Rivers State Governor Amaechi presents N427b 2012 budget

Rivers State governor, Rotimi Amaechi has presented a budget of N427 billion to the state House of Assembly for the 2012 fiscal year.
Presenting the budget on the floor of the House in Port Harcourt, Amaechi noted that the budget was higher than the 2011 figure by N11.9 billion.
The News Agency of Nigeria (NAN) reports that the 2011 approved budget for the state was N415.1 billion.
Amaechi explained that the state government would borrow N100 billion from the capital market to finance part of the budget in order to complete critical projects in the state.
“We assure our people that we have made adequate plans to fully repay the loan before the end of our tenure,’’ he said.

The governor said N238 billion of the budget would come from the Federation Account and N65 billion from internally-generated revenue.
“N12 billion will come from payments due on recovered oil wells, while there is an opening balance of N12 billion,’’ he said.
NAN reports that N314.27 billion of the budget was set aside for capital expenditure while N112.73 billion would be for recurrent expenditure.
Amaechi stated that the provision for capital projects represents 73.13 per cent of the budget while the recurrent expenditure has gone down by N33.61 billion, compared to the 2011 figures.
He reeled out some of the projects to be undertaken to include the completion of 24 model secondary schools and ensuring steady power supply.

Source: Nation