MAJOR HIGHLIGHTS OF GOV. SIMINALAYI FUBARA'S 2025 BUDGET FOR RIVERS STATE

1. It is tagged *Budget of Inclusive Growth and Development*

2. The Budget total sum is *N1,188,962,739,932.36k* (One Trillion, One Hundred and Eighty-Eight Billion, Nine Hundred and Sixty-Two Million, Seven Hundred and Thirty-Nine Thousand, Nine Hundred and Thirty-Two Naira, Thirty-Six Kobo.)

3. Recurrent Expenditure: *N462,254,153,418.98k* (Four Hundred and Sixty-Two Billion, Two Hundred and Fifty-Four Million, One Hundred and Fifty-Three Thousand, Four Hundred and Eighteen Naira, Ninety-Eight Kobo)

4. Capital Expenditure: *N678,088,433,692.03k* (Six Hundred and Seventy-Eight Billion, Eighty-Eight Million, Four Hundred and Thirty-Three Thousand, Six Hundred and Ninety-Two Naira, Three Kobo.

5. Planning Reserve: *N35,688,864,931.16k*(Thirty-Five Billion, Six Hundred and Eighty-Eight Million, Eight Hundred and Sixty-Four Thousand, Nine Hundred and Thirty-One Naira, Sixteen Kobo)

6. Closing Balance: *N12,931,287,890.19k* (Twelve Billion, Nine Hundred and Thirty-One Million, Two Hundred and Eighty-Seven Thousand, Eight Hundred and Ninety Naira, Nineteen Kobo)

7. Budget is to achieve the following i). Sustainable economic growth, ii). Accelerated development of the State; iii). Improve the living standards of the people

8. Budget is premised on: i). Oil price benchmark of $80 per barrel; ii). Oil production output of 1.8milliom barrels per day; iii). Naira exchange with Dollar of N1,500/$1 & iv). 22% inflation rate

9. GPD growth rate of 3.18%, IGR of not less than 35% & reduction of fiscal deficit/outright freezing of domestic borrowing for budget funding

*10. Sources of Financing the 2025 Budget*:

i. Internally Generated Revenue: N264,368,639,654.59

ii. Statutory Allocation: N18,202,545,782.33

iii. Mineral Funds: N132,172,838,156.03

iv. Value Added Tax: N204,262,019,866.24

v. Refunds Escrow, Paris Club/ECA: N31,200,000,000.00

vi. Refunds from Bank Charges: N27,500,000,000.00

vii. Excess Crude Account: N20,600,000,000.00

viii. Exchange Rate Gain: N25,244,020,674.39

ix. Forex Equalisation: N50,000,000,000.00

x. Other FAAC: N50,000,000,000.00

xi. Asset Sales: N25,000,000,000.00

xii. Capital Receipts: N9,879,557,210.00

xiii. Proposed Internal Grants: N60,080,000,000.00

xiv. Proposed External Grants: N7,521,830,698.60

xv. Proposed Loans/Bonds: N250,000,000,000.00

xvi. Prior Year Balance: N12,931,287,890.19

*11. Breakdown of Recurrent Expenditure*:

