Rivers State Governor Rotimi Amaechi presented the 2014 budget to the members of the State House of Assembly in the banquet hall of the Government House yesterday.
Speaking on how the budget would be financed, Governor Amaechi stated, “N485.524 billion would be funded by FAAC Allocation of N241.243 billion; IGR (internally generated revenue) of N92.420 billion; Prior year balance of N10.717 billion; proposed loans N100 billion; credit from World Bank- N6.983 billion, EU grant of N0.660 billion and sale of assets of N33.5 billion”.
The Assembly members led by the deputy Speaker, Leyi Kwanee, passed the budget for N485.5 billion.
“We are proposing an aggregate budget of N485.524 billion for the year 2014. This is N4.797 billion (0.98 per cent) lower than the 2013 budget of N490.320 billion”.
“Our budget estimates is based on a benchmark price of $67.5 to create a safety net of $10,” he said, adding that “the 2014 budget will not accommodate new projects”.
However Rivers PDP Chairman, Felix Obuah has vowed that the party would take up the matter in court.
Obuah said, “The passage of the 2014 budget outside the hallow chambers is illegal and we in the Rivers State PDP will use every legal means to challenge the implementation of such budget,” Obuah said.
He added: “Amaechi is creating a criminal record in the state. This is the first time a budget is passed outside the state House of Assembly since the creation of Rivers State.
“We reject the budget. It is illegal and criminal. We will follow every legal means to stop the implementation of the budget.”
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