Breaking News

Wike accommodates new wage in N480b 2019 budget

• Tambuwal proposes N169.6b for Sokoto
Governor Nyesom Wike has accommodated the expected new minimum wage in the 2019 Appropriation Bill of N480billion he presented to the Rivers State House of Assembly yesterday.
The budget designed to achieve sustainable growth and development is less than the N510billion 2018 appropriation bill. Wike said the 2019 proposals were specifically aimed at promoting economic growth and diversification, creating jobs to reduce unemployment and poverty and as well, improving the living standard of the people.
The budget is premised on an oil price benchmark of $55 per barrel, which is five dollars lower than that of the Federal Government. It has a total capital expenditure of N323 billion and recurrent expenditure of N157 billion.
The governor said the capital allocation for the 2019 fiscal year represented 65 per cent of the total budget, noting that the sum is, however, less than the figure for 2018 by N57 billion due to the reduction in the total size of the 2019 budget.
According to Governor Wike, the budget is expected to be financed by the internally generated revenue of N120, 492,891,302.00; statutory allocation
of N73, 169,813,022.00; 13% oil minerals fund of N145, 070,991,780.00; Value Added Tax (VAT) of N26, 377,628,543.00; Refunds of N27, 337,926,155.08; and local credits of N45 billions, among others.
A substantial part of the capital budget is allocated to the ministries of agriculture; education; employment generation and empowerment; health; sports development; women affairs; works; and youth development because the budget is focused on human capital development and provision of infrastructure.Governor Wike said his administration would continue to prioritize security of lives and property in spite of the alleged lack of cooperation from the Federal Government.
“The sum of N18,000,000,000.00 has been proposed to fund all aspects of securing and keeping Rivers State safe, peaceful and secure, including the operationalization of the recently established State Neighbourhood Safety Corps programme.
In Sokoto State, Governor Aminu Waziri Tambuwal, presented to the House of Assembly for approval a budget of N169,652,771,486.00 for 2019.Tagged “Budget of Consolidation”, Tambuwal said the emphasis would be on continuation of ongoing projects.The amount represents a shortfall of N50, 493,079.00 or 23.06 percent when compared to the 2018 figure of N220,500,264.
According to Tambuwal, N70,468,519,058.00 representing 41.53 percent is for recurrent expenditure while N99,184,252,425.00 is for capital expenditure.He stated that the budget was prepared in consonance with existing budgetary standing and prevailing fiscal projection.He also noted that although under a democratic dispensation, the budget is a product of extensive consultations with key stakeholders, the ultimate objective at all times is meeting the expectations and yearnings of the citizenry within the limits of available resources.The Speaker, Alhaji Salihu Maidaji, assured the governor of speedy consideration so that he could continue the laudable programmes.

No comments