…As Commissioner says 2025 budget will be bigger than N800bn for 2024
Rivers State has got a medium-term framework to guide its budgeting system in the next three years. This is indication has emerged that the 2025 budget would be expansionary and would far surpass the N800bn for 2024.
The approval came after the State Executive Council meeting which approved the framework for the Ministry of Budget and Economic Planning to commence the preparation for the 2025 budget of the State.
The State Executive Council gave the approval at its meeting, presided over by Governor Sim Fubara, and attended by Deputy Governor, Ngozi Odu, a professor, who attended with other Council members at the Executive Council Chambers, Government House, Port Harcourt last Thursday.
This followed the approval of the request by the ministry for the submission of the updated copy of the 2025-2027 Rivers State Medium Term Expenditure Framework (MTEF) to Council.
The Commissioner for Budget and Economic Planning, Peter Medee, disclosed this while briefing newsmen after the meeting, noting that the Medium-Term Expenditure Framework, which explains the fiscal and economic outlook of government for the year under consideration, enables government to situate the economy such that the budget will not be over or under budgeted.
He said, “Council, today, graciously approved our request for the submission of the updated copy of the 2025-2027 Rivers State Medium Term Expenditure Framework (MTEF). The MTEF is a document that explains the fiscal and economic outlook of government for the year under consideration. It takes six years behind and three years ahead. The essence is to project and put some forecast based on which the budget of the following year will be prepared.
“So, today, Council has approved the framework for us to go ahead to prepare the 2025 budget of Rivers State. The essence is that the Medium-Term Expenditure Framework takes into consideration the global outlook, the continental outlook, the national outlook, and the state’s specific outlook.”
According to him, “The idea is that when we do this focus, we will be able to situate the economy such that whatever may be the vicissitudes of the shock or other volatilities that may affect the economy, the projection will be able to make the economy insulated, such that we will not be able to over budget or under budget.
“So, the Medium-Term Expenditure Framework that has been presented today has taken into account the shock arising from the conflict in the Middle East, the war in Ukraine and Russia as well as other internal shocks, just like oil price as well as other daily averages that will be able to affect the economy.
“So, Council, in their wisdom today, has looked at all that, so that we will be able to prepare a budget that Rivers State can be moved from where we are today, where the Governor and the government of Rivers State will be able to provide value for the money, because budget is all about expected income and intended expenditure.
“The income we are expecting, we have been able to look at the outlay of the sources where this income will come, and we have also been able to look at what the needs are, such that the expected expenditure will be situated on the need basis and all that is what this document looked at.
“We have also projected the income that we are expecting from the local governments as well as other sectors. All these are packaged in the envelope, such that by the time we do sectoral distribution of this income, which is going to be the actual budget, then, we will be able to put the State on the path of growth and development.”
Medee noted that the 2025 budget, which will be bigger than that of 2024, will enable the Governor and government to deliver more democratic dividends to meet the needs of Rivers people.
He added, “One important thing that we have been able to achieve today is that the Medium-Term Expenditure Framework has projected such that we are going to have a budget that is going to be expansionary, because the figure we are looking at is greater than the figure for 2024. And because the figure is greater, it means that the delivery from the state government to the people of Rivers State is going to meet a lot of expectations, such that Rivers people will be proud that they have a government that cares for them.”
