The Appropriation Bill, titled “Budget of Inclusive Growth and Development,” was delivered during plenary on Monday.
Accompanied by his cabinet members and senior government officials, Governor Fubara was warmly received as the House suspended its rules to allow him to address the lawmakers.
In his speech, Governor Fubara described the 2025 budget as a strategic blueprint aimed at consolidating the achievements of his administration in 2024, while setting the stage for further sustainable development.
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Reflecting on the performance of the ₦800 billion 2024 budget, the governor highlighted the state’s impressive economic growth and revenue generation, with Internally Generated Revenue (IGR) surging to over ₦250 billion.
He projected that IGR would reach ₦300 billion by year-end, marking a 100% increase compared to the previous year.
This revenue boost, alongside ₦300 billion received from the Federation Account Allocation Committee (FAAC), enabled the state to execute key transformative projects across various sectors.
Building on this success, the governor unveiled a proposed budget of ₦1,188,962,739,932.36 for the 2025 fiscal year. The budget is divided into ₦462 billion for Recurrent Expenditure and ₦678 billion for Capital Expenditure, reflecting a 44% to 56% ratio.
To fund the proposed budget, Governor Fubara outlined several revenue sources, including ₦264.3 billion from IGR, ₦18.2 billion from Statutory Allocation, ₦132.1 billion from Mineral Funds, ₦204.2 billion from Value Added Tax (VAT), ₦32.2 billion from Refunds (Escrow, Paris/ECA), ₦27.5 billion from Bank Charges Refunds, and ₦20.6 billion from the Excess Crude Account.
The budget 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 an inflation rate of 22%.
Governor Fubara emphasized that the 2025 budget prioritizes key sectors critical to the state’s development, including Agriculture (for food security), Education (for improved access, infrastructure, and quality), Healthcare, Social Investment (to empower vulnerable groups), and Infrastructure Development (to boost connectivity and economic activities).
In his remarks, Speaker Victor Oko-Jumbo praised the governor for his vision and steadfast commitment to the state’s progress.
The 2025 budget presentation marks Governor Fubara’s second since assuming office in May 2023, amid ongoing legislative challenges.
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