Governor Siminalayi Fubara of Rivers State has reported a substantial revenue collection of N726 billion over the first three quarters of 2024, as outlined in the Rivers State Budget Performance Report (BPR). This figure surpasses the state’s budget targets, showcasing a strong financial performance despite ongoing political challenges.
The revenue comprises contributions from the Federation Account Allocation Committee (FAAC), Internally Generated Revenue (IGR), other receipts such as aid and grants, and an opening balance for the fiscal year. The BPR, a collaborative effort by the Ministry of Budget and Economic Planning, the Office of the Accountant General, and the Ministry of Finance, is published quarterly on the state’s website. However, it has yet to undergo an audit.
Between January and September 2024, Rivers State achieved a cumulative revenue of N720.2 billion, exceeding its budgeted targets. The state collected N597.8 billion in recurrent revenue, surpassing the N514.3 billion projected for the year. Additionally, it received N122.4 billion from other receipts, including grants and capital development funds, along with a N6 billion opening balance.
Breaking down the recurrent revenue, Rivers State garnered N328.7 billion from FAAC, outperforming the budget provision of N283.2 billion. The IGR also reached N269.2 billion, surpassing the budgeted N231 billion.
Governor Fubara, who previously served as the state’s accountant general, has actively highlighted the growth in the state’s IGR. Upon taking office, the IGR was about N12 billion monthly, which has since increased to approximately N25 billion monthly. In some months, the IGR exceeded N30 billion, prompting BudgIT, a non-profit organization, to rank Rivers as the only state besides Lagos capable of sustaining itself without federal allocation.
The state’s impressive revenue generation has allowed Governor Fubara to remain confident despite a court ruling that halted federal allocation. He assured that the state would continue to meet its financial obligations, including paying contractors and workers.
In Q1, Rivers State received N101 billion from FAAC and N85.7 billion in IGR, averaging N28.6 billion monthly. It also secured N19.7 billion from other receipts. In Q2, the state collected N107.9 billion from FAAC and N78.9 billion in IGR. By Q3, the IGR increased by 25% to N104.5 billion, while FAAC revenue rose to N119.5 billion.
With a 2024 budget of N800 billion, Rivers State is on track to meet its targets, needing only N74 billion in the final quarter to balance its budget, which is currently under review by the Supreme Court. As of Q3, the state had spent N529.8 billion, representing 66.8% of its budget.
Despite political turmoil and legislative challenges, Rivers State continues to strengthen its revenue generation, positioning itself as a resilient economic force.
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