ABUJA – The Nigerian Senate on Wednesday approved the second reading of a bill seeking to authorize the release of N1.48 trillion from the Consolidated Revenue Fund for the 2025 fiscal year of Rivers State.
The move follows a formal request by President Bola Tinubu to the National Assembly last week, citing the ongoing state of emergency declared in the oil-rich state on March 18, 2025.
Titled “A Bill for an Act to Authorize the Issue from the Consolidated Revenue Fund of Rivers State the Total Sum of N1.48 Trillion for the Year Ending December 31, 2025”, the proposed legislation was introduced by Senate Leader and Chairman of the Special Ad-hoc Committee on Emergency Rule in Rivers State, Senator Michael Opeyemi Bamidele (Ekiti Central).
According to the bill (SB. 843), the proposed budget allocates N120.8 billion for debt servicing, N287.4 billion for recurrent (non-debt) expenditure, and N1.07 trillion for capital projects.
