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Fubara presents ₦1.1tn budget to Oko-Jumbo-led Rivers Assembly
Rivers State Governor, Siminalayi Fubara, speaks after presenting the 2025 budget to the Victor Oko-Jumbo-led Rivers State House of Assembly on December 30, 2024.
Rivers State Governor Siminalayi Fubara has presented the 2025 budget proposal of ₦1.1 trillion to the Victor Oko-Jumbo-led Rivers State House of Assembly.
The Appropriation Bill, tagged “Budget of Inclusive Growth and Development”, was presented during plenary on Monday.
Arriving at the Assembly complex with members of his cabinet and other top government officials, Governor Fubara was warmly received as the house rules were suspended to allow for his address.
In his speech, Governor Fubara described the 2025 budget as a blueprint for consolidating the achievements of his administration in 2024 while charting a new course for sustainable development.
Highlighting the performance of the ₦800 billion 2024 budget, the governor stated that Rivers State recorded significant milestones, particularly in economic growth and revenue generation.
He announced that Internally Generated Revenue (IGR) rose to over ₦250 billion naira, and it’s expected to close at ₦300 billion by the end of the year, marking a record 100% increase over the previous year.
This, alongside ₦300 billion received from the Federation Account Allocation Committee (FAAC), enabled the state to execute transformative projects across sectors.
Building on this success, the governor unveiled 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, thirty-six Kobo (₦1, 188, 962, 739, 932. 36) for 2025 fiscal year.
The proposed budget comprises Recurrent Expenditure of ₦462 billion and Capital Expenditure ₦678 billion, reflecting a 44% to 56% ratio.
Governor Fubara outlined the expected revenue streams to fund the budget, including ₦264.3 billion from Internally Generated Revenue (IGR), ₦18.2 billion from Statutory Allocation, ₦132.1 billion from Mineral Funds, ₦204.2 billion from Value Added Tax (VAT) and ₦32.2 billion from Refunds Escrow, Paris/ECA, ₦27.5 from Refands from Bank Charges and ₦20.6Bn from Excess Crude Account.
The projections are based on economic indicators such as an oil price of $80 per barrel, a production target of 1.8 million barrels per day, an exchange rate of ₦1,500 per dollar, and a 22% inflation rate.
Governor Fubara emphasised that the 2025 budget prioritises key sectors critical to the state’s development, including Agriculture to ensure food security; Education for improved access, infrastructure, and quality of learning; Healthcare; Social Investment to empower vulnerable groups and foster equity and Infrastructure Development to enhance connectivity and economic activities.
In his remarks, Speaker Victor Oko-Jumbo commended the governor for his vision and commitment to the state’s progress.
The 2025 budget presentation marks Governor Fubara’s second since assuming office in May 2023, amidst ongoing legislative challenges.
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By Tambaya Julius, Abuja
In a powerful display of compassion and community spirit, Honourable Larai Sylvia Ishaku, Executive Chairperson of Jaba Local Government Area (LGA) in Kaduna State, spearheaded the distribution of rice to residents across all 10 electoral wards for Easter Celebration.
The well-organised event took place at the H.R.H Danladi Gyet Maude Secretariat at Kwoi, where crowds of grateful beneficiaries gathered to receive vital support from Hon. Laria Sylvia Ishaku.
Also in attendance were Hon. Mustapha Danladi Babaladi, the Executive Vice Chairman of Jaba LGA, and Comrade Abashiya Sahjury, Chief of Staff to Hon. Laria and other key political Leaders, which demonstrate strong leadership presence and a united front in delivering relief to the people.
The rice distribution reached a broad section of society, including former unit executives, recent political decampers, market women and traders, healthcare personnel, Okada riders (commercial motorcyclists), people living with disabilities, security personnel, and representatives from religious and community-based organisations such as the Christian Association of Nigeria (CAN) and others.
During her speech, Hon. Larai Sylvia Ishaku reaffirmed that the initiative was part of the broader support structure provided by Governor Uba Sani and All Progressives Congress (APC) for the people of Jaba LGA in Kaduna State.
She emphasised that her administration’s intention is to continue delivering practical benefits and genuine support to the masses (grassroots). “We are committed to ensuring every resident of Jaba LGA experiences the dividends of good governance. By the end of 2026 and beyond, no one will be left out,” she assured.
“Easter symbolises love, sacrifice and the joy of giving, such effort is a way of saying thank to you people while fostering peace and unity within our communities in Jaba LGA.”
