The Nigerian Senate has defended an increase of N365 billion in the new N1.846 trillion budget presented by Rivers State Sole Administrator, Vice Admiral Ibok-Ete Ibak, as against the figure earlier transmitted to the National Assembly by President Bola Tinubu.
Checks revealed that the new sum is an increase of N365 billion as against the N1.481 trillion submitted by Tinubu last month for the National Assembly’s consideration and passage.
Recall that the President had earlier said the budget proposal became necessary because of the nullification of the 2025 budget of the state by the Supreme Court and the fact that the state is currently under emergency rule.
Meanwhile, the sole administrator, on Thursday, presented the new budget proposal with a total sum of N1.846 trillion before the Senate Ad-hoc Committee on Oversight of the oil-rich state.
Addressing the ad-hoc committee led by the leader of the Senate and Chairman of the Ad-hoc Committee, Senator Opeyemi Bamidele, the Rivers sole administrator said there was a need to provide security for the people, sort out outstanding pension and gratuities owed civil servants in the state.
Curiously, the sole administrator, who has a six-month timeline, also listed capital projects which he noted “will deepen inclusive economic growth and support entrepreneurship across demographic lines.”
Such projects enumerated by Ibak included “N324.5 billion allocated to physical infrastructure: roads, bridges, and transport connectivity to boost commerce and urban-rural integration.” N38.85 billion earmarked for shoreline protection, erosion control, and land reclamation to mitigate climate risks and environmental displacement; N25 billion for affordable housing schemes targeting middle-income families. Others are over N117 billion for pensions and employee benefits, with N50 billion specifically allocated to begin clearing pension and gratuity arrears.
Speaking with journalists shortly after the closed-door meeting with Vice Admiral Ibak and his team, Senator Bamidele defended the increase in the budget from the initial estimate submitted as an Executive Bill to the National Assembly by President Tinubu.
