Rivers State Governor, Siminalayi Fubara, on Monday presented the state’s 2024 appropriation bill, amounting to a total of N1.19 trillion, to the Rivers State House of Assembly. The budget, tagged the “Budget of Inclusive Growth and Development,” outlines N462.25 billion for recurrent expenditure and N678.08 billion for capital projects.
Fubara highlighted the state’s progress in infrastructure, healthcare, education, and security, emphasizing that the state had achieved “unprecedented investments and significant impact” in these areas. He also revealed an impressive growth in the state’s internally generated revenue (IGR), projecting that the IGR would surpass N300 billion by December 2024—an increase of over N100 billion compared to the previous year.
“This is the first time the state will record such a historic increase in IGR, and most notably, this achievement was accomplished without imposing any new taxes,” Governor Fubara said. He attributed the success to improved domestic resource mobilization efforts and emphasized that the state is on track for sustainable economic growth.
The governor also affirmed that Rivers State had met all its 2024 debt obligations without resorting to new loans, following a strategy to reduce deficit financing and manage public funds responsibly. Additionally, he noted that the state’s recurrent budget was fully funded and had achieved 100% implementation.
Despite this positive outlook, Fubara’s budget presentation has faced significant legal challenges. In December 2023, the Rivers State House of Assembly, led by the factional Speaker Edison Ehie, was embroiled in a feud between Fubara and former Governor Nyesom Wike, now the Minister for the Federal Capital Territory. This division led to a series of legal battles, culminating in a Federal High Court ruling in January 2024, which invalidated the 2024 budget presented to the assembly. The court directed Fubara to present the budget to the “legally” constituted house led by Martin Amaewhule, the pro-Wike faction leader.
In response, Fubara chose not to represent the budget, leading to further legal disputes. In October, a federal court restricted the Central Bank of Nigeria (CBN) from disbursing funds to the Rivers State government due to the controversy over the budget’s passage. However, a recent ruling by the Court of Appeal in December 2024 reversed this decision, allowing the disbursement of financial allocations to the state.
Governor Fubara’s administration remains committed to overcoming these legal obstacles while continuing to focus on driving economic development and improving the welfare of the people of Rivers State. The 2024 budget is set to lay the foundation for continued progress in the coming year.
