Rivers State governor, Siminalayi Fubara, on Monday, presented a N1.1 trillion 2025 budget proposal to the Victor Oko-Jumbo-led Rivers House of Assembly.

He announced that Internally Generated Revenue (IGR) rose to over ₦250 billion naira, and it’s expected to close at ₦300 billion by the end of the year, marking a record 100% increase over the previous year.

This, alongside ₦300 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 (₦1, 188, 962, 739, 932. 36) for 2025 fiscal year.

The proposed budget comprises Recurrent Expenditure of ₦462 billion and Capital Expenditure ₦678 billion, reflecting a 44% to 56% ratio.

Governor Fubara outlined the expected revenue streams to fund the budget, including ₦264.3 billion from Internally Generated Revenue (IGR), ₦18.2 billion from Statutory Allocation, ₦132.1 billion from Mineral Funds, ₦204.2 billion from Value Added Tax (VAT) and ₦32.2 billion from Refunds Escrow, Paris/ECA, ₦27.5 from Refands from Bank Charges and ₦20.6Bn 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 ₦1,500 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.

By Eric Elezuo

Midoil Refining and Petrochemicals Company Limited, has pulled all stops to give its staff a befitting Yuletide present as the year 2024 winds down.

The event coincided with the signing of the relevant documents with communities filing agreement with the State Government to ensure peace in the local community as well awarding wall fencing to three reputable contractors.

The event was held at the entrance of Serenecity Estate site, and drew together notable individuals connected with the Midoil Refinery projects including traditional rulers, members of the communities, contractors and stakeholders in the project.

Chief Elizabeth Akintonde with the Baales of host communities

In her welcome address, the Midoil Executive Chairman, Chief Elizabeth Omolara Akintonde, lauded every effort so far made by the communities, contractors, staff and stakeholders to see to the Midoil Reality.

She went down memorylane to tell the stories behind the successes, saying that ‘in all things, God’s name has been glorified as we all are still on our feet, and marching on stronger and better’.

Kickstarting the avalanche of activities at the event was the signing Memorandum of Understanding and payment of compensation between the company and the Mogo-Olowu community, who happened to be additional community compensated, and supervised by their lawyer, Barrister T. A. Ogunlaja.

The Executive Chairman with SereneCity investors

Midoil/SereneCity wall fencing contract was signed by three reputable contractors to solidify the contract award for continuous fencing of the sprawling estate.

They include RIOA Investment Limited, Indepth Nigeria Limited and CYFA Contractors Limited.

Speaking on the MOU signed, Barrister Ogunlaja, who represented the community of Mogo-Olowu maintained that the event marked “the end of crises between Midoil and the host communities and the birthing of a new and smooth relationship.”

He observed that development slowed down as a result of the unresolved issues between the parties, and also because there was no community head to sign on behalf of the Mogo-Olowu community.

He also revealed that the MOU addressed a 30% allocation of workforce to the community.

“Everything is a win win affair,” he concluded.

Also lending his views on the new found camaderie between the company and the community, the Ererufu Community secretary, Mr. Omotola Adeboye Odubote, simply summarized the event as ‘development just happened’.

He reiterated settlement of all involved, adding indigenes of the community would be absolved in the project so long as they are qualified.

Chief Akintonde thereafter, took it upon herself to announce and reward five distinguished staff with a plot of land within the Serenecity Mixed Development Zone, certificate of appreciation for their hard work, diligence was also given.

Among those rewarded with portions of the SereneCity land are Dr (Mrs) Iyabode Obasa, Arch Jane Adaku-Udoukpo, Mrs. Blessing Fuham Matthew, Mr. Michael Folorunsho Sotome and Mr. Adekunle Folurunsho Bada.

Expressing her delight at the process, Mrs. Obasa, who had earlier received encomiums from the Chairman for her dexterity, noted that the day marks a turning point in the development of the Midoil Reality as communities linked to the property under development has pledged to maintain peace while sticking to their own part of the agreement which involves monetary gains at stipulated and agreed times.

“The signing today settles all encumbrances, and makes for a smooth take off and sailing of the Construction operations,” she said stressing that in a couple of months, the site would have taken a different shape for the better.

Corroborating her stand, the Project Coordinator, Architect Udoukpo, said that challenges in whatever guise have been cleared, noting that the signed contract ensured that each party is adequately taken care of.

It would be recalled that earlier in the year, a similar Memorandum of Understanding was signed between Midoil and the host communities, including Ererufu and Sekungba.

In her closing remarks, Mrs. Akintonde further expressed her gratitude to all the stakeholders, reiterating that there was no room for failure, as everything planned will be carried out to the latter.

Distinguished personalities like Brigadier General Olubunmi Akintola (Retd), Serenecity Investors, Mr Buchi Okoye and Abiola Kokumo both of Moart Company Limited, community leaders, artisans, representatives of women and youth attended the colourful event.

Apart from the two rescued victims of the Jeju Air plane that crash-landed at the Muan International Airport in Muan County, South Korea, the remainder of the 181 passengers on board have been presumed dead.

The accident occurred early Sunday morning with the aircraft colliding with a wall at the Airport and exploding.

“Jeju Air will spare no effort to respond to the accident.

“We are currently working to determine the exact cause and details of the situation,” an official of Jeju Air said.

“The aircraft has been in operation for 15 years with no history of accidents,” Jeju Air said in a statement.

South Korean authorities confirmed 96 dead so far.

The unfortunate situation has seriously affected flight operations at the airport.

“We deeply apologize to all those affected by the incident at Muan Airport. We will make every effort to resolve the situation. We sincerely regret the distress caused,” said the statement posted on Jeju Air’s website.

When it veered off the runway, the Jeju Air flight was coming from Bangkok and was trying to land at Muan International Airport.