By NBF News

PORT HARCOURT- Rivers State Government has budgeted N427 billion for 2012, N11.9 billion higher than that of this year.

Presenting the budget, tagged 'Budget for resource utilisation', Governor Chibuike Amaechi, who made the presentation on the floor of the state House of Assembly yesterday, said it would enable early completion of all ongoing projects within the life time of his administration.

Noting that employment generation and empowerment were among the cardinal focus of the budget, the governor said N314.27 billion had been voted for capital expenditure, while N112.73 billion was for recurrent expenditure.

He explained that the budget for next year would be financed by N238 billion from the federation account; N65 billion from internally generated revenue; N12 billion payments due on recovered oil wells, unspent balance of N12 billion and proposed bond /loan of N100 billion.

Continuing, the governor said projects in the critical sectors, such as education, health and power, would get special attention from the government next year, adding that private public partnership, PPP, would be encouraged to move the state forward.

A breakdown of the budget shows that education has the lion share of N71.5 billion, followed by N25 billion earmarked to develop the power sector and N21.49 billion for health.

Governor Amaechi said efforts would be made to develop the agriculture sector, noting that the state government would replicate the Songhai farm at Port Novo in the state.