Wike Presents N550.7bn 2023 Appropriation Bill To Rivers Assembly

Rivers Governor Nyesom Wike has presented the 2023 Appropriation Bill of N550.7bn tagged Budget of Consolidation and Continuity to the House of Assembly for consideration.

Presenting the budget before the lawmakers on Tuesday in Port Harcourt, Wike explained that his administration projected ₦351bn as Capital Expenditure for the 2023 fiscal year.

In the 2023 budget proposal, Wike said his administration had also proposed a Recurrent Expenditure of N175.3bn, representing about 31 percent of the total budget for the 2023 fiscal year.

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

Wike said the fiscal year 2023 budget was targeted at delivering economic growth, additional infrastructure and prosperity for citizens.

He said that while no new projects might be awarded, the administration would galvanise efforts and resources to complete all ongoing projects so that the new government could start on a clean slate.

The Governor said in 2021 and 2022, the state government introduced many fiscal measures, including a moratorium on external borrowing to achieve economic growth, fiscal discipline and financial consolidation.

“These measure have significantly blocked revenue leakages, improved the atate capacity for internal revenue generation and prevented unsustainable deficit financing.

“We have, therefore, resolved to continue with the existing fiscal measures for the year 2023. This means that there would be no increase in tax rates. No new taxes will also be introduced.

“However, we will continue to intensify our drive to significantly improve IGR by expanding opportunities for more investments, industrialization and efficient tax collection,” the Governor said.