Rivers State Governor, Siminalayi, has presented the 2025 budget proposal of N1.1trillion to a faction of the State Assembly led by Victor Oko-Jumbo.
The Appropriation Bill, tagged “Budget of Inclusive Growth and Development”, was presented during plenary on Monday.
Arriving at the Assembly complex with members of his cabinet and other top government officials, Governor Fubara was warmly received as the house rules were suspended to allow for his address.
In his speech, Governor Fubara described the 2025 budget as a blueprint for consolidating the achievements of his administration in 2024 while charting a new course for sustainable development.
Highlighting the performance of the N800 billion 2024 budget, the governor stated that Rivers State recorded significant milestones, particularly in economic growth and revenue generation.
He announced that Internally Generated Revenue (IGR) rose to over N250 billion, and it’s expected to close at N300 billion by the end of the year, marking a record 100% increase over the previous year.
This, alongside N300 billion received from the Federation Account Allocation Committee (FAAC), enabled the State to execute transformative projects across sectors.
Building on this success, the governor unveiled one trillion, one hundred and eighty-eight billion, nine hundred and sixty-two million, seven hundred and thirty-nine thousand, nine hundred and thirty-two, thirty-six Kobo (N1, 188, 962, 739, 932. 36) for 2025 fiscal year.
The proposed budget comprises Recurrent Expenditure of N462 billion and Capital Expenditure N678 billion, reflecting a 44% to 56% ratio.
Governor Fubara outlined the expected revenue streams to fund the budget, including N264.3 billion from Internally Generated Revenue (IGR), N18.2 billion from Statutory Allocation, N132.1 billion from Mineral Funds, N204.2 billion from Value Added Tax (VAT) and N32.2 billion from Refunds Escrow, Paris/ECA, N27.5billion from Refands from Bank Charges and N20.6bllion from Excess Crude Account.
The projections are based on economic indicators such as an oil price of $80 per barrel, a production target of 1.8 million barrels per day, an exchange rate of N1,500 per dollar, and a 22% inflation rate.
Governor Fubara emphasised that the 2025 budget prioritises key sectors critical to the state’s development, including Agriculture to ensure food security; Education for improved access, infrastructure, and quality of learning; Healthcare; Social Investment to empower vulnerable groups and foster equity and Infrastructure Development to enhance connectivity and economic activities
In his remarks, Speaker Victor Oko-Jumbo commended the governor for his vision and commitment to the state’s progress.
The 2025 budget presentation marks Governor Fubara’s second since assuming office in May 2023, amidst ongoing legislative challenges.