Governor Siminalayi Fubara of Rivers State, has presented the state’s 2024 budget of N800billion, christened: “Budget of Renewed Hope, Consolidation and Continuity to the state House of Assembly.
The sum of N410billion was allocated to capital expenditure, representing 51 percent while over N361billion to recurrent expenditure, representing 49 percent of the budget.
Speaking while laying the budget before the state House of Assembly, Governor Fubara, said: “Mr Speaker, members, distinguished guests, ladies, and gentlemen.
“It is my pleasure to be before this hallowed chamber today to present our state’s budget estimates of Revenues and Expenditures for the fiscal year 2024.
“Before I proceed with my presentation, I wish to, again, thank God for the special opportunity to serve our people as their elected governor.
“We thank our dear President, Mr. Bola Tinubu for his special interest in the peace and progress of Rivers State and the bold steps he has taken to revamp the nation’s economy and sustainable development across the country.
“We are also grateful to the good people of Rivers State and the progressive members of the state House of Assembly for your continuing support and prayer for the success of our administration.
“We assure you that we will never take your trust and confidence for granted.
“We will remain faithful to our oath of office and do the best we can to advance the aspirations of our people for good governance, peace, security, and inclusive development.
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”Our spirit is high; our determination is forever strong as we remain focused on delivering on our mandate in an honest, accountable, just, and fair manner to all parts of the state and all segments of society.
“Under our watch, no part of the State will be neglected in our development agenda; no one will be left behind in the distribution of resources and opportunities.
“We reaffirm our commitment to working closely with the state House of Assembly to fulfil all our promises and take Rivers State to greater heights of peace, progress, and prosperity.
“Mr Speaker, recall that we launched the construction of the Port Harcourt Dual Carriage Ring Road as a flagship project to accelerate the socio-economic development of our State. Julius Berger has since mobilised to the site and work on this multi-billion-naira project has begun.
“In line with our consolidation mantra, we have in the last six months, completed many of the uncompleted projects we inherited from the immediate past administration, including roads, hospitals, and schools, while those not yet completed, have reached advanced stages of completion.
“Some of the completed roads include Oyigbo – Okoloma Road, Alode – Onne Road, Botem-Gbene-Ue-Hiro Road, Mgbodahia internal roads, Ogbo-Uhugbogo-Udiemude Road, Omoku-Aligwu-Krigene road, Eneka internal roads, Ogbakiri internal roads, & Omagwa internal roads.
“Other roads, which construction is proceeding very well include Ahoada-Omoku dualization, Emohua-Tema junction dualization, Umuakali – Eberi road, Alode-Ebubu-Eteo junction road, Egbu-Ehuda internal roads, Elelenwo internal roads, Rumuepirikom internal roads, phase 2, Bori city internal roads, the Ngo section of the Ogoni-Andoni-Opobo unity road, and the Opobo ring road and electrification projects.
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“On education, we have delivered Government Comprehensive Secondary School, Borokiri, Government Secondary School, Eneka, Government Secondary School, Emohua, Government Secondary School, Okehi, Comprehensive Secondary School, Alesa – Eleme, Government Secondary School, Ataba, and the 10,000 capacity University of Port Harcourt Auditorium.
“The hostel and auditorium projects at the Yenagoa campus of the Nigerian Law School are also almost completed.
“Our commitment to healthcare delivery remains strong. Already, we have delivered the Professor Kelson Harrison Hospital, the Dental, Maxillofacial, Ear Nose Throat and Ophthalmology Hospital, and several primary healthcare centres across the state.”
The proposed 2024 budget, christened: “Budget of Renewed Hope, Consolidation and Continuity,” allocated N410billion to capital expenditure, representing 51 percent while over N361billion to recurrent expenditure, representing 49 percent of the budget.
The governor was accompanied by the Secretary to the State Government, Tammy Danagogo, Commissioner for Finance, Isaac Kamalu, Commissioner for Information and Communications Joseph Johnson, and other members of his cabinet.
Governor Fubara said the 2024 budget proposal was anchored on the assumptions of crude oil price benchmark being $70 dollar per barrel at a 1.5 million barrels production per day, with an exchange rate of N750 to the dollar.
He said the budget would be funded from Internally Generated Revenue, Federation Account Allocation Committee, FAAC, receipts, 13 percent oil mineral Derivation Fund, VAT, excess crude and grants from development agencies.
Fubara said: “Our total projected revenue for the year 2024 is N800, 392, 485, 433.1kobo as proposed 2024 budget estimate. This constitutes as follows; recurrent expenditure is N361, 998,242,570.85kobo. Capital expenditure is N410,266,485,90.64kobo.
