Wike Presents N550bn 2023 Budget Estimate, Introduces Free School Feeding Programme

Wike Presents N550bn 2023 Budget Estimate, Introduces Free School Feeding Programme

Rivers State Governor Nyesom Wike has presented a budget estimate of 550 billion naira for the fiscal year 2023, the most that his administration has projected since taking office in 2015.

He also announced a free feeding program for primary school students in order to increase enrollment.

“We have also provided the sum of N5,000,000,00.00 under Special Projects to introduce and fund a free feeding programme for pupils in our primary schools to increase and sustain enrolments and reduce poverty,” he said.

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Wike, who will hand over in May of next year, stated that the budget is intended to build on his achievements in the state.

He stated that the 2023 budget proposal is based on the assumptions that crude oil prices will be $70 per barrel at a 1.5 million barrel production per day; an exchange rate of N435 to the dollar; and state economic growth projections of 4.5 to 5%, among other things.

According to him, the budget will be funded by Federation Account Allocation Committee (FAAC) receipts, 13% Oil Mineral Derivation Fund, Internally Generated Revenue, bank loans, state asset sales, and development agency grants.

Tagged as Consolidation and Continuity Budget, Wike stated that 175 billion naira, or approximately 31% of the total budget, is proposed for Recurrent Expenditure, while 350 billion naira, or approximately 63% of the total budget, is proposed for Capital Expenditure, in line with the vision to prioritize capital expenditures over recurrent expenditures.

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