Governor Fubara presents N1.188 trillion 2025 budget to three assemblymen
The Rivers State Governor Siminalayi Fubara on Monday presented a N1.188 trillion 2025 budget proposal to the House of Assembly for approval, while he is still is battling a legal challenge on the validity of the 2024 budget.
Penpushing reports that Fubara, however, presented a new budget premised on achieving sustainable economic growth, accelerating the development of the state, and improving the living standards of the people.
The Governor during the presentation to the three-member faction of the state assembly loyal to him told them 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.
Penpushing further reports that 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.
The Governor’s spokesperson Nelson Chukwudi in the budget speech made available stated that the budget has a recurrent/capital expenditures ratio of 44:56 per cent, giving a review of the 2024 budget performance, Fubara explained 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.
Penpushing also reports that similarly, within the same period, the oil-rich Rivers internally generated N282 billion, over N51 billion more than the N231 billion budgetary provisions, while the Governor promised to invest in healthcare development, infrastructure and education
“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’, he said.
“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’, Fubara added
Penpushing reports that the Governor is, however, waiting for a Supreme Court verdict on the validity of the 2024 budget, as most lawmakers loyal to Fubara’s predecessor, Nyesom Wike, are challenging the validity of the 2024 budget that he presented to a four-member assembly.
The former Governor of the state who is now the Federal Capital Territory (FCT) Minister has been engaged in a protracted battle with Fubara over the control of the political structure in Rivers State, while 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.
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