Rivers State Governor, Siminalayi Fubara has presented N1.188 trillion 2025 budget to the Rivers State House of Assembly.
The budget christened budget of inclusive growth and development, was presented to the State Assembly on Monday.
The two components of the budget are constituted as follows: recurrent expenditure, N462,254,153,418.98 and capital expenditure which is N678,088,433,692.03, Planning Reserve of N35,688,864,931.16 and a closing balance of N12,931,287,890.19.
Breakdown of the recurrent expenditure showed that Personnel Emolument takes chunk of the money N169,668,205,260.86, followed by Gratuities N60 billion, while N49,137,254,525.70 will be for New Recruitments.
Others are Domestic loans interest N30,246,908,958.47, Monthly pensions N30,100,000,000.00,
Overhead costs, N20,135,590,136.00, Domestic loan principal repayment N29 billion,
Grants, contributions and subsidies N9,600,000,000.00 and Counterpart pension scheme N15,000,000,000.00
Other recurrent expenditure include: Death Benefits N18 billion,
Foreign loan interest N6,419,558,682.61, Foreign loan, principal repayment N14,978,970,259.83, FAAC Deductions N3,679,614,822.51,
COT/Charges/General Admin N5 billion, Reimbursements N60 billion, Harmonization
N840 million, Consolidated Revenue Fund Charges N391,050,770.00 totalling N462,254,153,418.98
Capital expenditure shows that N213,585,509,623.75 would be spent on Governance followed by Infrastructure N195,074,765,456.35, while Health will gulp N97,750,635,249.84.
Education is budgeted N63,275,138,622.61, Agriculture
N30,954,421,684.60, Public Administration receives N21,110,915,588.89, Social Development N15,477,210,842.33,
Environment/Sustainable Development N12,877,039,420.79.
Others are Finance and Planning
N11,143,591,806.45, Judiciary, Law and Justice N8,605,329,228.31,
Information and Communication
N3,404,986,385.31, Commerce and Investment N2,723,989,108.25 and
Culture and Tourism N2,104,900,674.55, all amounting to N678,088,433,692.03.
“As you know, this is my second budget address since assuming the mantle of leadership on May 29, 2023. On December 13, 2023, I presented my first budget under the theme: Renewed Hope, Consolidation and Continuity.
“A year later, we have every reason to thank God for the continuing privilege of serving our dear State and her people with courage, honour and integrity despite the obvious challenges.
“I want to assure you and the good people of Rivers State that we are determined and resolute in providing our dear State with unmatched services.
“In deed, we were elected at this time to serve God’s divine purpose for the State and our people, and with Him by our side, we will continue to provide and ensure our campaign promises are fulfilled.
“Our mission in government is to serve the State, advance its development, and deliver sustainable improvements in the well-being of all residents.”
Fubara further said: “As servant-leaders, we are responsible for securing the State and delivering quality, effective and efficient public services, including education, healthcare, and socio-economic infrastructure to serve the best interests of our people.
“We also must create an enabling environment for the private sector to thrive and create jobs and sustainable economic opportunities for all, including our youths, to prosper and live a good life.”
The governor stated that the 2025 appropriation estimate is the true reflection of the reality of the state of our economy “with reasonable flexibility that allows for eminent shocks from the current challenges with the national economy and macroeconomic frameworks.
“No other government in recent history has delivered more capital investments and captured the confidence of our people in our ability and commitment to deliver strategic development and the building of prosperous, sustainable and inclusive progress in Rivers State than we have done.
“Therefore, today, we are presenting a budget that would empower us to consolidate the past gains, stimulate further investments into our economy and take our dear State to the next level of economic growth, social progress and shared prosperity.”
Governor Fubara thanked Rivers people and the Oko-Jumbo factional House of Assembly for their “unwavering support, prayers and trust over the last year and seven months I have had the privilege and honour of serving as their Chief Servant.
“Together, let us continue to work towards building a better and more prosperous future for our dear State as I present the 2025 Appropriation Bill to this Honourable House for consideration.”
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