With the approval of the Medium -Term Expenditure Framework for 2025 -2027 fiscal years by the Rivers State House of Assembly, Rivers State will now operate a loan free period of 3 fiscal years.
The Executive Governor, Sir Siminalayi Fubara had in line with the fiscal Responsibility law number 8 of 2010 written to the legislature requesting for the approval of the document which contains economic and fiscal update, the fiscal strategy paper and budget policy statement of the State.
The Speaker, Rt. Hon. Victor Oko-Jumbo while reading the request letter from the Governor disclosed that the Rivers State Budget for 2025 is anchored on economic outlook, predictions and assumptions on the nation’s oil production rate and price benchmarks, exchange rate and the State’s fiscal policy direction.
He also expressed the readiness of the 10th Assembly to give approval to a document that does not only seek to address the need of the people but also brings about enviable development in the State.
A breakdown of the figures show that the recurrent revenue for 2025 is #823bn (eight hundred and twenty three billion naira), recurrent expenditure is 422bn (four hundred and twenty two billion naira) while capital expenditure is 678bn (six hundred and seventy eight billion naira).
For 2026, the Recurrent Revenue is 849bn (eight hundred and forty nine billion naira), Recurrent Expenditure is 480bn (four hundred and eighty billion naira) while 686bn (six hundred and eighty six billion naira) is the Capital Expenditure.
2027 fiscal year has 872bn (eight hundred and seventy two billion naira) as its Recurrent Revenue,490bn (four hundred and ninety billion naira as its Recurrent Expenditure) and 692bn (six hundred and ninety two billion naira) as Capital Expenditure.
Earlier, while debating on the document, Leader Sokari Goodboy Sokari urged the House to give it speedy passage to enable contractors speed up their work for accelerated progress of the State.
He also commended the administration of Governor Sim Fubara for its foresight, saying that the MTEF will not only foster economic growth of the State but ensure economic stability. Also in his contribution, the Deputy Leader Adolphus Timothy Orubienimigha said the MTEF which touched every sector in the State will ensure that the dividends of democracy is be achieved in the State.
