Fubara Presents N1.85 Trillion Budget for 2026 Fiscal Year
Gov. Siminalayi Fubara of Rivers has on Friday presented the 2026 appropriation bill of N1.85 trillion to the Rivers State House of Assembly.
The bill, tagged ”Budget of Resilience for Growth and Development.” Fubara said that the proposed total operating revenue for 2026 was projected to increase by 24.49 per cent over the 2025 adjusted budget projections.
He added that the capital budget increased from more than N713 billion in 2025 to over N1.4 trillion in 2026, amounting to a 22.49 per cent rise in infrastructure services expenditure.
This, he said, was due to possible increases in returns from FAAC, Derivation funds, and Internally Generated Revenue(IGR) as the economic outlook continued to show positive growth.
A breakdown on the budget further indicated that more than N1.4 trillion was assigned to capital projects while more than N413 billion was budgeted for recurrent expenditure.
On recurrent expenditure, N154 billion was projected for total personnel costs, including salaries for Ministries, Departments, and Parastatals while N15 billion was allocated to new recruitments.
Consolidated revenue fund charges got the allocation of N772 million and overheads for MDAs was projected for N36 billion.
Others are, monthly pension, N55 billion; gratuities, 20 billion; legacy pension gratuities, N20 billion; interest on domestic loans, N28 billion; long-term domestic loan principal repayment, N30 billion, among others.
On capital expenditure, N625 billion for the economic sector; N278 billion, Administration; N435 billion; and N65 billion for law and justice sector.
Fubara said that revenue sources for the budget funding included the internally generated revenue projected to be more than N487 billion.
Projected revenue from FAAC including derivation funds, value-added tax, and exchange gain is N936 billion while N48 billion is expected to be generated from opening and closing balances.
The total capital receipts, including domestic loans, grants, and assets sales is estimated to be more than N382 billion.
Breaking down the capital expenditure, Fubara said N533 billion was allocated to works and infrastructure; N315 billion, educational development; N105 billion, healthcare delivery; and N41 billion for the state House of Assembly.
The governor said that at least 50 per cent increase was proposed in overhead expenditure to enable MDAs to cover their operational costs.
He said that the details of the 2026 budget assumptions and fiscal objectives were outlined in the medium- term expenditure framework 2026-2028, which the house had already considered.
Speaking on priority areas of the budget, Fubara said that the 2026 budget focused on the objectives of his administration to build a secure, prosperous and resilient state.
According to him, the budget is in consonance with the needs and aspirations of the people of the state.
”Our primary priorities for the 2026 financial year include economic growth, human capital development, socio-economic infrastructure and social investment.
”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,” Fubara said. Tony Elumelu to Retire as UBA Chairman, Names Emmanuel Nnorum as Successor
