On Monday, Governor Siminalayi Fubara of Rivers State presented a N1.188 trillion 2025 budget proposal to the Rivers House of Assembly for approval.
Meanwhile, the governor is waiting for a Supreme Court verdict on the validity of the 2024 budget.
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Most state lawmakers loyal to Mr Fubara’s predecessor, Nyesom Wike, are challenging the validity of the 2024 budget that Mr Fubara presented to a four-member assembly.
Mr Wike is now the FCT minister. He has been engaged in a protracted battle with Governor Fubara over the control of the political structure in Rivers State.
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Mr Fubara had appealed to the Supreme Court after the Court of Appeal ruled in favour of the pro-Wike lawmakers over the validity of the state’s 2024 budget.
Notwithstanding the anticipated Supreme Court verdict, Mr Fubara has presented a new budget premised on achieving sustainable economic growth, accelerating the development of the State, and improving the living standards of the people.
This is contained in a budget speech presented by Mr Fubara to a three-member faction of the state assembly loyal to him.
On Monday, Mr Fubara’s spokesperson, Nelson Chukwudi, sent the budget speech to PREMIUM TIMES.
The budget has a recurrent/capital expenditures ratio of 44:56 per cent.
Funding statistics
The governor told lawmakers that the budget is premised on the assumptions of an oil price benchmark of $80 per barrel and an oil production capacity of 1.8 million per day.
Other revenue sources to finance the budget include the Federal Account Allocation Committee (FAAC) of N50 billion, Internally generated revenue of N264.4 billion, Statutory allocation of N18 billion, Mineral funds of N132.2 billion, Value Added Tax of N204.3 billion, N20 billion from Excess Crude Account and N27 billion refunds from bank charges while N250 billion is proposed as loans/bonds for the 2025 fiscal year.
Giving a review of the 2024 budget performance, Mr Fubara told the lawmakers that of the N800 billion proposed for the year, the state government has received N340 billion as FAAC revenue, which is N57.5 billion higher than what it proposed as of November this year.
Similarly, within the same period, the oil-rich Rivers internally generated N282 billion, over N51 billion more than the N231 billion budgetary provisions.
READ ALSO: Zamfara governor commissions road project in Rivers, lauds Fubara’s vision
“Hon. Speaker, besides aligning with our fiscal reality, the 2025 budget prioritises the fundamental objectives of building a secure, prosperous and resilient State with inclusive economic growth, sustainable development, and improved living standards for everyone,” the governor said.
The governor promised to invest in healthcare development, infrastructure and education.
“With this, we shall complete more of the numerous ongoing road projects and initiate the construction of new ones across the State, including the rural areas as proposed in the budget details.
“Mr Speaker, Rivers State is ripe for the introduction of a modern, secure, comfortable, effective and efficient multi-modal transportation,” Mr Fubara told lawmakers.
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