● N31 billion set aside to tackle youth unemployment and enhance agricultural development

By PHC Telegraph

With barely a few hours left to the end of 2024, the Rivers State Government under the watch of Governor Siminalayi Fubara has indicated it would spend slightly above a trillion naira in 2025.

 

The Governor who appeared before Rivers lawmakers on Monday to present the 2025 Appropriation Bill announced that the State Government will spend N1.188 trillion

A breakdown of  the budget shows that Recurrent Expenditure would gulp the sum of N462,254,153,418.98 while a total sum of  N678,088,433,692.03 would be expended on Capital Expenditure

Similarly, a Planning Reserve of N35,688,864,931.16 and a closing balance of N12,931,287,890.19 have been provided for in next year’s budget.

The budgetary figure for 2025 when compared to that of 2024 represents an increase of N800 billion.

Presenting the budget after delivering an address to lawmakers at the Assembly Auditorium located at the Administrative Block of Government House in Port Harcourt, Governor Fubara outlined the set goals of the 2025 budget christened: “Budget of Inclusive Growth and Development”.

He  said that the present administration would dutifully implement the budget to achieve sustainable economic growth and accelerated development in the State and improve the overall living standards of all residents.

According to him, the 2025 budget will not only strengthen the ability of the State to weather external shocks which may arise from the volatility of the national economy, but will also build a resilient economy that would enhance rapid development and prosperity.

“The total projected revenue for Rivers State for the 2025 Fiscal Year”, the Governor said,  “is N1,188,962,739,932.36.

“Two components of the budget are constituted as follows: Recurrent Expenditure of N462,254,153,418.98; Capital Expenditure of N678,088,433,692.03; Planning Reserve of N35,688,864,931.16; and a closing balance of N12,931,287,890.19.

“This gives a Recurrent/Capital Expenditure ratio of 44:56%, indicating the sincere commitment of our administration to both infrastructural and human capital development of our people and State.”

Governor Fubara said nearly N31 billion has been allocated to support interventions in agricultural development to ease the  implementation of a comprehensive agriculture transformation and support programme for Rivers youths in order to significantly resolve issues of youth unemployment and poverty.

He emphasised Government’s commitment to address food insecurity in Rivers State through land preparation, supply of farm inputs, provision of extension services that would include training, use of tractors as well as access to improved seedlings and fertilizers by farmers to enhance their productivity and farm yields.

Turning attention to education, Governor Fubara assured that his administration will provide access to quality education at all levels, thus enabling Rivers children to have the knowledge and skills that they need to excel in their careers and contribute to the development of the State.

“Consequently, we have proposed to spend over N63 billion, representing 9.3% of the budget on education in fiscal year 2025. With this, we shall access all outstanding matching grants from the Universal Basic Education Commission to rehabilitate, equip and furnish dilapidated public primary and junior secondary schools, and continue to provide free basic education to our children.

“We will also rehabilitate, equip and furnish as many senior secondary schools as possible across the State, including the provision of new classrooms, perimeter fencing, water and electricity, to provide a conducive environment for effective teaching and learning to take place.

“We shall work with the school-based management boards, administrators, parents and teachers to fix our broken school system, improve enrollments, keep learners in school, promote effective teaching, and improve learning outcomes”, Fubara pledged.

In the area of heath, Governor Fubara hinted that with the proposed N97.750 billion meant for the sector, representing 14.4% of the budget, all zonal hospitals, the upgraded neuropsychiatric hospital, and the new general hospital at Rumuigbo under reconstruction will be completed to provide quality and affordable healthcare services to the people of the State.

He also assured that government would rehabilitate more general hospitals, health centres across the State and ensure the procurement of essential drugs, medical supplies and equipment for effective and efficient healthcare delivery.

Fubara also promised to provide more infrastructure to strengthen the capacity of the Rivers State University Teaching Hospital to dispense quality, effective, and efficient tertiary healthcare services.

On Road and Transport Infrastructure, Governor Fubara said over N195 billion has been earmarked to complete all ongoing road projects and initiate new ones, support and facilitate the modernization of the public transport system through necessary incentives to improve the quality of public transportation services in the State.

Governor Fubara stressed that all ongoing electrification projects, including delivery of transformers, the ongoing replacement of

existing generator-powered streetlights with solar energy-powered types across Port Harcourt and Obio/Akpor Local Government Areas will be concluded.

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The Governor reiterated the determination of his administration to ensure the passage of the Rivers State Electricity Market Bill.

He said  that the aim is to regulate and open the State’s energy sector to private sector investments in order to achieve energy security and accelerate the industrialization of Rivers State.

“In Social Development and Investments, Mr Speaker, we have proposed to spend N15.4 billion for the social development subsector of our economy to advance youth and gender empowerment, jobs and wealth creation, sports development, and social inclusion.

“We will collaborate with Local Government Councils to establish youth resource and digital transformation centres to enable access to digital tools, Internet services and training programmes for our youths to become economically successful and sufficiently self-reliant.

“We will also continue to support and strengthen the capacity of State-owned sporting teams, especially Rivers United, Rivers Angels, and the Hoopers to enable them excel and win more laurels in both national, regional and international contests”, the State’s number one citizen remarked.

Governor Fubara revealed that the 2025 will be funded from FAAC, Internally Generated Revenue, Statutory Allocations, Mineral Funds, Refunds/Escrow/ECA, Value Added Tax and other sources.

He explained that the 2024 budget performed excellently with Internally Generated Revenue, IGR figure, attaining a N100 billion increase over the 2023 figure.

The Speaker of the Rivers State House of Assembly, Rt Hon Victor Oko-Jumbo, in his speech applauded Governor Fubara for recording over N100 billion increase in IGR.

He said the increase in IGR reflected a high level of transparency and accountability on the part of the State government.

With the plugging of financial leakages associated with the past, Oko-Jumbo stated that the increase in IGR is also a testament to how attractive Rivers investment climate has become.

Rt Hon Oko-Jumbo pledged the continual support of the Legislature in order to ensure that the Governor remains focused and is able to sustain financial prudence, deliver democratic dividends, and make life better for the people.