i. Personnel Emolument: N169,668,205,260.86

ii. New Recruitment: N49,137,254,525.70

iii. Overhead Cost: N20,135,590,136.00

iv. Grants, Contributions & Subsidies: N9,600,000,000.00

v. Counterpart Pension Scheme: N15,000,000,000.00

vi. Gratuities: N60,000,000,000.00

vii. Death Benefits: N18,000,000,000.00

viii. Monthly Pensions: N30,100,000,000.00

ix. Domestic Loans Interest: N30,246,908,958.47

x. Foreign Loans Interest: N6,419,558,682.61

xi. Domestic Loan Principal Repayment: N29,000,000,000.00

xii. Foreign Loan Principal Repayment: N14,978,970,259.83

xiii. FAAC Deductions: N3,679,614,822.51

xiv. COT/Charges/General Admin.: N5,000,000,000.00

xv. Reimbursement: N60,000,000.00

xvi. Harmonization: N840,000,000.00

xvii. Consolidated Revenue Fund Charges: N391,050,770.00

*12. Breakdown of Capital Expenditure on Sectoral Allocations*

i. Governance: N213,585,509,623.75

ii. Information and Communications: N3,404,986,385.31

iii. Public Administration: N21,110,915,588.89

iv. Finance & Planning: N11,143,591,806.45

v. Agriculture: N30,954,421,684.60

vi. Infrastructure: N195,074,765,456.35

vii. Commerce & Investment: N2,723,989,108.25

viii. Culture and Tourism: N2,104,900,674.55

ix. Education: N63,275,138,622.61

x. Health: N97,750,635,249.84

xi. Social Development: N15,477,210,842.33

xii. Environmental & Sustainable Development: N12,877,039,420.79

xiii. Judiciary, Law and Justice: N8,605,329,228.31

*13. Sectoral Objectives of the Budget*

*A. Agriculture*: The budget provision is aimed

i. To implement comprehensive agriculture transformation support for the youths in order to reduce unemployment, poverty and food insufficiency

ii. To provide land preparation, farm inputs, extension services to include training, tractors, access to improved seedlings and fertilizers.

iii. To actualise the African Development Bank's funded Agriculture Processing Zone Scheme.

iv. To provide incentives for private sector investments in large scale farming of livestock, fish, cash crops and vegetables for both domestic consumption and export.

*B. Education*: The budget provision is:

i. To rehabilitate, equip and furnish dilapidated public primary and junior secondary schools by accessing all outstanding matching grants from Universal Basic Education Commission

ii. To rehabilitate, equip and furnish a substantial number of senior secondary schools including provision of new classrooms, perimeter fencing, water and electricity

iii. To recruit 3000 teachers to improve the teacher/learners' ratio and provide incentives for teachers posted to rural areas

iv. To fund take-off of Rivers State College of Education in Opobo and fund State owned tertiary institutions

*C. Health*: The budget provision is:

i. To complete, equip, furnish and commission the Zonal Hospitals as well as the expanded/remodeled Neuropsychiatric Hospital and General Hospital in Rumuigbo

ii. To rehabilitate more General Hospitals and Health Centres across the State including procurement of essential drugs and medical supplies.

iii. To continue provision of infrastructure and strengthen Rivers State University Teaching Hospital

iv. To ensure that every Health Center is serviced by a medical doctor and other health personnel.

*D. Road and Transport Infrastructure*: The Budget provision is:

i. To complete several ongoing road projects and initiate construction of new ones across the State including rural roads.

ii. To introduce a modern, secure, comfortable, effective and efficient multi-modal transportation system

iii. To support and modernise public transport system through incentives to experienced and efficient local and domestic industry investors

*E. Energy Supply*: The Budget provision is:

i. To complete all ongoing electrification projects including provision of transformers, replacement of generator-powered street lights with solar-powered street lights

ii. To ensure passage of the Rivers State Electricity Market Bill to regulate and open the State's energy sector investments.

*F. Social Development and Investments*: The Budget provision is:

i. To collaborate with LGAs to establish youth resource and digital transformation centres

ii. To support and strengthen State owned sporting teams; Rivers United, Rivers Angels and Hoopers

iii. To boost the State's culture and tourism sector with the concession of the Port Harcourt Tourist Beach.

*G. Governance and Security*: The Budget provision is

i. To build the capacity of the civil service through continuous training

ii. To prioritize the provision of security by working with stakeholders such as the Federal Government, the Local Government Areas and the Traditional Institutions

iii. To continue supporting the security agencies in the State

iv. To implement policies and programmes to improve the quality of life, conserve biodiversity and protect the environment

*H. Judiciary, Law and Justice*: The budget provision is

i. To uphold the rule of law and judicial independence through quick and effective administration of justice

ii. To expand access to justice by building more courtrooms, appoint more judges and magistrates.

*SUMMARY*: The 2025 Budget provisions are aimed towards good governance for accelerated socioeconomic growth and development through unprecedented expansion of socioeconomic infrastructure and human capital development.