Rivers State Governor, Siminalayi Fubara, has presented the 2025 budget proposal of ₦1.1 trillion to the Rivers State House of Assembly, led by Speaker Victor Oko Jumbo.
The budget, dubbed the “Budget of Inclusive Growth and Development,” was unveiled during a plenary session on Monday.
Governor Fubara, accompanied by his cabinet and senior government officials, was warmly welcomed at the Assembly complex, where the house rules were temporarily suspended to allow for his address.
In his speech, the governor described the 2025 budget as a strategic plan to build on the successes of his administration in 2024, while setting the stage for long-term, sustainable development.
Reflecting on the performance of the ₦800 billion 2024 budget, Fubara highlighted significant achievements in economic growth and revenue generation, notably a 100% increase in Internally Generated Revenue ,IGR, which rose from ₦150 billion to over ₦250 billion.
The governor projected that IGR would reach ₦300 billion by the end of 2024, alongside ₦300 billion received from the Federation Account Allocation Committee , FAAC, which enabled the implementation of transformative projects across various sectors.
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For the 2025 fiscal year, Governor Fubara announced a proposed budget of ₦1,188,962,739,932.36, which includes ₦462 billion for Recurrent Expenditure and ₦678 billion for Capital Expenditure, reflecting a 44% to 56% allocation split.
He outlined expected revenue sources, such as ₦264.3 billion from 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 Bank Charges Refunds, and ₦20.6 billion from the Excess Crude Account.
These projections are based on economic assumptions, 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.
The governor emphasized that the 2025 budget prioritizes key sectors crucial for the state’s development: Agriculture for food security, Education to enhance access and quality, Healthcare, Social Investment for vulnerable groups, and Infrastructure to boost economic activity and connectivity.
In response, Speaker Victor Oko-Jumbo praised the governor for his foresight and commitment to the state’s advancement.
This budget presentation marks Governor Fubara’s second since taking office in May 2023, despite political differences on the composition of the legislature.
Crediblenewsng.com
