The Rivers State interim government has revised the 2025 fiscal budget upward from N1.48 trillion to N1.846 trillion, marking an increase of nearly N400 billion. Vice Admiral Ibok-Ete Ibas (retd.), the state’s Sole Administrator, revealed the new budget figures on Thursday while addressing the Senate Ad Hoc Committee on Emergency Rule.
He attributed the adjustment to previously underestimated expenditure needs and stronger-than-expected revenue performance. According to Ibas, the state generated N1.04 trillion in revenue for 2024, well above the original projection of N800.39 billion, reflecting a 31.6% surplus.
He admitted that although the revised proposal may not be flawless, it was developed under pressing timelines and complex conditions. Ibas appeared before the committee alongside members of his economic advisory team to provide clarity on the budgetary changes following the federal government’s imposition of emergency rule in the state on 18 March 2025.
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Following a closed-door meeting with Rivers officials, Senate Leader and chairman of the ad hoc committee, Senator Opeyemi Bamidele, explained that the upward revision was partly driven by a N50 billion allocation to clear outstanding pension arrears.
He described the move as both a financial and peace-building measure. “This N50 billion isn’t just about numbers—it’s about justice and stability for retirees who are long overdue for payment,” Bamidele said.
The committee praised the revised budget’s structure, noting that over 70% of the total appropriation is earmarked for capital projects, while less than 30% is reserved for recurrent expenses. The Senate committee is expected to conclude its review and adopt a final report by Monday, with a formal submission scheduled once the Senate reconvenes next week.
