Fubara Unveils ₦1.1tn Budget to Oko-Jumbo-Led Rivers Assembly

Governor Fubara has presented a ₦1.1 trillion budget to the Oko-Jumbo-led Rivers State Assembly, focusing on development and economic growth.

Governor Siminalayi Fubara of Rivers State has submitted the 2025 budget proposal, amounting to ₦1.1 trillion, to the Rivers State House of Assembly led by Victor Oko-Jumbo.

The Appropriation Bill, referred to as the “Budget of Inclusive Growth and Development,” was introduced at Monday’s plenary session.

Governor Fubara arrived at the Assembly complex with members of his cabinet and other high-ranking government officials. He received a warm welcome, as house rules were temporarily suspended to permit him to deliver his address.

In his speech, Governor Fubara characterized the 2025 budget as a plan to build upon the accomplishments of his administration in 2024 and set a path for sustainable development.

Emphasizing the achievements of the ₦800 billion 2024 budget, the governor noted that Rivers State made significant progress, especially in economic growth and revenue generation.

He stated that the Internally Generated Revenue (IGR) increased to over ₦250 billion, and it is projected to reach ₦300 billion by year-end, representing a remarkable 100% growth compared to the previous year.

This, combined with the ₦300 billion obtained from the Federation Account Allocation Committee (FAAC), allowed the state to implement transformative projects across various sectors.

Following this success, the governor announced a budget of ₦1,188,962,739,932.36 (one trillion, one hundred eighty-eight billion, nine hundred sixty-two million, seven hundred thirty-nine thousand and nine hundred thirty-two naira with thirty-six Kobo) for the 2025 fiscal year.

The proposed budget includes ₦462 billion for Recurrent Expenditure and ₦678 billion for Capital Expenditure, representing a 44% to 56% ratio.

Governor Fubara detailed the anticipated revenue sources to finance the budget, which include ₦264.3 billion from Internally Generated Revenue (IGR), ₦18.2 billion from Statutory Allocation, ₦132.1 billion derived from Mineral Funds, and ₦204.2 billion collected through Value Added Tax (VAT). Additionally, there is an expected contribution of ₦32.2 billion coming in as Refunds Escrow and Paris/ECA funds, along with a return of ₦27.5 billion due to bank charge refunds and another sum amounting to₤whi ß20 6ỉnj0nmfrom t} Excess Crude Account`π

The forecasts consider economic indicators including an oil price of $80 per barrel, a daily production goal of 1.8 million barrels, an exchange rate of ₦1,500 to the dollar, and an inflation rate set at 22%.

Governor Fubara highlighted that the 2025 budget focuses on essential sectors vital for the state’s growth. This includes Agriculture to ensure food security; Education aimed at improving access, infrastructure, and learning quality; Healthcare services; Social Investment designed to empower vulnerable groups and promote equity; as well as Infrastructure Development intended to boost connectivity and economic activities.

In his speech, Speaker Victor Oko-Jumbo praised the governor for his vision and dedication to advancing the state.

The 2025 budget presentation is Governor Fubara’s second since taking office in May 2023, amidst continuing legislative challenges.