The administration of Governor Siminalayi Fubara in Rivers State has reported a significant financial performance, generating N726 billion in revenue over the first three quarters of 2024, as outlined in the recently published Rivers State Budget Performance Report (BPR).
According to PREMIUM TIMES, this figure encompasses revenue from the Federation Account Allocation Committee (FAAC), Internally Generated Revenue (IGR), other receipts (including aid, grants, and capital development funds), as well as the state’s 2024 opening balance.
Produced by the Rivers Ministry of Budget and Economic Planning, in collaboration with the Office of the Accountant General and the Ministry of Finance, the BPR offers a quarterly insight into the state’s fiscal health, although the current report has yet to undergo an audit.
Despite ongoing political instability and inflationary pressures, Rivers State has seen its IGR rise sharply, reaching an average of over N30 billion per month in the third quarter alone.
The state’s nine-month revenue has already exceeded budget targets for 2024, reflecting a resilient fiscal strategy that has bolstered the state’s financial position.
A detailed breakdown reveals that the state received N328.7 billion from FAAC, surpassing the budgeted N283.2 billion. IGR contributions reached N269.2 billion, also exceeding the budgeted N231 billion. Additional funding, amounting to N122.4 billion, included N66.7 billion in grants and aid and N55.7 billion in capital development funds, adding to the state’s total revenue.
Formerly Rivers State’s Accountant General, Governor Fubara has overseen notable increases in IGR since taking office. The IGR, which stood at about N12 billion monthly when he assumed office, has surged to N25 billion per month, occasionally even surpassing N30 billion.
This robust revenue performance places Rivers among the few Nigerian states capable of financial sustainability independent of federal allocations, as recently noted by BudgIT, a fiscal transparency NGO.
In the first quarter of the year, the state recorded N101 billion in FAAC revenue, with IGR at N85.7 billion. In Q2, FAAC revenue increased to N107.9 billion, though IGR fell slightly to N78.9 billion. By Q3, FAAC revenue grew by nearly 10 percent to N119.5 billion, while IGR climbed 25 percent to N104.5 billion, a notable recovery from Q2.
With a budget of N800 billion for 2024, the Fubara administration is positioned to meet its financial goals, needing just N74 billion in additional revenue in the fourth quarter. The state’s cumulative expenditures to date amount to N529.8 billion, about 66.8 percent of the annual budget.
The report underscores Rivers’ continued strength in revenue generation, a noteworthy accomplishment given the state’s political tensions that have disrupted governance and strained the legislature.
Governor Fubara recently highlighted the state’s financial independence, stating that federal allocation restrictions pose no immediate threat to Rivers’ obligations to workers and contractors.
