- Just one quarter to fiscal year-end
- State serially lost 2trn public sector investments
Budget analysts and development experts say the September 3, 2026 signing into law by Governor Siminalayi Fubara of the Rivers State’s 2026 Appropriation Bill of N1.854 trillion, is “too late on arrival”.
In particular, the state lost billions of naira in stalled projects due to prolonged political crises between the legislature.
Some economists at the South-South chapter of Institute of Chartered Economists of Nigeria (ICEN) told Business A.M. that Rivers State has lost over N2 trillion in potential public-sector investments and sustained severe stalls in governance since 2015 due to prolonged political battles between factions and leadership shifts.
These have delayed or permanently stalled major public sector opportunities, estimated by public policy analysts and development experts to exceed N2 trillion in value.
Since the beginning of 2026, there has been protracted friction between the state executive under Governor Fubara and the House of Assembly led by Martin Amaewhule, which has disrupted smooth appropriation processes, missing critical windows for economic projection and capital allocation.
The budget comes nearly two months after Governor Fubara presented the Bill to the State Assembly, led by Amaewhule, who last year led 26 other Assembly members to leave the PDP for the ruling APC party.
The lawmakers only approved the budget on September 3, 2026. Governor Fubara quickly assented to it, giving it full effect. He had presented the bill to the Assembly for consideration and approval on July 10, 2026.
The passage of the budget during the Assembly’s plenary followed deliberations by its committee on appropriations, which recommended key adjustments before the bill’s final passage.
Breakdown shows capital expenditure of N1.4 trillion, leaving N0.44 trillion for recurrent expenditures.
The budget, which comes into effect just one quarter to the end of 2026 fiscal year, will be funded through internally generated revenue (IGR) of N487.6 billion, Federation Account Allocation Committee (FAAC) receipts of N936.052 billion, an opening and closing balance of N48 billion, proposed internal loans of N50 billion, and proceeds from the sale of assets amounting to N25 billion.
Allocations by the various sectors include N262 billion for agriculture, N625.8 billion for the economic sector, N65 billion for law and justice, and N435.4 billion for the social sector.
Indeed, investor confidence has been at its lowest. The political instability caused major construction, and development partners and international investors to scale back or temporarily halt critical regional works, such as sections of the Port Harcourt Ring Road and key local connecting arteries.
Despite policy pronouncements, state-owned primary and secondary schools across various local government areas suffered severe structural decay—frequently lacking basic roofs, windows, and functional facilities under the immediate past Nyesom Wike administration.
Everyday civic needs, including reliable public water supply, structured environmental sanitation, and consistent grassroots healthcare delivery, have experienced significant gaps during peak political impasses. Several times, Governor Fubara was threatened with several impeachments, excluding his six months suspension via emergency rule imposition by President Bola Tinubu.
Human capital and employment have remained stagnant, while job creation was simply not there. Critics and civil society groups note that heavy spending on recurring political turf wars, rather than productive and industrial sectors have left the Rivers youth massively unemployed. Poverty reduction targets have been largely unmet.
Budget analysts express deep worry how far the much-beleaguered Fubara administration can go in implementing the budget christened “Budget of Resilience for Growth and Development” in four months (Q4 2026).
While political standoffs earlier in the year threatened the state’s fiscal stability and delayed capital projects, the implementation framework, though now legally active, remains eminently doubtful.
