A fresh political storm may be unfolding in Rivers State as the House of Assembly begins an investigation into how the immediate past administrator, Vice Admiral Ibok-Ete Ibas (rtd.), managed state funds during the six-month emergency rule.
Ibas, who stepped down on September 17 following the expiration of President Bola Tinubu’s emergency directive, oversaw the oil-rich state after Governor Siminalayi Fubara, his deputy, and lawmakers were temporarily suspended from office.
At its first sitting after the return to constitutional governance, Speaker Martin Amaewhule announced that the Assembly would scrutinise financial transactions carried out under Ibas’ stewardship. The resolution mandates a review of withdrawals from the consolidated revenue fund, contract awards, and other spending during the interim administration.
Preliminary data obtained by reporters indicate that Rivers received at least ₦254.37 billion from the Federation Account Allocation Committee (FAAC) between March and August 2025. National Bureau of Statistics figures show inflows of ₦44.66 billion in March, ₦44.42 billion in April, ₦42.80 billion in May, and ₦42.30 billion in June.
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FAAC documents reviewed for July and August put receipts at ₦38.42 billion and ₦41.76 billion respectively, averaging ₦42.4 billion per month.
More than half of this revenue — about ₦133.24 billion — came from the 13% oil derivation fund, underscoring the state’s reliance on petroleum earnings. If September maintains the same trend, Rivers’ allocation could approach ₦297 billion for the seven-month period.
The probe signals growing scrutiny of fiscal management during the emergency era, with lawmakers vowing to ensure accountability for every naira spent.
