Rivers State projects N490.32bn for 2013

PORT HARCOURT— GOVERNOR Rotimi Amaechi of Rivers State, has sent to the state House of Assembly, a budget proposal of N490.32 billion for the 2013 fiscal year for the state. The proposed budget presented to the lawmakers at the
Assembly chambers, yesterday, was padded by N52.32 billion, translating to 11.95 per cent increase from the N438 billion  appropriated for the year ending December 2012.

The budget is tagged “Budget of Work in Progress.” The governor said: “We are committed to ensuring that no project is left uncompleted in the life of this administration. In 2013, our commitment to the critical sectors that drive and sustain economic growth (power, roads and transport, education and health) will continue to remain topmost priority.”

The N490.32 billion proposed for 2013, is to be funded by Statutory Allocation of N245 billion; Internally Generated Revenue, IGR, including social levy of N80 billion; Prior year balance of N48.32 billion; Bond proceeds of N100 billion and World Bank/African Development Bank, ADB, credit of N17 billion From its breakdown, capital expenditure for 2013 is put at N314.30 billion (64.10 percent) as against N323.70 billion in 2012. Recurrent projected is put at N176.02 billion (35.90 percent) against N114.25 billion in 2012 representing a sharp increase of 54.06 percent in recurrent expenditure and 2.92 percent dive in capital expenditure compared to the 2012 votes respectively.