The Rivers State Sole Administrator,Vice Admiral Ibok-Ete Ibas( retd), on Tuesday, presented a budget of ₦1.48 trillion for the 2025 fiscal year to the House of Representatives Ad-hoc Committee over-sighting the state.
Ibas, while addressing lawmakers, said the 2025 the budget proposal is aligned with the strategic objectives in the River State Development Plan 2017-2027 and presents a strategic framework to “raise revenues and accelerate infrastructure development, enhance human capital, and promote inclusive economic growth across all sectors.”
According to him, “the total revenue projected for the 2025 fiscal year is N1.4 trillion. As of May 2025, total revenue inflows were N597.14 billion, which is only about 4% less than our projection. The total expenditure planned for 2025 is N1.48 trillion.
“The proposed 2025 budget was particularly designed to account for un-regularized expenditures already undertaken during the first quarter of the fiscal year by the suspended administration, before the state of emergency declaration by His Excellency President Bola Tinubu.
“Additionally, in anticipation of the eventual return to constitutional order, the draft budget prudently retains provisions for the offices and functions of suspended political actors, some of whom have already drawn on allocated resources in the first quarter and are expected to resume their duties at the expiration of the emergency period.”
“We are optimistic that implementing the 2025 budget proposal will deliver great socioeconomic benefits for the people of River State.”
Ibas, while giving a review of the 2024 Rivers State budget noted that ” the records available to me on the 2024 budget and its actual performance remain a source of concern, the quick review of the official records for the 2024 budget shows that the total revenue of the River State Government was N1.04 trillion, compared to a target of N800.39 billion.
“This represents N250 billion, or 31.6% above the budget target. On the expenditure side, the official performance report shows the total expenditure was N740.74 billion, which was N52.7 billion, or 6.7% less than the spending target. It is my well-considered opinion that the expenditures are clearly understated.
