Port Harcourt: Rivers State Governor Siminalayi Fubara on Friday presented a N1.85 trillion appropriation bill for the 2026 fiscal year to the Rivers State House of Assembly, with a strong emphasis on infrastructure, education, healthcare and economic growth.
The proposed budget, christened “Budget of Resilience for Growth and Development,” represents a 24.49 per cent increase over the state’s adjusted 2025 budget.
Presenting the estimates, Fubara said the projected operating revenue reflected expectations of higher inflows from the Federation Account Allocation Committee (FAAC), derivation funds and internally generated revenue (IGR), driven by an improving economic outlook.
The governor disclosed that capital expenditure would rise from more than N713 billion in the 2025 budget to over N1.4 trillion in 2026, representing a significant increase in funding for infrastructure and other development projects.
According to the budget proposal, more than N1.4 trillion has been earmarked for capital projects, while over N413 billion is allocated to recurrent expenditure.
A breakdown of the recurrent expenditure shows that N154 billion is proposed for personnel costs, including salaries for ministries, departments and agencies (MDAs), while N15 billion is set aside for the recruitment of new workers.
The budget also provides N772 million for Consolidated Revenue Fund charges and N36 billion for overhead costs of MDAs.
Other recurrent allocations include N55 billion for monthly pension payments, N20 billion for gratuities, N20 billion for legacy pension gratuities, N28 billion for interest on domestic loans and N30 billion for repayment of long-term domestic loan principal.
On the capital expenditure side, the economic sector received the largest allocation of N625 billion, followed by N435 billion for social services, N278 billion for administration and N65 billion for the law and justice sector.
Fubara said the budget would be financed through multiple revenue sources, including more than N487 billion in internally generated revenue.
He projected receipts of N936 billion from FAAC allocations, derivation funds, Value Added Tax (VAT) and exchange gains, while N48 billion is expected from opening and closing balances.
The governor added that total capital receipts—including domestic borrowing, grants and proceeds from asset sales—are projected at more than N382 billion.
Sectoral allocations within the capital budget include N533 billion for works and infrastructure, N315 billion for education, N105 billion for healthcare delivery and N41 billion for the Rivers State House of Assembly.
Fubara said the budget also proposes a 50 per cent increase in overhead allocations to enable ministries, departments and agencies to meet their operational obligations more effectively.
He noted that the assumptions and fiscal objectives underpinning the 2026 budget had already been captured in the 2026–2028 Medium-Term Expenditure Framework (MTEF), which had been considered by the House.
Highlighting the administration’s priorities, the governor said the budget was designed to promote economic expansion, strengthen human capital development, improve socio-economic infrastructure and expand social investment programmes.
“Our primary priorities for the 2026 financial year include economic growth, human capital development, socio-economic infrastructure and social investment,” Fubara said.
He acknowledged the delay in presenting the budget but assured lawmakers and residents that the government remained committed to effective implementation.
“Although we acknowledge the delay in preparing the budget, we assure a strong implementation, consistent with our commitment to accountability, transparency and responsible management of public resources,” he said.
Fubara added that the proposal aligns with the aspirations of Rivers people and is intended to build a more secure, prosperous and resilient state.
