Rivers State Governor, Siminialayi Fubara, has presented the state’s 2025 Appropriation Bill, valued at ₦1.19 trillion, to the Victor Oko-Jumbo-led House of Assembly.
While presenting the budget, Fubara outlined that ₦462 billion was earmarked for Recurrent Expenditure, with ₦678 billion allocated for Capital Expenditure.
The governor also highlighted a planning reserve of ₦35.7 billion, along with a closing balance of ₦12.9 billion.
He emphasized that the budget’s structure — a 44:56% split between recurrent and capital expenditures — reflected his government’s strong commitment to both human capital development and infrastructural growth in the state.
Fubara explained that the 2025 budget was designed to drive sustainable economic growth, accelerate state development, and enhance the living standards of the people.
He noted that the budget’s theme, “A Budget of Inclusive Growth and Development,” reflects the administration’s commitment to improving resilience against potential economic challenges.
The budget is based on key assumptions including an oil price benchmark of $80 per barrel, a daily oil production rate of 1.8 million barrels, an exchange rate of ₦1500/1 USD, and an inflation rate of 22%.
The governor also projected significant contributions from non-oil sectors to bolster the state’s economy.
Fubara stated that the state plans to expand its internal tax base, increase internally generated revenue to at least 35% of the budget, and reduce borrowing through fiscal discipline.
He also emphasized efforts to enhance the ease of doing business and attract both local and foreign investments to stimulate economic growth and job creation.
The governor provided a breakdown of the budget’s financial sources, with Internally Generated Revenue (IGR) expected to contribute ₦264.4 billion, and statutory allocations, mineral funds, VAT receipts, and other sources expected to bring in substantial amounts.
Key components of the capital expenditure allocation include ₦213.585 billion for governance, ₦3.404 billion for Information and Communication, ₦30.954 billion for Agriculture, ₦63.275 billion for Education, and ₦97.75 billion for Health, among other sectors.
Fubara further reiterated that the budget would prioritize poverty reduction, social infrastructure, and economic empowerment, with a focus on inclusivity.
He stressed that the government’s vision remains committed to transforming the state into a more secure, prosperous, and resilient entity, with an emphasis on achieving sustainable growth and development for all.
On the performance of the 2024 budget, Fubara shared that the state had surpassed its projected revenue, including significant improvements in IGR.
The governor credited this success to strategic fiscal management and increasing the domestic tax base without raising taxes.
He also highlighted that the state had fully funded its 2024 recurrent budget and capital projects, marking a major achievement in governance and infrastructure development.
Fubara concluded by affirming that his administration is determined to continue its track record of delivering on developmental projects, enhancing human capital, and meeting the needs of the people.
He pledged that the 2025 budget would further propel the state toward greater economic self-reliance and sustainable growth.
