Breaking: Fubara Unveils ₦1.1 Trillion 2025 Budget, Sets Sights on Infrastructure And Education In Rivers State

Rivers State Governor Siminalayi Fubara on Monday presented the 2025 budget proposal of ₦1.1 trillion to the State House of Assembly, led by Speaker Victor Oko-Jumbo, during a plenary session.....KINDLY READ THE FULL STORY HERE▶

Dubbed the “Budget of Inclusive Growth and Development,” the proposed Appropriation Bill aims to build on the administration’s 2024 achievements while paving the way for sustainable development in Rivers State.

Accompanied by members of his cabinet and top officials, Governor Fubara outlined the budget’s priorities, emphasizing agriculture, education, healthcare, and infrastructure as key focus areas. He described the ₦1.1 trillion proposal as a reflection of Rivers State’s robust economic growth and effective governance.

The budget, totaling ₦1,188,962,739,932.36, is allocated as follows:

• Recurrent Expenditure: ₦462 billion
• Capital Expenditure: ₦678 billion
  This represents a 44% to 56% ratio between recurrent and capital spending.

Funding for the budget is projected to come from various revenue streams, 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)
• ₦32.2 billion from Refunds Escrow, Paris/ECA
• ₦27.5 billion from Refunds from Bank Charges
• ₦20.6 billion from the Excess Crude Account

These projections are anchored on key economic indicators, including:

• An oil price benchmark of $80 per barrel
• A production target of 1.8 million barrels per day
• An exchange rate of ₦1,500 per dollar
• An inflation rate of 22%

Reflecting on the 2024 budget of ₦800 billion, Governor Fubara highlighted notable achievements, including a record-breaking 100% increase in Internally Generated Revenue, which rose to ₦250 billion and is expected to hit ₦300 billion by year-end. Additionally, ₦300 billion received from the Federation Account Allocation Committee (FAAC) facilitated transformative projects across various sectors.

The governor identified the administration’s 2025 priorities as:

• Agriculture: Promoting food security and rural development
• Education: Enhancing infrastructure, accessibility, and learning quality
• Healthcare: Expanding access to medical services
• Social Investment: Supporting vulnerable groups and promoting equity
• Infrastructure: Boosting connectivity and driving economic growth

Speaker Victor Oko-Jumbo commended Governor Fubara for his visionary leadership and commitment to the state’s development. He assured the governor of the Assembly’s readiness to expedite the budget’s passage to ensure timely implementation.