The executive Governor of Rivers State, Nyesom Ezenwo Wike, had earlier proposed the sum of N120 billion Naira for recurrent expenditure and concurrently, the sum of N187 billion Naira for capital expenditure making a total of N370 billion Niaira as exoenditure for the 2016 Fiscal year.
Yesterday, December 21, 2015 in line with the provisions of the 1999 Constitution of the Federal Republic of Nigeria (as amended), and following the passing of the appropriation bill by the State House of Assembly, the Governor in Port Harcourt, the State Capital assented to the 2016 fiscal budget.
The three hundred and seven billion (N307b) Naira budget according to the Governor, is meant to complete ongoing projects as well as to initiate new ones for the benefit of the people of Rivers State.
As stated by Governor Nyesom Wike, "I assure the people of Rivers State that this administration will diligently implement this budget. We shall complete ongoing budget and initiate new ones for the good of the people"
Meanwhile, the Governor went ahead to commend the Rivers State House of Assembly for the swift consideration given to the bill. According to him, the Rivers State Executive Council and the State House of Assembly are his "partners in progress."
The 2016 Rivers State budget which was titled "Budget of Consolidation" according to Wike, seeks to give priority to all sectors of the economy in the State.
In his remarks, Governor Wike made it known as a matter of fact that with the passage and subsequent assent of the budget by him, his administration can now settle down to focus on the consolidation of the gains attained in the last seven months.
Earlier, during the presentation of the budget, the Governor had disclosed that the sources of revenue would include, Value Added Tax (VAT), Federal allocation, Internally Generated Revenue (IGR) with a benchmark projection of crude oil price at $35 per barrel.
Stakeholders have also commended the budget as well as the speedy acknowledgment on the part of the State House of Assembly.