The Rivers State House of Assembly has passed the 2015 Budget of three hundred and N338b, which is N3b above the proposal by Governor Rotimi Amaechi.
The budget provided capital expenditure of N216b, while recurrent expenditure is pegged at N118b.
The Speaker of the House, Otelemaba Dan-Amachree explained that the additional three billion naira was meant for other expenditures that were not captured in the initial proposal.
Giving further details on the budget, the Chairman of the House Committee on Finance, Josiah Olu said internal generated revenue would contribute over ninety-four billion naira to the budget.
According to Olu, “the estimate of the Rivers state Government is as follows; Recurrent expenditure of N118,685b. Capital expenditure of N216,314b. This budget estimate is based on the oil benchmark of $40 per barrel to create a safety net of $5, at the estimated oil production of 2.278million barrels per day.
“There will be no borrowings in 2015. We will give commitment to our Internally generated revenue drive.
“Sustenance of good governance is through budgeting to give room for transparency in the utilisation of public funds”.
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