Fubara presents N800.392 billion budget for the year 2024 for River State

Admin i Wednesday, Dec. 13, 2023

PORT HARCOURT – The River State Governor, Mr. Seminalaye Fubara has presented a N800,332, 485,090.64 billion budget for the 2024 fiscal year.

According to Fubara, the budget is intended to promote economic development of River State through inclusive growth and to address socio-economic inequality in the state.

Out of the N800, 392,485,433.01 for the year 2024 budget, N361,598,242,570.85 is for Recurrent Expenditure while while the remaining N410,266,485,090.64 is for Capital Expenditure.

Fubara presented the budget at the River State Government House shortly after commencement of demolition of the defective complex of the River State House of Assembly.

The 27 lawmakers recently defected from the Peoples Democratic Party to the All Progressives Congress, were absent during the budget presentation.

THE 2024 BUDGET SIZE

The total projected revenue for Rivers State for the 2024 Fiscal Year is N800, 392,485,433.01 billion.

This is constituted as follows: (i) Recurrent Expenditure:​=​361,598,242,570.85​ (ii)

Capital Expenditure​​=​410,266,485,090.64 (iii)

Total:​​​​=​800,392,485,433.01 FINANCING THE 2024 BUDGET

The financial sources of the 2024 budget are as follows:

1. Internally Generated Revenue​​ – 231,057,836,945.00 2.

Statutory Allocation – 68, 458,610.00 3. Mineral funds – 145, 526,581,463.00 4.

Value Added Tax – 55, 650,000,000.00 5. Refunds Escrow, Paris/ECA – 1, 200,000,000.00 6.

Refunds from bank charges – 1, 500,000,000.00 7.

Excess Crude Account – 1, 700,000,000.00 8.

Exchange rate gain – 1, 200,000,000.00 9.

Forex equalization –

3, 000,000,000.00 10.

Other FAAC – 5, 000,000,000.00 11. Asset sales – 20, 000,000,000.00 12. Capital receipts – 9, 879,557,210.00 13.

Proposed internal/external grants – 24, 570,000,000.00 14.

International Credits –

2, 000,000,000.00 15.

Bonds – 237, 000,000,000.00 16. Internal loans – 235, 000,000,000.00

Prior year Balance –

6, 934,784,872.01

TOTAL = 800, 392,485,433.01

RECURRENT EXPENDITURE

​The Recurrent Expenditure is projected to be spent as follows: ​

1. Personnel Emolument – 99, 588,939,939.39 2.

New Recruitments – 28, 924,562,980.61 3.

Overhead costs – 18, 871,623,339.004

Grants,contributions & subsidies – 7,908,000,000.00 5.

Counterpart pension scheme – 15,000,000,000.00 6. Gratuities/Death Benefits – 77,850,000,000.00 7.

Monthly pensions – 30,240,000,000.00 8. Domestic loans interest – 32,420,734,367.60 9. Foreign loan interest – 536,709,798.04 10.

Domestic loan, principal repayment- 26,018,966,086.70 11. Foreign loan, principal repayment – 5,081,731,374.51 12.

FAAC Deductions- 12,865,723,913.00 13. COT/Charges/General Admin – 5,000,000,000.00