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| Fubara presents the budget |
Siminalayi Fubara, governor of Rivers State, on Friday presented a proposed N1.854 trillion budget for the 2026 fiscal year to the Rivers State House of Assembly, presided over by Martins Amaewhule.
Titled the “Budget of Resilience for Growth and Development,” the appropriation bill was laid before lawmakers today, July 10, 2026.
Fubara said the plan aims to build on his administration’s investments in key infrastructure, human capital, security, and economic growth while upholding fiscal discipline and transparency in public finances.
According to the governor, the 2026 spending proposal forecasts total revenue of N1.854 trillion, a 24.49 percent increase compared with the state’s adjusted 2025 budget.
According to him, the revenue projection will be financed through multiple sources, including internally generated revenue (IGR), allocations from the Federation Account Allocation Committee (FAAC), derivation proceeds, grants, loans, asset sales and opening balances.
He said the state expects to generate N487.61 billion through IGR, while N936.05 billion is projected from FAAC allocations, including derivation funds, value-added tax (VAT) and exchange gains.
Fubara added that capital receipts, grants, loans and asset sales are expected to contribute N382.48 billion, while opening and closing balances account for N48.11 billion.
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On the expenditure side, the governor proposed N413.11 billion for recurrent expenditure and N1.405 trillion for capital projects, underscoring his administration’s emphasis on infrastructure development.
He said adequate provisions had also been made to settle outstanding gratuities and death benefits owed to retired civil servants, some of which had accumulated over several years.
Fubara said the budget aligns with his administration’s vision of building a secure and prosperous state through inclusive economic growth, sustainable development and improved living standards for residents.
He identified infrastructure as a major priority, noting that funds had been earmarked for the completion of ongoing road projects, the construction of new roads and the maintenance of existing public infrastructure across the state.
The governor also highlighted education as another key area of investment, describing increased funding for the sector as a strategic step towards improving learning outcomes and strengthening human capital development.
Describing the proposal as a people-centred budget, Fubara expressed confidence that its implementation would deepen development across the state and deliver tangible benefits to residents.
“Speaker, the collective interests of our State and people are more important than any other consideration,” Fubara said.
“Therefore, as we present this budget today, we must recognise our shared responsibility to act deliberately to accelerate development and recover as much lost ground as possible.
“As leaders, it is our collective duty to ensure every kobo is spent where it is most needed and to deliver on our mandates to the people!”
BACKGROUND
In December 2024, the governor presented a budget proposal of N1.1 trillion for 2025 to the Victor Oko-Jumbo-led state house of assembly, which is loyal to him.
In February 2025, the supreme court affirmed the judgment of a federal high court that barred the Central Bank of Nigeria (CBN) and the accountant-general of the federation from releasing statutory monthly allocations to Rivers state.
The apex court ordered the CBN to withhold Rivers’ financial allocation until Fubara presented the state appropriation bill to the Amaewhule-led faction of the assembly.
The supreme court also nullified the local government election held in Rivers state on October 5, 2024.
In March 2025, Fubara was prevented from accessing the Rivers house of assembly quarters in Port Harcourt to present the 2025 budget.
~Story courtesy, TheCable
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