Fubara proposes N1.85tn budget for 2026, targets growth and infrastructure development

Rivers State Governor, Siminalayi Fubara, has presented a proposed N1.854 trillion budget for the 2026 fiscal year to the State House of Assembly, outlining plans to deepen infrastructure development, strengthen human capital and sustain economic growth across the state.

Tagged the “Budget of Resilience for Growth and Development,” the appropriation proposal was laid before lawmakers on Friday.

Presenting the budget, Fubara said the spending plan was designed to consolidate the achievements of his administration while promoting fiscal responsibility, transparency and efficient management of public resources.

The governor stated that the proposed budget would support investments in critical sectors, including infrastructure, education, healthcare, security and economic development, with the aim of improving the living standards of residents.

He noted that despite the political and economic challenges experienced during the outgoing fiscal year, his administration had maintained effective governance and continued to deliver projects across key sectors.

According to him, the state’s ability to sustain development initiatives was a reflection of prudent financial management and a commitment to accountability in public expenditure.

Fubara disclosed that the proposed N1.854 trillion budget represents a 24.49 per cent increase over the adjusted 2025 budget.

He explained that the projected revenue would be sourced from a combination of internally generated revenue, allocations from the Federation Account Allocation Committee (FAAC), derivation proceeds, grants, loans, asset sales and existing balances.

A breakdown of the revenue estimates showed that the state expects to generate N487.61 billion internally during the fiscal year.

The governor further projected receipts of N936.05 billion from FAAC allocations, including derivation revenue, Value Added Tax (VAT) proceeds and exchange rate gains.

Capital receipts, grants, loans and proceeds from asset sales are expected to contribute N382.48 billion, while opening and closing balances are projected at N48.11 billion.

Fubara expressed confidence that the budget would provide the framework needed to accelerate development, stimulate economic activities and improve service delivery across the state.

The proposal is expected to undergo legislative scrutiny before its eventual passage and implementation for the 2026 fiscal year.