Governor Nyesom Wike, yesterday, presented a budget of N470 billion for the 2017 fiscal year to the Rivers State House of Assembly for approval.

The budget tagged, “Golden Jubilee budget for accelerated development,” earmarked N329 billion for capital development and N141 billion for recurrent expenditure. vanguard reports.

The governor had budget explained that his administration is focused on achieving rapid development in all parts of the state. He also added that has zero tolerance for insecurity in the state and would target security challenges to ensure that a conducive business climate was provided.

On education and the health sector, the governor promised that his administration will pay special attention to both sectors.

Ministry of Works got N77. 4 billion; Education, N30 billion and Health, N27 billion. About N13 billion was earmarked for empowerment of women and youths. N14,160 billion went to the administrative sector, N115,245 bn to the economic sector and N125,630 to social sector.

Wike said funding will come from the Federal Allocation, the 13 percent derivation to oil producing states, Value added Tax, VAT, reimbursements and internally generated revenue. “We are projecting an aggregate sum of N220 billion from FAAC, distributed as follows: N23bn from Statutory Allocation, N102bn from 13 percent mineral derivation fund, N16.6 bn naira from VAT, N8bn exchange gain, N70bn for Paris Club and other reimbursements, and N400m from capital receipts,” he said. “We are also projecting to generate an aggregate sum of N168, 857,926,276, from IGR,” he said. He said his administration had taken steps since it came on board to eliminate wastage of public funds, stressing that it will remain focused on delivering dividends of democracy to Rivers state. Vanguard reports.