Governor Fubara: Signs Rivers N1.84tn 2026 Budget Into Law

• Governor Siminalayi Fubara signed the Rivers State 2026 Appropriation Bill, totaling N1.84 trillion, into law after its passage by the State House of Assembly.
• The N1.84 trillion Rivers budget is funded by Internally Generated Revenue, Federation Account Allocation Committee receipts, internal loans, asset sales, and balances.
• Key sectoral allocations include N625.8 billion for the economic sector, N262 billion for agriculture, N435.4 billion for the social sector, and N65 billion for law and justice.
• A proposed N6 billion allocation for Pamo University of Medical Sciences was stepped down by the legislature due to concerns over accountability and lack of clarity on fund utilization.
• The Governor described the budget as a "breath of fresh air" and commended the State House of Assembly for its diligence in passing the legislation.

The resolution by the State House of Assembly to withhold funds for Pamo University until accountability measures are met serves as a notable precedent.

Governor Siminalayi Fubara has officially signed the Rivers State 2026 Appropriation Bill, amounting to N1.84 trillion, into law, marking a significant milestone for the state's financial year. This enactment follows nearly two months after the Governor initially presented the comprehensive budget proposal to the State House of Assembly for its consideration and approval on July 10, 2026. The legislative body subsequently passed the bill into law on a Thursday, paving the way for the Governor's final assent.

Upon signing the N1.84 trillion Rivers budget, Governor Fubara expressed profound gratitude to various stakeholders, including the Almighty God and the State House of Assembly, for their roles in the successful passage. He characterized the newly signed legislation as a "breath of fresh air" and a pivotal moment signifying a new chapter of unity and progress for Rivers State. The ceremony for the signing took place at the Government House in Port Harcourt, where Governor Fubara also commended the diligence and swift action of the State House of Assembly members during what he described as a critical period for the state, reaffirming his administration's commitment to the "Rivers First" mantra.

The N1.84 trillion Rivers budget outlines a detailed financial plan, with its funding sources meticulously broken down. The state anticipates generating N487.6 billion from Internally Generated Revenue (IGR) and receiving N936.052 billion from the Federation Account Allocation Committee (FAAC). Additional funding includes an opening and closing balance of N48 billion, proposed internal loans totaling N50 billion, and N25 billion expected from the sale of assets.

Regarding expenditure, the Rivers State budget breakdown allocates substantial funds across various sectors. The economic sector is slated to receive N625.8 billion, while agriculture is earmarked for N262 billion. The social sector will benefit from N435.4 billion, and the law and justice sector is allocated N65 billion. The Committee on Appropriations recommended a total capital expenditure of N1.4 trillion for approval within the 2026 Appropriation Bill. Specific recommendations from committee members, including Hon. Linda Stewart, Hon. Ofiks Kagbang, Hon. Enemi George, and Hon. Igwe Aforji, included appropriating N1.4 billion to the Primary Health Management Board for the reconstruction of its facility located on Accra Street.

A central point of contention during the legislative deliberations revolved around a proposed N6 billion allocation for Pamo University of Medical Sciences, a private institution founded by former governor Dr. Peter Odili. The Committee on Appropriations raised questions regarding the necessity and justification of such a substantial sum, particularly in the absence of clear details on how the university intended to utilize the funds. The controversy escalated when the Commissioner for Education formally requested an increase in this allocation from N6 billion to N8 billion, citing the initial sum as inadequate.

Lawmakers expressed significant concerns about the university's accountability for previous allocations, noting that the state-owned Rivers State University had been allocated a total budget of N6.1 billion. This comparison made it challenging for the Assembly to justify granting a comparable amount to a privately owned entity without robust accountability measures. Consequently, the committee resolved to withhold any further funds to Pamo University until the House was fully satisfied with adequate accountability protocols. This resolution led to an amendment that stepped down the proposed N6 billion Pamo University N6bn allocation, pending a thorough investigation into its financial practices.

The enactment of the Fubara signs Rivers N1.84tn 2026 budget provides critical insight into the state's financial priorities and spending plans, which can inform legal and business strategies. The detailed Rivers State budget breakdown, including allocations for key sectors like agriculture and the economic sector, signals areas of potential government contracts and investment opportunities. Furthermore, the legislative scrutiny applied to the Rivers State 2026 Appropriation Bill, particularly concerning the Pamo University N6bn allocation, underscores a heightened focus on transparency and accountability within public financial management.

The resolution by the State House of Assembly to withhold funds for Pamo University until accountability measures are met serves as a notable precedent. This action highlights the legislature's commitment to oversight, especially regarding government allocations to private entities, a crucial aspect for compliance officers and legal professionals advising on public-private partnerships. This emphasis on transparency in the Nigeria state budget legislation process signals a potential shift towards more rigorous oversight of public funds, reinforcing the importance of clear utilization plans and accountability from all beneficiaries of state allocations.

The enactment of the Rivers State 2026 budget provides critical insight into the state's financial priorities and spending plans, which lawyers can use to advise clients on potential government contracts, investment opportunities, or regulatory shifts in key sectors. The legislative scrutiny and resolution to withhold funds for Pamo University pending accountability also signals a heightened focus on transparency in public-private partnerships, which compliance officers should note for future engagements involving government allocations to private entities.

Source: Original reporting via PUNCH