Rivers State Governor, Siminalayi Fubara on Monday presented the 2025 budget proposal of ₦1.1 trillion to the Victor Oko-Jumbo-led State House of Assembly during a plenary session.
The proposed Appropriation Bill, titled the “Budget of Inclusive Growth and Development”, reflects Governor Fubara’s blueprint for consolidating his administration’s achievements in 2024 while charting a sustainable development path for Rivers State.
Governor Fubara, who arrived at the Assembly complex with members of his cabinet and other top officials, outlined the fiscal year’s priorities and funding strategies.
He described the 2025 proposal as a testament to Rivers State’s economic growth and efficient governance, emphasising its focus on agriculture, education, healthcare, and infrastructure development.
The proposed budget totals ₦1,188,962,739,932.36, comprising:
– Recurrent Expenditure: ₦462 billion
– Capital Expenditure: ₦678 billion
– This represents a 44% to 56% ratio of recurrent to capital expenditure.
Governor Fubara detailed the revenue streams expected to fund the budget, 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; and
– ₦20.6 billion from the Excess Crude Account.
The projections are based on economic indicators such as:
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%.
The governor highlighted the performance of the ₦800 billion 2024 budget, noting significant milestones in economic growth, with Internally Generated Revenue (IGR) surging to ₦250 billion—a record 100% increase over the previous year—and expected to close at ₦300 billion by the end of the year.
He also reported that the ₦300 billion received from the Federation Account Allocation Committee (FAAC) in 2024 enabled the execution of transformative projects across various sectors.
Governor Fubara outlined his administration’s focus areas, including:
Agriculture: To ensure food security and promote rural development;
Education: For improved infrastructure, access, and quality of learning;
Healthcare: To enhance access to medical services;
Social Investment: Empowering vulnerable groups and fostering equity; and
Infrastructure Development: Expanding connectivity and driving economic activities.
Speaker Victor Oko-Jumbo commended Governor Fubara for his vision and dedication to the state’s progress. He assured the governor of the Assembly’s commitment to the timely passage of the budget to facilitate its implementation.
The post Fubara Presents ₦1.1 Trillion 2025 Budget To Rivers Assembly, Prioritises Infrastructure, Education, Agriculture appeared first on Naija News.