Governor Siminalayi Fubara of Rivers state, has presented a 2025 budget proposal of N1.1 trillion to the Victor Oko-Jumbo-led state house of assembly.
Fubara presents N1.1 trillion 2025 budget
Fubara presented the appropriation bill, tagged the “Budget of inclusive growth and development,” to the four-member assembly on Monday, December 30.
This will mark Governor Fubara’s second budget presentation since assuming office in May 2023, both occurring under a cloud of legislative disputes.
Breakdown of the N1.1 Trillion budget
As reported by The Cable, the governor allocated N462.25 billion to recurrent expenditure and N678.09 billion for capital projects.
Speaking during the budget presentation on Monday, Fubara said the state has recorded “unprecedented investments and significant impact” in road infrastructure, healthcare, education, and security and a significant boost in the internally generated revenue (IGR).
He projected the 2024 IGR would exceed N300 billion by December 2024, an increase of over N100 billion compared to 2023.
Fubara further emphasized that the IGR growth was achieved without introducing new taxes, adding that the state had met all its 2024 debt obligations without taking new loans, achieving full implementation of its recurrent budget.
“We are expecting the internally generated revenue for 2024 to close at over N300 billion by the end of December 2024, which is over N100 billion more than the total receipts for 2023,” Fubara said.
“Mr Speaker, it is worthy of note that this is the first time the State Government would record a historic N100 billion increase in IGR in a succeeding year.”
Pro-Wike lawmakers absent as Fubara presents 2025 budget
Meanwhile, the Speaker Martins Amaewhule-led House of Assembly members in Rivers state are close allies of Nyesom Wike, the minister of the Federal Capital Territory (FCT).
Wike and Rivers governor, his successor, Siminalayi Fubara, are in a long battle over the control of Rivers state.
Read more about Rivers crisis here:
APC warns Fubara against blackmailing Tinubu, Wike
In another development, Legit.ng reported that the APC reacted to the recent judgment stopping allocation to Rivers state.
APC said it would stand by the court’s judgment according to “Sections 120, 121, and 122″ of the constitution.
The APC chairman in Rivers state, Sir Tony Okocha, said the political crisis rocking the state was between Governor Sim Fubara and Nyesom Wike.