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The Governor of Rivers State, Siminalayi Fubara yesterday presented the 2025 budget proposal of 1.2 trillion Naira to the Victor Oko-Jumbo-led Rivers State House of Assembly.
Fubara, while presenting the Appropriation Bill, tagged Budget of Inclusive Growth and Development, at plenary, said the proposed 2025 budget comprises Recurrent Expenditure of 462 billion Naira and Capital Expenditure 678 billion Naira, reflecting a 44 percent to 56 percent ratio.
He outlined the expected revenue streams to fund the budget, including 264.3 billion Naira from Internally Generated Revenue, IGR; 18.2 billion Naira from Statutory Allocation; 132.1 billion Naira from Mineral Funds; 204.2 billion Naira from Value Added Tax, VAT; 20.6 billion Naira from Excess Crude Account amongst others.
The projections are based on economic indicators such as an oil price of 80 dollar per barrel, a production target of 1.8 million barrels per day, an exchange rate of 1,500 Naira per dollar, and a 22 percent inflation rate.
The Rivers state governor, while highlighting the performance of the 800 billion Naira 2024 budget, said the 2025 budget remains a blueprint for consolidating the achievements of his administration in 2024 while charting a new course for sustainable development.
Gunmen yesterday killed seven people at Ihiala Local Government Area of Anambra State. It was gathered that out of the seven individuals killed, two were unarmed civilians who were in a compound planning a burial ceremony that was scheduled to hold on January 2, 2025, while the others were security personnel. The incident was confirmed in a press release issued by the commissioner of Police, CP Nnaghe Itam, through his […]
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