December 30, (THEWILL) – Rivers State Governor, Siminalayi Fubara, on Monday, presented the 2025 budget proposal of N1.1 trillion to the state House of Assembly led by Speaker Victor Oko-Jumbo.
The budget tagged the “Budget of Inclusive Growth and Development,” is projected to consolidate the achievements of Fubara’s administration in 2024 while setting a roadmap for sustainable development.
Fubara highlighted significant accomplishments under the N800 billion 2024 budget, particularly in economic expansion and increased revenue generation.
He noted that Internally Generated Revenue (IGR) surged to over N250 billion and is expected to close at N300 billion by year-end, marking a 100% increase compared to the previous year.
Combined with the N300 billion received from the Federation Account Allocation Committee, the revenue enabled the execution of transformative projects across various sectors.
The proposed budget comprises a recurrent expenditure of N462 billion and, a capital expenditure, of N678 billion.
This reflects a 44% to 56% ratio, with more emphasis on infrastructure and development projects.
Fubara outlined the expected revenue streams to fund the budget, including, N264.3 billion from IGR, N18.2 billion from statutory allocation, N132.1 billion from mineral funds, N204.2 billion from VAT, N32.2 billion from refunds escrow, Paris/ECA, N27.5 billion from refunds from bank charges and N20.6 billion from the Excess Crude Account
The budget projections are based on key economic indicators, including 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.
Fubara emphasised the administration’s focus on key areas critical to Rivers State’s growth.
Speaker Victor Oko-Jumbo lauded the governor’s vision and dedication to the state’s development, pledging the Assembly’s support to ensure the seamless implementation of the proposed budget.
The 2025 budget underscores Governor Fubara’s commitment to inclusive governance and sustainable progress in Rivers State.
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