Addressing the political atmosphere, Hon. Ishaku urged residents to stay vigilant and not fall prey to deceptive political tactics. “Be cautious of those who seek to mislead you for selfish political gain. Where were they when they held power? They forgot you,” she declared boldly.
In appreciation for the gesture, One of the beneficiary, Mr. Dennis Iliya, expressed deep thanks on behalf of the beneficiaries. “We thank the APC government for standing by the people of Jaba. May the Lord Almighty reward the kindness shown by Governor Sani and Hon. Larai Sylvia Ishaku. Their kindness has brought relief during these difficult times. May God continue to bless them and the APC leadership,” he stated joyfully.
Joseph Tegbe, director-general (DG) of the Nigeria-China Strategic Partnership (NCSP), says Nigeria will soon sign a deal on ‘Digital RMB’ with China to enable a direct conversion of naira to Chinese Yuan.
The digital renminbi (RMB) is a central bank digital currency issued by China’s central bank, the People’s Bank of China.
Speaking at the digital asset markets strategy masterclass series held recently in Lagos, Tegbe said the agreement is expected to reduce Nigeria’s dependence on the United States dollar.
He described the pact as a major step in Nigeria’s transition from a trade relationship with China to a mutually-beneficial development partnership.
The NCSP DG also said Nigeria has secured over $30 billion in investment commitments and 300 expressions of interest from Chinese companies within the last five months.
Tegbe also noted the importance of leveraging Chinese technology, particularly in the digital asset market and knowledge transfer, adding that the NCSP remains committed to supporting the globalisation of Nigeria’s capital market.
The director-general outlined the objectives of the partnership, which include driving infrastructure development, scaling up Chinese investments, strengthening trade and economic ties, promoting transparency, and advancing cultural exchange between both countries.
Also speaking at the event, Babajide Sanwo-Olu, governor of Lagos, said the state is developing a securitisation policy to monetise idle assets and raise green bonds to fund infrastructure needs.
Sanwo-Olu, who was represented by Abayomi Oluyomi, the commissioner for finance, said Lagos will become the first sub-national in the country to implement such a policy.
In his remarks, Nicholas Okoye, convener of the masterclass and a global investment advisor, said the digital transformation ushered in by the fourth industrial revolution has impacted all sectors and will open new frontiers of wealth for investors, institutions, nations, and sub-nationals.
“The most strategic ecosystem of this digital transformation has got to be ‘Digital Asset Markets’, which includes investment in cryptocurrencies as well as the tokenisation (digitisation) of traditional asset classes,” Okoye said.
“The proposed full adoption of ‘Digital Asset Markets’ in Nigeria’s capital markets and subsequently across Africa is going to be a game changer for wealth creation and economic growth sustainability.
“In addition, it will completely redefine the future of African finance, investment and capital market industries.”
Okoye said the digital assets present a unique opportunity for Africans to build wealth regardless of location or profession, providing for the first time, an accurate reflection of Nigeria and Africa’s true wealth position.
By Nahum Sule, Jalingo
Making the event that marked the Nigeria Union of Journalists at 70, the Taraba State chapter of the NUJ Honour chief David Sabo Kente as the philanthropist man of the year
The award presentation was held in Jalingo, the state capital, at the grand finale of the NUJ Press Week celebration.
Speaking at the ceremony, the state chairman of NUJ, Mr Eliud Jen, noted that the awards were carefully chosen base on concrete evidence of performance in various categories and meant to spur the awardees to do more.
Chief Kente, who was the governorship aspirants of the All Progressives Congress APC, in 2023, has used his foundation, The DSK foundation, to help thousands of Taraban through scholarship, Small Medium Enterprises and lot more.
While congratulating the union for attaining 70 years, Kente called on government investors and everyone to give the union a support hand to enable its members to continue discharging their duties effectively.
Others who were awarded for outstanding performance are His Excellency Dr, Agbu Kefas the governor of Taraba State, Alhaji Yakubu Jafaru Chiroma, member representing Bali/Gassol Federal constituency, Dr Aisha Adamu, the CMD of Federal Medical Centre Jalingo, Hon. Aminu Hassan, ALGON chairman in the State, Professor Joseph Albasu Kunini, former Speaker of Taraba State and Professor Sunday Bako, Vice Chancellor Taraba State University Jalingo, the state Commissioner of Women Affairs and Child Development Mrs Mary Sinjen, Commandant 6 Brigade Jalingo Gen. Kinsley Uwa and several others were also given recognition as friends of the press.
Kente further appreciated journalists for finding him worthy to be honour, emphasizing that the award will spur him to do more.