Vice Admiral Ibok-Ete Ibas (retd.), the Sole Administrator of Rivers State, has formally presented a revised 2025 budget to the Senate Ad Hoc Committee on Emergency Rule, increasing the initial estimate from ₦1.48 trillion to ₦1.846 trillion.
This adjustment, amounting to an additional ₦400 billion, reflects the administration’s recalibrated approach to meet the state’s evolving socio-economic demands.
Ibas made the disclosure during a presentation before the Senate committee on Thursday, explaining that the revision was necessitated by the state’s remarkable revenue performance in 2024 and the need to accommodate growing financial obligations.
According to him, Rivers State recorded a total revenue of ₦1.04 trillion in 2024, which surpassed the projected figure of ₦800.39 billion by a substantial 31.6 percent.
“This increase in revenue is commendable,” Ibas noted. “However, it is my well-considered opinion that the expenditures were clearly understated, particularly in areas tied to long-standing obligations and infrastructure demands.”
He admitted that while the revised proposal may not be flawless, it was crafted under pressing timelines and within the unique context of emergency governance. He was accompanied by key officials from the state’s interim administration, including members of the economic team.
The Senate’s Ad Hoc Committee had earlier vowed to ensure that residents of Rivers State are not disadvantaged following President Bola Tinubu’s declaration of emergency rule on March 18, 2025. In line with this, the committee has continued to scrutinize the fiscal direction of the state’s interim leadership.
Following a closed-door session with Ibas and his team, Senate Leader and Chairman of the committee, Senator Opeyemi Bamidele, revealed that a major component of the budgetary expansion, ₦50 billion, has been earmarked specifically to address unpaid pension liabilities.
According to Bamidele, this move is more than a fiscal line item; it is a deliberate peace-building effort aimed at fostering social harmony and restoring public trust.
“This ₦50 billion is a direct welfare intervention for people who have served and deserve to be paid,” Bamidele stated. “It’s not just a fiscal decision; it’s a peace-building effort.”
He also praised the structure of the revised financial blueprint, noting its emphasis on capital development. Over 70 percent of the ₦1.846 trillion budget is now directed toward capital expenditure, while less than 30 percent is allocated to recurrent costs—a ratio applauded by the committee for promoting infrastructural growth and long-term sustainability.
The ad hoc committee is expected to conclude and adopt its report by Monday, ahead of a formal presentation to the full Senate chamber when it reconvenes next week.
What You Should Know
The revised ₦1.846 trillion budget prioritizes long-overdue pension payments and capital-intensive projects under the emergency rule in Rivers State. This marks a strategic effort to rebuild public confidence, stimulate economic activity, and foster peace in a politically sensitive period.
