- The Accusation: Fubara’s ex-team allegedly withheld key financial records.
- The Budget: A revised N1.48 trillion budget is under scrutiny.
- The Impact: These actions complicated budget planning for 2025.
- The Response: The House of Representatives is investigating the matter.
Ibas Sounds the Alarm: Missing Financial Data!
During a hearing before the House of Representatives Ad-Hoc Committee on Rivers State Oversight, Ibas didn’t mince words. He claimed that the lack of cooperation from these officials made it nearly impossible to get a clear picture of how funds were spent in the first quarter of 2025, before President Tinubu declared a state of emergency.
Tinubu’s Intervention: A Budget Overhaul?
President Bola Tinubu stepped in, submitting a revised budget proposal of N1.48 trillion to the National Assembly. The President noted that the initial budget had been quashed by the Supreme Court, necessitating urgent action due to the emergency situation in the state. According to the proposal, a significant chunk of the funds is earmarked for critical areas: ₦324bn for infrastructure, ₦166bn for health, ₦75.6bn for education, and ₦31.4bn for agriculture.
President Tinubu’s intervention highlights the critical nature of the financial situation in Rivers State and the need for swift, decisive action to stabilize the region and ensure the continued provision of essential services.
Expenditures ‘Understated’? A Closer Look
Ibas raised serious concerns about the accuracy of the financial records. He stated that expenditures by the previous administration appeared to be significantly understated. This raises questions about transparency and accountability in the management of public funds.
Revising the Budget: Damage Control
Despite the challenges, Ibas assured the committee that the proposed budget was revised to incorporate the available expenditure data, aiming to bring transparency and legitimacy to the first quarter spending. He emphasized that implementing this budget would bring significant socioeconomic benefits to the people of Rivers State.
2024 Performance: Revenue Surges, Spending Lags?
Ibas provided a snapshot of the 2024 budget performance. Revenue reportedly hit N1.04 trillion, exceeding the target by a whopping N250 billion! However, expenditure fell short, with N740.74 billion spent, which was 6.7 per cent less than planned. This discrepancy further fuels suspicion about the accuracy of the reported figures.
Key Priorities: Infrastructure, Health, and More
The proposed 2025 budget outlines key investment areas:
- Infrastructure: A massive N324.5 billion to complete roads, bridges, and transport networks.
- Shoreline Protection: N38.85 billion for land reclamation and erosion control.
- Agriculture: Investments in rural access projects, food security, and mechanization.
- Healthcare: Major upgrades to hospitals and a drug revolving fund.
- Education: Rehabilitation of schools and focus on inclusive learning.
- Social Sectors: Initiatives for women’s empowerment and youth development.
House Committee Vows Scrutiny
Hon. Julius Ihonvbere, Chairman of the House Committee, praised Ibas for his detailed briefing and pledged the committee’s support for restoring stability and growth in Rivers State. He stressed the importance of transparency and promised a thorough review of the budget.
What’s Next?
The House Committee will delve into the budget details, inviting relevant officials for a proper defense. The goal is to get Rivers State back on track while ensuring accountability and due process. The people of Rivers State are waiting to see if this budget can deliver on its promises and address the pressing needs of the state.
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