The governor of Rivers State, Siminalayi Fubara, has submitted an N1.1 trillion budget plan for 2025 to the state parliament, which is chaired by Victor Oko-Jumbo.
Known as the “Budget of Inclusive Growth and Development,” Fubara sent the appropriation measure to the four-member parliament on Monday.
N678,088,433,692 was set aside for major projects, and N462,254,153,418 was set aside for ongoing expenses. The entire amount allotted now stands at N1,188,962,739,932.
According to Fubara, who spoke at the budget presentation, the state has made “unprecedented investments and significant impact” in road infrastructure, healthcare, education, and security.
Additionally, the governor declared that the state’s internally generated revenue (IGR) will increase significantly in 2024.
According to his projections, the 2024 IGR will surpass N300 billion by December, representing a rise of more than N100 billion over 2023.
Fubara attributed the success to better mobilization of domestic resources and pointed out that the expansion was accomplished without the imposition of new levies.
He claimed that the state has fully implemented its recurrent budget and paid off all of its debt from 2024 without taking out any new loans.
“We are expecting the internally generated revenue for 2024 to close at over N300 billion by the end of December 2024, which is over N100 billion more than the total receipts for 2023,” Fubara said.
“Mr Speaker, it is worthy of note that this is the first time the State Government would record a historic N100 billion increase in IGR in a succeeding year.
“Most interestingly, the phenomenal increase was realized without raising or imposing new taxes, which underscores the success of our administration’s commitment to enhancing domestic resource mobilization as the primary source for funding the government’s expenditures and the measures we have put in place to drive this vision.
