Wike proposes N550bn Budget for 2023, introduces Free School Feeding Programme

Governor Nyesom Wike of Rivers State has presented a budget proposal of N550 billion for the 2023 fiscal year. The governor announced the introduction of free feeding programme for pupils in primary schools to increase enrollments in the state.

The governor declared: “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 enrollments and reduce poverty.”

Wike said the budget is aimed at consolidating on his achievements in the state.

The governor highlighted that the 2023 budget proposal is anchored on the assumptions that crude oil price benchmark 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 projection of between 4.5 and 5%, among others.

He maintained that the budget will be funded from the Federation Account Allocation Committee (FAAC) receipts, 13% Oil Mineral Derivation Fund, Internally Generated Revenue, bank loans, sales of state assets and grants from development agencies.

The proposal titled, Budget of Consolidation and Continuity, has recurrent expenditure of  N175 billion, representing about 31% of the total budget,  and N350 billion, representing about 63% of the total budget is allocated for Capital Expenditure.