May 28, (THEWILL) – The Senate has passed through second reading a bill seeking to authorise the issuance of N1.48 trillion from the Consolidated Revenue Fund for the 2025 fiscal year for Rivers State.
Titled “An Act to Authorise the Issue from the Consolidated Revenue Fund of Rivers State”, the bill was presented during Friday’s plenary by Senate Leader, Senator Opeyemi Bamidele.
President Bola Tinubu had, on 22nd May, requested the approval of the National Assembly for a total N1.48 trillion appropriation bill for Rivers State.
The bill proposes a comprehensive spending plan to support ongoing government functions under the emergency administration led by Retired Vice Admiral Ibok-Ete Ibas.
The proposed expenditure comprises N120.8 billion for debt servicing, N287.3 billion for recurrent (non-debt) spending and N1.07 trillion earmarked for capital projects
Considering the appropriation at plenary on Wednesday, Senator Bamidele emphasised that the budget was crafted to facilitate inclusive growth and ensure the seamless continuation of governance amid the unusual political circumstances in the state.
“The aim is to stabilise the system, promote development, and address the urgent needs of Rivers people”, he said.
The bill has now been forwarded to the ad hoc committee on Rivers emergency rule, which is expected to scrutinise the proposal and report back in two weeks.
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