UPDATED: Gov Fubara Presents ₦1.1 Trillion 2025 Budget to Victor Oko-Jumbo-led Rivers Assembly

Rivers State Governor, Siminalayi Fubara, has presented a ₦1.1 trillion budget proposal for the 2025 fiscal year to the Victor Oko-Jumbo-led Rivers State House of Assembly during Monday’s plenary session.

The budget, tagged the “Budget of Inclusive Growth and Development,” was delivered as house rules were suspended to accommodate the governor’s address. Governor Fubara described the proposal as a strategic plan to build on the achievements of his administration in 2024 while driving sustainable development in key sectors.

Highlighting the performance of the ₦800 billion 2024 budget, Fubara noted that Rivers State achieved significant milestones, with Internally Generated Revenue (IGR) exceeding ₦250 billion and projected to hit ₦300 billion by year-end. This marks a record 100% increase compared to the previous year. Combined with ₦300 billion from the Federation Account Allocation Committee (FAAC), these funds enabled the execution of transformative projects across various sectors.

For the 2025 fiscal year, the proposed budget comprises ₦462 billion in Recurrent Expenditure and ₦678 billion in Capital Expenditure, reflecting a 44% to 56% ratio. Fubara outlined revenue projections, including ₦264.3 billion from IGR, ₦18.2 billion from Statutory Allocations, ₦132.1 billion from Mineral Funds, ₦204.2 billion from VAT, and other sources, including Refunds Escrow and the Excess Crude Account.

He explained that the budget assumptions were based on economic indicators, including an oil price of $80 per barrel, a production target of 1.8 million barrels per day, an exchange rate of ₦1,500 per dollar, and a 22% inflation rate.

Fubara stressed the importance of prioritizing Agriculture, Education, Healthcare, Social Investments, and Infrastructure Development to foster connectivity and economic growth.

In his remarks, Speaker Victor Oko-Jumbo commended the governor for his vision and commitment to the state’s progress.

This presentation marks Governor Fubara’s second since assuming office in May 2023, amid ongoing legislative disputes within the Rivers Assembly.