The Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (retd.), on Thursday, June 19, announced an increase in the state’s 2025 budget from ₦1.48 trillion to ₦1.846 trillion.
He made the disclosure while presenting the revised estimates before the Senate Ad Hoc Committee on Emergency Rule in Abuja.
Ibas explained that the new figure reflects an adjustment based on actual revenue performance and previously undisclosed expenditures.
He revealed that the state generated ₦1.04 trillion in revenue in 2024, far above the initial projection of ₦800.39 billion, marking a 31.6 percent increase.
“It is my well-considered opinion that the expenditures were clearly understated,” he said.
He further noted that several officials had failed to disclose key financial information, particularly from the first quarter of the year, which led to an incomplete picture of government spending.
READ ALSO: Rivers 2025 Budget Has Plans for Fubara’s Return — Ibas
Acknowledging the urgency of the circumstances under which the revision was made, Ibas admitted the budget might not be perfect. He said the document was prepared under a tight timeline and with limited access to complete data.
Ibas was joined by members of the state’s economic team during the appearance before the committee, which is investigating the circumstances around the emergency administration declared by President Bola Tinubu on March 18, 2025.
Speaking after a closed-door session, the Chairman of the committee and Senate Leader, Senator Opeyemi Bamidele, said the budget revision also includes ₦50 billion dedicated to clearing pension arrears, an initiative he described as crucial to peace-building in the state.
“This ₦50 billion is a direct welfare intervention for people who have served and deserve to be paid. It’s not just a fiscal decision; it’s a peace-building effort,” Bamidele stated.
He also praised the structure of the revised budget, noting that over 70 percent of the allocations go to capital projects, while less than 30 percent is reserved for recurrent spending.
The Senate committee said it would adopt its report by Monday and present it to the full Senate when plenary resumes next week.