Rivers Sole Administrator, Ibas Fails to Account for N400billion as Senate Panel Moves In

Rivers State government, under its sole administrator, Vice Admiral Ibok-Ete Ibas (retd.), has failed to publish the state’s budget performance documents for the first time since the fourth quarter of 2023.

Budget performance documents are usually published within 30 days after the end of each quarter.

Checks show that Rivers State consistently published budget performance documents for quarters between Q4, 2023 and Q4 2024. Each quarter consist a three-month period.

Budget performance documents outline how a state utilises its financial resources, detailing both expenditures and allocations.

This lack of publication follows the suspension of Governor Siminalayi Fubara, the declaration of emergency rule in Rivers State, and the appointment of Sole Administrator Ibas by President Bola Tinubu in March.

In simple terms, it means the state has not published the document showing how its financial allocations and revenue were spent between January and March 2025.

A recent review by SaharaReporters of the Rivers State 2025 budget estimates revealed that the state is expected to receive N279.5 billion in allocations from the Federation Accounts Allocation Committee (FAAC) over the next six months.

Following the appointment of a sole administrator for a six-month term, Rivers State is projected to receive a total of N559.1 billion from FAAC in 2025, averaging N46.5 billion per month. This means that, within six months, the state’s FAAC allocation will amount to approximately N279.5 billion.

From January to June 2024, Rivers State received N209 billion in FAAC allocations over a six-month period. The higher projected estimate for 2025 is likely due to anticipated increases in national revenue, which have also influenced the federal government’s decision to set a record-high budget.

In addition, the state aims to generate N264.368 billion in internally generated revenue (IGR) in 2025, which amounts to a monthly target of approximately N22.03 billion. Over six months, this would total N132 billion.

Historical data suggests Rivers State may surpass this target. Between January and June 2024, the state generated N164 billion in IGR.

If the expected N279.5 billion FAAC allocation and the N132.184 billion IGR are combined, the sole administrator of Rivers State could manage a total of over N400 billion (N411.734 billion) within six months.

Concerns have been raised regarding how the President Tinubu-appointed sole administrator has been managing the state’s finances, with allegations of undue influence circulating in various parts of the country.

In an interview with DW, former Rivers State governor Rotimi Amaechi stated that the conflict between suspended Governor Fubara and FCT Minister Nyesom Wike centres on the distribution of allocations from the oil-rich state. He also condemned the declaration of a state of emergency in Rivers, calling it unconstitutional.

He said, “The fight between the current governor of Rivers State and the FCT minister is about sharing money. If not, what is the quarrel? Nigerians don’t dislike corruption anymore. I’ve not seen anybody on the street questioning what the problem is. Can both of them speak to the public and tell us what the problem is about?”