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.
