Wike presents N550.6bn budget for 2023 – Veloxnews


From Tony John, Port HarcourtRivers State governor, Nyesom  Wike, has presented the 2023 Appropriation Bill to the State House of Assembly for consideration.The governor, who christened the 2023 appropriation bill, ‘Budget of Consolidation and Continuity’, said it comprised capital and recurrent expenditure of N550, 666,987,238.00 for the fiscal year 2023. Presenting the budget before State lawmakers on Tuesday, in Port Harcourt, the governor explained that his administration has projected the sum of 350,977,495,537.00 as capital expenditure for the fiscal year 2023.“This amount represents about 63.2 percent of the total budget and conforms to our practice of prioritising capital expenditures over recurrent.”Under capital expenditure, governor Wike said the State will spend N114,264,480,208 on infrastructure, N36,999,486,717 specifically on education and  N31,500,002,023 on healt“Accordingly, the sum of N114,264,480,208 is provided in the 2023 capital budget estimate to fund the completion of all ongoing roads and other physical infrastructural projects awarded by our administration.”In the 2023 budget proposal, governor Wike said his  administration has also proposed a Recurrent Expenditure of N175,249,692,497, representing about 31 percent of the total budget for the 2023 fiscal year.The governor explained that in 2023  the State will expend N73,460,278,307 on salaries (Ministries/Departments/Parastatals), N 7,758,772,851 on new recruitment, N33,600,000,000 on monthly pensions as well as N  12,000,000,000 on gratuities/death benefits.Governor Wike said the fiscal year 2023 budget was targeted at delivering economic growth, additional infrastructure and prosperity for citizens.He stated  that while no new projects may be awarded, except where such is considered very significant, the administration would galvanise efforts and resources to complete all ongoing projects so that the new government can start on a clean slate, unencumbered.The governor said in 2021 and 2022, the State government  introduced several fiscal measures, including a moratorium on external borrowing to achieve economic growth, fiscal discipline and financial consolidation. 

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