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Wike presents N483B budget for 2022

By Ann Godwin And Obinna Nwaoku, Portharcourt
04 December 2021   |   4:03 am
Governor Nyesom Wike has presented a budget of N483, 173 billion for 2022 fiscal year to the Rivers State House of Assembly for consideration.

Wike. Photo/https://www.facebook/GovernorNyesomEzenwoWikeCON/

Governor Nyesom Wike has presented a budget of N483, 173 billion for 2022 fiscal year to the Rivers State House of Assembly for consideration.

At the presentation, he said the 2022 Appropriation Bill christened “Budget of Consolidation” would focus on the state’s quest for greater economic growth and fiscal consolidation, enhancing jobs and wealth creation, building first-rate economic infrastructure, and achieving equity and social protection through poverty reduction and economic inclusiveness.

The governor said his administration succeeded significantly in managing the resources of the state by building a strong economy.

According to him, real tangible growth figures were also posted consistently, which is in excess of 5 per cent year-in-year-out, especially for the last two years.

“Within Nigeria, our economy is not only stronger than 90 per cent of the other states, it has continued to perform better than most others in terms of real economic growth, fiscal consolidation, debt-to-Gross Domestic Product ratio and internal revenue generation.

“The 2022 budget is crafted within the framework of the state’s Medium Term Expenditure Framework, the state’s Economic Strategy Paper, the national economic outlook and the state’s economic growth projections coupled with the various development instruments and programmes,” Wike said.

He said the projected recurrent expenditure is N144, 764,818,977.00, which represents about 30 per cent of the total budget size for 2022 fiscal year.

According to him, the projected estimates for capital expenditure is N314, 903,108,116.00, which represents about 65 per cent of the total budget size.

The governor stated that the 2022 budget was pegged on the assumptions of the crude oil bench mark of $ 50 per barrel; national crude oil production estimates of 1.7 million barrel per day; currency exchange rate of N410 to the dollar; Gross Domestic Product growth rate of between 3 per cent for the medium term and Inflation rate of 13.5 per cent.

“Although this is yet another ambitious projection given the challenges of the national economy, we believe we would be able to successfully implement the capital because it is backed by a concrete plan of action and within achievable limits,” thev governor said.