By Ayomide Otitoju
Rivers State Governor Siminalayi Fubara has presented a ₦1.1 trillion budget proposal for the 2025 fiscal year to the Victor Oko-Jumbo-led Rivers State House of Assembly. The “Budget of Inclusive Growth and Development” was unveiled during a plenary session on Monday.
Governor Fubara, accompanied by his cabinet and top officials, received a warm welcome at the Assembly complex, where house rules were suspended to accommodate his address.
In his presentation, the governor described the 2025 budget as a roadmap to build on the successes of 2024 while steering the state toward sustainable development. He highlighted the performance of the ₦800 billion 2024 budget, noting significant progress in economic growth and revenue generation.
Rivers State achieved an Internally Generated Revenue (IGR) of over ₦250 billion, projected to reach ₦300 billion by year-end—double the previous year’s figure. Combined with ₦300 billion from the Federation Account Allocation Committee (FAAC), these funds enabled transformative projects across key sectors.
Budget Breakdown
The proposed 2025 budget amounts to ₦1,188,962,739,932.36, comprising ₦462 billion in Recurrent Expenditure and ₦678 billion in Capital Expenditure, maintaining a 44% to 56% ratio.
Expected revenue streams include:
₦264.3 billion from IGR
₦18.2 billion from Statutory Allocation
₦132.1 billion from Mineral Funds
₦204.2 billion from VAT
₦32.2 billion from Refunds Escrow, Paris/ECA
₦27.5 billion from Refunds on Bank Charges
₦20.6 billion from the Excess Crude Account
The projections are based on an oil price of $80 per barrel, production of 1.8 million barrels per day, an exchange rate of ₦1,500 per dollar, and a 22% inflation rate.
Sectoral Priorities
Governor Fubara highlighted key sectors to receive funding, including:
Agriculture for food security
Education to enhance access, infrastructure, and learning quality
Healthcare for improved services
Social Investment to empower vulnerable groups
Infrastructure Development to boost connectivity and economic activity
Legislative Response
Speaker Victor Oko-Jumbo commended Governor Fubara for his vision and dedication to advancing the state.
The 2025 budget marks Governor Fubara’s second presentation since assuming office in May 2023, amidst legislative challenges.
