Rivers State House of Assembly has given reasons for passing into law the 2019 budget estimate of N480.4bn presented to it by the executive without alterations.
The lawmakers during committee of supply described the bill as a balanced one that has taken into account the economic realities in Nigeria today.
The Chairman of the Committee of Supply, Rt. Hon. Ikuinyi Ibani Owaji informed that members considered the total amount which is a little above four hundred and eighty billion as appropriate, adding that the budget will be funded from Internally Generated Revenue, Statutory Allocation, 13% Oil mineral funds and Value Added Tax (VAT) .
He also disclosed that refunds that will be made to government which is over twenty seven billion are from local credits , international credits capital receipts amongst others.
Earlier, while debating on the appropriation bill, the lawmakers had in their arguments submitted that the budget estimate addressed all the sectors of the economy while capturing the 23 Local Government Areas of the state with the capital estimate far more than the recurrent estimate.
They further noted that estimate is one that would enhance human capacity building, job creation, youth employment with special considerations for Civil Servants and pensioners.
The lawmakers after highlighting the budget estimate item by item unanimously approved the sum of N480.4 bn for the services of Rivers State Government for the 2019 financial year.
