Rivers State governor, Sir Siminalayi Fubara, has presented an Appropriation Bill of N1,188,962,739,932.36 for the 2025 fiscal year to a faction of the State House of Assembly, led by Rt. Hon. Victor Oko-Jumbo.
The proposed 2025 budget tagged ‘Budget of Inclusive Growth and Development’, is N388,570,247,499 higher than the 2024 budget, which was N800,392,485,433.
Presenting the budget estimates, Governor Fubara said that while the recurrent expenditure of the proposed budget is N462,254,153,418.98, the capital expenditure is N678,088,433,692.03, planning reserve stands at N35,688,864,931.16, and a closing balance of N12,931,287,890.19.
The governor stated that the budget is premised on achieving sustainable economic growth, accelerating the development of the state, and improving the living standards of our people.
He said: “The total projected revenue for Rivers State for the 2025 Fiscal Year is One Trillion, One Hundred and Eighty-Eight Billion, Nine Hundred and Sixty-Two Million, Seven Hundred and Thirty-Nine Thousand, Nine Hundred and Thirty-Two Niara, Thirty-Six Kobo (N1,188,962,739,932.36) only.
“The two components of the budget are constituted as follows: Recurrent Expenditure is N462,254,153,418.98, Capital Expenditure of N678,088,433,692.03, Planning Reserve of N35,688,864,931.16, and a closing balance of N12,931,287,890.19
“This gives a Recurrent/Capital expenditures ratio of 44:56% indicating the sincere commitment of our administration to both infrastructural and human capital development of our people and state.
“Mr Speaker, Honourable Members, the 2025 budget is premised on achieving sustainable economic growth, accelerating the development of the State, and improving the living standards of our people.
“Therefore, it contains policy measures and objectives that will strengthen our capacity to weather possible external shocks from the volatility of the national economy to build the resilience of our economy and advance our collective development and prosperity.
“It is for this reason that we have the theme for the 2025 Budget as a Budget of inclusive growth and development.”