Connect with us


News

Fubara Surpasses FAAC, IGR Target, Receives ₦726 Billion In Nine Months – BPR

Published

on

Buoyed by the healthy IGR profile, Governor Fubara recently boasted that a court decision stopping the release of federal allocation to his state was the least of his worries, saying he would continue to pay contractors and workers.

Governor Siminalayi Fubara’s administration in Rivers State has received N726 billion in revenues in the last three quarters of the 2024 fiscal year, according to the Rivers State Budget Performance Report (BPR).

Advertisement

The figure is an aggregate of all revenues received by the state government, including from the Federation Account Allocation Committee (FAAC), Independent Revenue otherwise called Internally Generated Revenue (IGR), Other receipts (Aid/Grant and Capital Development Fund), and the opening balance for 2024.

The BPR is produced quarterly by the Ministry of Budget and Economic Planning, in conjunction with the Office of the Accountant General and Ministry of Finance, and published on the state website.

Advertisement

The report is, however, yet to be audited.
The document shows that from January to September, the state FAAC and IGR surpassed its 2024 budget target, indicating a strong revenue profile for the state despite over a year of political crisis.

Of particular note is that despite the political turmoil and high inflation, the state IGR has ballooned to a record high – generating an average of over N30 billion in the third quarter (Q3) of the year.

Advertisement
READ ALSO:   Dangote Son-in-law Who Justified Sokoto Female Student, Deborah Samuel’s Murder, No Longer Our Pilot, Says Azman

Nine months’ revenues against budget
According to the Q3 BPR published on the state government’s website, Rivers State has received a cumulative sum of N720.2 billion between January and September 2024.

Of the amount, the state government has received N597.8 billion, 116.2 per cent as recurrent revenue as against N514.3 billion it budgeted for in the current fiscal year. It has also received N122.4 billion as other receipts – Aid/Grants and Capital Development Fund in addition to its N6 billion opening balance for the 2024 fiscal year.

Advertisement

A breakdown of the recurrent revenue indicates that the state government received a total of N328.7 billion, 116 per cent as FAAC revenue in nine months as against N283.2 billion budget provisions.

Also, the state government has received N269.2 billion, 116.5 per cent as IGR as against N231 billion captured in the budget.

Advertisement

Quarterly revenue profile
Governor Fubara, who was the accountant general of the state before being elected governor of Nigeria’s second richest state has repeatedly acknowledged a leap in the IGR of the state since becoming governor.

For instance, Mr Fubara said the state IGR has jumped from the about N12 billion monthly he met when he assumed office to N25 billion monthly.

Advertisement
READ ALSO:   NDA SET TO CONDUCT EXERCISE CAMP HIGHLAND

A review of the BPR by PREMIUM TIMES shows that the state made over N30 billion as IGR in some months, a development that made BudgIT, a non-profit organisation, rank the state as the only one after Lagos that can survive without federal allocation.

Buoyed by the healthy IGR profile, Governor Fubara recently boasted that a court decision stopping the release of federal allocation to his state was the least of his worries, saying he would continue to pay contractors and workers.

Advertisement

For instance, in the first quarter (Q1) of the year, Rivers State received N101 billion as FAAC revenue and N85.7 billion, representing 37.1 per cent of its budget, as IGR. The figure indicates that the state received an average of N28.6 billion as IGR from January to March.

Also, within Q1, it received N19.7 billion from other receipts – N19 billion as aid/grants and N700 million as capital development fund.

Advertisement

In the second quarter (Q2), the state government received N107.9 billion as FAAC revenue and N78.9 billion in IGR. The figure indicates a decrease of N6.8 billion in IGR from Q1 to Q2.
However, the state recorded a 25 per cent leap in IGR, increasing from N78.9 billion in Q2 to N104.5 billion in Q3. It also recorded an increase in FAAC revenue, from N107.9 billion in Q2 to N119.5 billion, indicating a 9.7 per cent increase.

READ ALSO:   Breaking: How Sunday Ighoho 'Turned To Cat To Resist Arrest' - Aide

Budget
The Rivers State Government has a budget size of N800 billion for the 2024 fiscal year. Of the figure, Governor Fubara’s administration has received a total of N726 billion in revenue within nine months indicating that the state government needs a paltry sum of N74 billion in revenue in the last quarter of the year – October to December to balance the controversial budget whose validity will be decided by Nigeria’s highest court – the Supreme Court.

Advertisement

PREMIUM TIMES arrived at N726 billion as total revenue by taking aggregate revenues from FAAC, IGR, other receipts, and opening balance.

Regarding expenditure as of Q3, the state government has expended N529.8 billion, representing 66.8 per cent against the budget.

Advertisement

The report indicates that the oil-rich state is waxing stronger in revenue generation despite a political turmoil that has factionalised it and battered the state legislature.

-PREMIUM TIMES.

Advertisement
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *







Politics19 hours ago

President Tinubu’s Full Speech At Arab-Islamic Summit

Entertainment22 hours ago

Wike: VDM Reveals Condition Of Children Left Homeless After FCTA Demolished Their Houses

News22 hours ago

9mobile loses more customers as 7,127 ported to other networks in September

Entertainment22 hours ago

#Baltasar Engonga: The Untold Story Of Equatorial Guinea’s Sex Tape Leak

Top Stories22 hours ago

Sanwo-Olu, El-Rufai, Sanusi Lamido, Dapo Abiodun, Others Storm Tunde Bakare’s 70th Birthday Celebration

Sports22 hours ago

FIFA sets Dec 5 as date for inaugural FIFA Club World Cup

Top Stories23 hours ago

Court of Appeal President Moves to Resolve Rivers Crisis, Sets Up Special Panel

Entertainment23 hours ago

Jubilation As Mc Oluomo Assumes Office As New National President Of Nurtw(Video)

Entertainment1 day ago

Rita Ora makes history at MTV EMAs with eleven costume appearances

Entertainment1 day ago

Adele set for major UK Stadium show after Las Vegas residency ends

Entertainment1 day ago

“I have forgiven everyone who has offended me” – MC Oluomo pens heartfelt gratitude as NURTW chairman

Sports1 day ago

BREAKING: Man Utd confirms Van Nistelrooy’s exit as Amorim arrives in UK

Top Stories1 day ago

Breaking: Lawmakers Pass Vote Of Confidence In Obasa

Top Stories2 days ago

Breaking: Gov Adeleke ‘desecrates’ Lagbaja’s soul…dances shamelessly to K1’s music as Osun mourns – APC

Top Stories2 days ago

Subsidy Removal : FG Saves N5.4Trillion So Far, Tinubu Speaks On How To Spend It

Also Read...