N530.8bn budget: Wike earmarks N8bn for minimum wage

0 59

Rivers State Governor, Nyesom Wike, has earmarked N8bn for state civil servants to take care of the new minimum wage.

The governor disclosed this on Tuesday while presenting a budget proposal of N530.8bn to the State House of Assembly for the 2020 fiscal year.

- Advertisement -

Wike also set aside N5bn to cover the recruitment of new employees into the state civil service.

The state’s 2020 budget was christened ‘Budget of Reassurance, profound impact for inclusive growth and shared prosperity’.

The state government in 2019 budgeted N480bn for recurrent and capital expenditure.

Presenting the 2020 budget proposal to the State House of Assembly on Tuesday, Wike said that the budget had recurrent expenditure of    N156,659,436,569.00, while capital expenditure would take N374,153,920,743.00.

Wike said, “The capital expenditure for 2020 is estimated to be N374,153,920,743.00, which constitutes nearly 70 per cent of the total budget.

- Advertisement -

“The summary of sectoral allocations of the capital expenditure are as follows; administrative sector, N15,061,008,000.00; economic sector, N136,444,523,766.60; law and justice, N2,400,000,000.00; social sector,   N138,558,553,322.35; special head, N57,367,124,462.05, and loan repayments                  N24,322,731,192.00.

“The substantial increase in capital over recurrent expenditure, once again, reflects and underscores our commitment to direct more resources to the growth and productive sectors of our economy.

“This administration is poised to fulfill every promise it made to our people. Consequently, various expenditure portfolios have been allocated to all the relevant MDAs to fund capital expenditures and deliver physical and socio-economic infrastructure and development for our people.”

Get real time updates directly on you device, subscribe now.