KEY POINTS
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Rivers Assembly opens probe into Ibas spending.
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State received N254.37bn FAAC inflows in six months.
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Oil derivation accounted for 52.4 per cent of revenues.
The Rivers State House of Assembly has opened a probe into the six-month administration of Vice Admiral Ibok-Ete Ibas (retd.), who governed the oil-rich state under emergency rule until September 17. Lawmakers signaled their intent at their first plenary session after the directive by President Bola Tinubu to reinstate suspended Governor Siminalayi Fubara, his deputy, and the Assembly itself.
Speaker Martin Amaewhule said the legislature would examine how funds were spent from the state’s consolidated revenue account, including the award of contracts, during Ibas’ tenure. The decision marks the start of what could become a political and financial confrontation between the former administrator and the reinstated House.
Rivers Assembly investigates Ibas spending
Data reviewed show Rivers State received at least N254.37 billion from the Federation Account Allocation Committee (FAAC) between March and August 2025 under Ibas’ stewardship. Analysis of figures from the National Bureau of Statistics and FAAC documents indicate monthly allocations averaged N42.40 billion.
According to official NBS releases, Rivers collected N44.66 billion in March, N44.42 billion in April, N42.80 billion in May, and N42.30 billion in June. Documents from subsequent FAAC meetings show inflows of N38.42 billion in July and N41.76 billion in August. If September follows a similar trajectory, Rivers could have secured close to N297 billion in seven months.
Lawmakers say the inquiry is intended to establish accountability in spending, particularly given the scale of funds disbursed under a sole administrator outside normal democratic oversight.
Oil derivation drives state revenue
A closer breakdown highlights the state’s overwhelming reliance on oil-derived income. According to Punch, between March and August, Rivers received N133.24 billion from the 13 percent derivation fund, accounting for about 52.4 percent of its total allocations.
Lawmakers insist their review will help clarify whether spending under Ibas aligned with the state’s priorities and met the obligations of transparency. For Ibas, who completed his assignment as sole administrator less than a month ago, the scrutiny now shifts from managing an emergency to defending his record on spending.
