480.42 billion but with an impressive prioritization of capital expenditure of N323.29 billion (65 per cent) recurrent of N157.12 billion (35 per cent). The governor said this is aimed at “promoting economic growth, creating jobs, tackling unemployment, taking our people out of poverty and improving their living standards”.
However, the budget is lower by N57.50billion than in 2018, perhaps due to declining revenue from lower oil prices.
In his speech to the House, Gov Wike said the budget would be funded from FAAC, Value Added Tax (VAT) and the State IGR.
On the N30,000 new minimum wage, Wike said he would implement the new wage as soon as the federal government reviewed resource allocation formula for States.
Responding, the Speaker, Mr Ikunyi-awaji Ibani, commended the governor for presenting “a people-oriented” budget and promised speedy consideration and approval by the house.
