Home News Gov. Amaechi presents N485.52bn budget for 2014

Gov. Amaechi presents N485.52bn budget for 2014

Gov. Amaechi of Rivers presenting the 2014 budget to the Speaker, House of Assembly, Otelemaba Dan-Amachree, in Port Harcourt

Rivers Governor, Chibuike Amaechi, on Tuesday presented a budget proposal of N485.52 billion for government services in 2014.

Amaechi made the presentation before a session of the State House of Assembly in Port Harcourt, said the 2014 budget was N4.797 billion or 0.98 per cent less than the 2013 budget figure of N490.32 billion.

The governor said N247.57 billion or 75.88 per cent  was allocated to capital expenditure while recurrent expenditure got N237.95 billion or 24.12 per cent of the budget.

“The focus of the budget will be on completing ongoing projects in Health, Education, Roads, Transport, Power, Water, Agriculture and other critical infrastructure,’’ he said.

The governor further said that the 2014 budget was prepared and will be implemented based on the policy thrust and assumptions of commitment to aggressive and sustainable Internal Revenue drive and moving towards financing recurrent spending from internally generated revenue.

He said that the 2014 budget will also seek to build agriculture as the main driver of the economic growth and job creation, while sustaining good governance through budget discipline, probity and accountability in the utilization of public fund.

The governor also pledge to reform and maintain a robust public financial management structure, system and processes that brings about efficiency and effectiveness of use of resources.

Amaechi said the ministry of works got the highest allocation of N60 billion while education received N30 billion.

Allocations to other sectors are: Transport, N10 billion; Power, N7 billion; Sports, N8.99 billion; water resources, N8 billion.

The proposed 2014 budget of N485.524 billion will be funded by: FAAC Allocation of N241.243 billion; IGR of N92.420 billion.

Prior year balance of N10.717 billion; proposed loans N100 billion; credit from World Bank- N6.983billion, EU grant of N0.660 billion and sale of assets of N33.5billion,’’ he said.

Amaechi said his administration had achieved good results in the implementation of the 2013 budget, with new projects completed.

He said the 2014 budget would aim at completing all critical on-going capital projects key to the vision of the government.

The governor also said the budget would improve the quality of education, physical infrastructure, health care system and facilitate job creation.

In his speech, the Speaker of the Assembly, Otelemaba Dan-Amachree, pledged that the house would pass the appropriation bill on time.