Rivers State Revenue Exceeds Target: Fubara Secures N726 Billion in Nine Months
Governor Siminalayi Fubara’s administration in Rivers State has demonstrated a strong financial performance, generating N726 billion in revenue within the first three quarters of the 2024 fiscal year. This financial success, reported by the Rivers State Budget Performance Report (BPR), reflects the state’s robust revenue generation through various sources, surpassing initial projections for both federal allocations and internally generated revenue (IGR).
Breakdown of Revenue Sources
The N726 billion figure is a cumulative total from multiple revenue sources, including:
- Federation Account Allocation Committee (FAAC) disbursements
- Internally Generated Revenue (IGR)
- Additional receipts (such as aid/grants and the Capital Development Fund)
- Opening balance for the fiscal year
This comprehensive report is produced quarterly by the Rivers State Ministry of Budget and Economic Planning, in collaboration with the Office of the Accountant General and the Ministry of Finance, and is accessible on the state’s official website.
Surpassing Budget Projections Despite Challenges
Between January and September 2024, Rivers State recorded an impressive performance in both FAAC and IGR collections, surpassing the state’s budgeted revenue target. The budget originally allocated N514.3 billion for recurrent revenue, yet the state achieved N597.8 billion—representing 116.2% of the target. In addition, Rivers received N122.4 billion from grants, aid, and the Capital Development Fund, alongside a N6 billion opening balance.
Recurrent Revenue Breakdown
Within the total recurrent revenue:
- FAAC contributions accounted for N328.7 billion, surpassing the budget by 116%.
- IGR collections reached N269.2 billion, exceeding the projected amount by 116.5%.
- Other receipts included N66.7 billion from grants and aid, along with N55.7 billion from the Capital Development Fund.
Quarterly Revenue Analysis
Governor Fubara, formerly the state’s Accountant General, has overseen a steady increase in the IGR since taking office. Upon his assumption, monthly IGR stood at N12 billion; today, the state consistently achieves over N25 billion monthly. A further breakdown of quarterly revenue highlights the state’s fiscal trajectory:
- Q1: Rivers received N101 billion from FAAC and N85.7 billion from IGR. Additional receipts in this period amounted to N19.7 billion, primarily from aid and grants.
- Q2: FAAC contributions rose to N107.9 billion, while IGR slightly dipped to N78.9 billion.
- Q3: Both FAAC and IGR saw substantial growth. FAAC revenue increased by 9.7%, reaching N119.5 billion, and IGR surged by 25% from the previous quarter, amounting to N104.5 billion.
Budget Status and Expenditure
Rivers State’s 2024 budget stands at N800 billion. With N726 billion already accrued in revenue, the state requires only N74 billion in the final quarter to meet its annual target. By the end of Q3, the state had expended N529.8 billion, representing 66.8% of the budget.
This financial report underscores Rivers State’s resilience in revenue generation despite ongoing political conflicts that have affected the state’s legislature.
Governor Fubara’s Optimism Amid Federal Allocation Concerns
Governor Fubara recently expressed confidence in the state’s financial standing, even with a court ruling temporarily halting federal allocations. Fubara emphasized that Rivers’ solid IGR allows the state to maintain its commitments to contractors and workers without disruption, highlighting his administration's prioritization of fiscal independence.
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