The Governor of Rivers State Sir Siminalayi Fubara has officially presented 2025 budget to the State House of Assembly, outlining a comprehensive plan aimed at continued growth and development.
This marks his second budget address since taking office on May 29, 2023, Hitvibz reports.
The Governor highlighted that, despite numerous challenges, his administration has made significant strides in infrastructure, healthcare, education, and security.
He emphasised the government’s determination to provide unmatched services and foster a conducive environment for private sector growth and job creation.
In the 2024 fiscal year, the state exceeded revenue expectations, with a remarkable increase in internally generated revenue (IGR), surpassing projections by over N50 billion.
Notably, this growth was achieved without raising taxes, reflecting the effectiveness of the state’s resource mobilization strategies.
For 2025, the state projects a revenue of N1.19 trillion, with a focus on sustainable economic growth and inclusive development.
The budget comprises N462.25 billion for recurrent expenditure and N678.09 billion for capital expenditure, with an emphasis on both infrastructural and human capital development.
The Governor outlined key assumptions for the 2025 budget, including an oil price benchmark of $80 per barrel, oil production of 1.8 million barrels per day, and a projected 22% inflation rate.
Additionally, the state aims to increase its IGR to 35% of the total budget, reduce borrowing, and attract more investments to stimulate economic growth.
The 2025 budget is set under the theme “Inclusive Growth and Development,” with policy objectives focused on building resilience against economic volatility, expanding the tax base, and improving the ease of doing business.
The Governor expressed confidence that the budget reflects the state’s economic realities and will drive continued prosperity for Rivers State.
Financing the 2025 Budget
The projected revenue sources for the 2025 budget are as follows:
Key Priorities for 2025
Agriculture
Focus: Job creation, economic growth, and food security.
Funding: N31 billion for agricultural development.
Plans: Land preparation, access to farm inputs, building rural roads, and facilitating investments in large-scale farming.
Education
Focus: Quality education and infrastructure improvement.
Funding: N63 billion for education.
Plans: Rehabilitating and equipping schools, recruiting 3,000 teachers, and supporting the Rivers State College of Education.
Healthcare
Focus: Providing quality, affordable healthcare.
Funding: N97.75 billion for healthcare.
Plans: Completing and equipping zonal hospitals, procuring medical supplies, and strengthening the Rivers State University Teaching Hospital.
Infrastructure
Focus: Road and transport development.
Funding: N195 billion for infrastructure.
Plans: Completion of ongoing road projects, introduction of multi-modal transportation systems, and modernization of public transport.
Energy Supply
Focus: Reliable power for development.
Plans: Completion of electrification projects, introduction of solar-powered streetlights, and opening the energy sector for private investments.
Social Development and Investments
Focus: Youth empowerment, sports, and SMEs.
Funding: N15.4 billion for social development.
Plans: Supporting small and medium enterprises, boosting culture and tourism, and enhancing youth empowerment through digital transformation centers.
Governance and Security
- Focus: Effective governance and security.
- Funding: N213 billion for governance and security.
- Plans: Strengthening the civil service and improving the security of lives and property.
The 2025 budget aims to address key challenges like socio-economic inequality and poverty, focusing on sectors that drive sustainable growth, such as agriculture, healthcare, education, and infrastructure.
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