Rivers State Governor Siminalayi Fubara has unveiled a ₦1.1 trillion 2025 budget proposal, titled the “Budget of Inclusive Growth and Development,” to the Victor Oko-Jumbo-led State House of Assembly.
The presentation, held during plenary on Monday, saw the governor accompanied by his cabinet and top officials, who were warmly received as assembly rules were suspended for his address.
Consolidating Achievements
Governor Fubara described the budget as a plan to build on his administration’s 2024 achievements while steering the state towards sustainable development.
Highlighting the success of the ₦800 billion 2024 budget, the governor reported significant progress in economic growth and revenue generation. Internally Generated Revenue (IGR) soared to over ₦250 billion, with projections to reach ₦300 billion by year’s end—a 100% increase from the previous year. Combined with ₦300 billion from the Federation Account, these revenues funded transformative projects across various sectors.
2025 Budget Overview
The proposed budget totals ₦1,188,962,739,932.36, allocating ₦462 billion for Recurrent Expenditure and ₦678 billion for Capital Expenditure—a 44% to 56% ratio.
Governor Fubara outlined the funding sources, including:
- ₦264.3 billion from IGR
- ₦18.2 billion from Statutory Allocation
- ₦132.1 billion from Mineral Funds
- ₦204.2 billion from VAT
- ₦32.2 billion from Refunds Escrow
- ₦20.6 billion from the Excess Crude Account
Economic assumptions underpinning the budget include an oil price of $80 per barrel, production of 1.8 million barrels per day, an exchange rate of ₦1,500 per dollar, and a 22% inflation rate.
Key Priorities
Governor Fubara stressed that the budget would focus on critical sectors such as:
- Agriculture: To ensure food security.
- Education: To improve access, infrastructure, and quality.
- Healthcare: To enhance public health services.
- Social Investment: To support vulnerable groups.
- Infrastructure Development: To boost connectivity and economic activity.
Legislative Support
Speaker Victor Oko-Jumbo lauded the governor’s vision and dedication to Rivers State’s progress.
The presentation marks Governor Fubara’s second budget since taking office in May 2023, amid ongoing legislative challenges.