Rivers State Governor, Siminalayi Fubara, has signed the N1.1 trillion 2025 budget into law, marking a pivotal moment for the state’s fiscal and developmental agenda, Channels Television reports.
The budget, aptly named the “Budget of Inclusive Growth and Development,” was signed on Thursday, January 2, 2025, following its passage by the Victor Oko-Jumbo-led State Assembly.
In his remarks during the signing ceremony, Governor Fubara expressed gratitude to the State Assembly for their dedication and thorough review of the budget.
He commended the leadership of Victor Oko-Jumbo and the assembly members for their efforts in ensuring the budget’s swift passage, describing their work as instrumental in facilitating the state’s developmental objectives.
The ₦1.1 trillion budget is structured as follows:
- Recurrent Expenditure: N462,254,153,418.98
- Capital Expenditure: N678,088,433,692.03
- Planning Reserve: N35,688,864,931.16
- Closing Balance: N12,931,287,890.19
Governor Fubara disclosed that the budget would be financed through multiple revenue streams, including allocations from the Federation Accounts Allocation Committee (FAAC), Internally Generated Revenue (IGR), Statutory Allocations, Mineral Funds, Value Added Tax (VAT), and various refunds.
He highlighted the impressive performance of the 2024 budget, which saw a significant increase in IGR, reaching over ₦100 billion more than the 2023 figure.
Legislative Rifts and Governance Challenges
The budget’s approval comes amid a contentious political climate in Rivers State. Governor Fubara underscored the legitimacy of the Victor Oko-Jumbo-led State Assembly, dismissing claims by 27 defecting legislators, including Martins Amaewhule, who recently switched allegiance from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).
- Fubara declared that these lawmakers, aligned with former Rivers Governor and current Federal Capital Territory Minister, Nyesom Wike, are no longer recognized as members of the Assembly. He noted that their attempts to recant their actions had been deemed insincere and too late, reiterating that their disqualification was final and irreversible.
- He said no governor in Nigeria has faced the level of disrespect he has endured.
Fubara stated, addressing the political challenges that have marred his administration. Despite these tensions, he reaffirmed his commitment to prioritizing the state’s development, maintaining that governance and progress remain his ultimate focus.
What you should know
In October 2024, the Rivers State House of Assembly reiterated that the legislative seats of Martin Amaewhule and 24 other lawmakers remain vacant following their defection from the Peoples Democratic Party to the All Progressives Congress.
The Victor Oko-Jumbo-led House loyal to Governor Siminalayi Fubara said the vacant seats must be filled through a bye-election conducted by the Independent National Electoral Commission.
