Rivers State Governor, Sir Siminalayi Fubara has presented the 2024 Appropriation Bill of over Eight Hundred Billion Naira to the State House of Assembly for consideration.
The Governor, who christened the 2024 Appropriation Bill, “Budget of Renewed Hope: Consolidation and Continuity” said over Three Hundred Billion Naira is proposed for Recurrent Expenditure, while over Four Hundred Billion Naira is allocated for Capital Expenditure.
He said the 2024 budget proposal is anchored on the assumptions of a crude oil price benchmark of 70 dollars per barrel at a One-point-five-million-barrel production per day, while funding will be from Internally Generated Revenue, Federation Account Allocation Committee (FAAC) receipts, 13% Oil Mineral Derivation Fund, VAT, Excess Crude and grants from development agencies.
The Governor noted that the policy objective of the 2024 budget is to promote economic development, provide critical infrastructure, address challenges of social economic inequalities, and build more road networks to interconnect the state capital amongst others.
In his remarks, Speaker of the State House of Assembly, Edison Ehie commended Governor Fubara for keying into the Renewed Hope Agenda of President Bola Tinubu as well as consolidating and continuing on the gains of successive government in the state for the overall good and interest of Rivers people.
He commended the Governor for the effective utilization of funds in the 2023 Appropriation Law to advance the development of the state and for giving prompt attention to human capital development in the 2024 budget, assuring that the house will give accelerated hearing and passage to the bill to enable the executive arm of government hit the ground running in the new year.
Correspondent Doris Tams Morrison reports that the 2024 Appropriation Bill has passed its first reading on the State House of Assembly floor.
