Port Harcourt, Dec. 30, 2024 – Gov. Siminalayi Fubara of Rivers State on Monday presented a ₦1.188 trillion Appropriation Bill for 2025 to the state House of Assembly.
Fubara described the budget, tagged “Budget of Inclusive Growth and Development”, as a blueprint for consolidating the achievements of his administration in 2024.
He said the budget estimates comprised of Recurrent Expenditure of ₦462 billion and Capital Expenditure ₦678 billion, reflecting a 44% to 56% ratio.
Fubara listed the expected revenue sources to fund the budget to include ₦264.3 billion from Internally Generated Revenue (IGR), ₦18.2 billion from Statutory Allocation, ₦132.1 billion from Mineral Funds, ₦204.2 billion from Value Added Tax (VAT) and ₦32.2 billion from Refunds Escrow, Paris/ECA, ₦27.5 from Refands from Bank Charges and ₦20.6Bn from Excess Crude Account.
He said the budget was predicated on $80 per barrel oil price, 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 said the proposed budget gave priority to key sectors like Agriculture to ensure food security, Education for improved access, infrastructure, and quality of learning, Healthcare, Social Investment to empower vulnerable groups and foster equity and Infrastructure Development to enhance connectivity and economic activities.
He commended the performance of the ₦800 billion 2024 budget, during which the state recorded significant milestones, particularly in economic growth and revenue generation. (GBN)
