Rivers receives withheld FAAC funds, says Sole Administrator Ibas

The withheld Federation Account Allocation Committee (FAAC) funds for Rivers State have been released, Ibok-Ete Ibas, the state’s sole administrator, announced on Friday.

Ibas disclosed the development during a meeting with members of the Nigeria Union of Local Government Employees (NULGE) in Port Harcourt, the state capital.

Background
Earlier this month, the Supreme Court upheld a federal high court ruling barring the Central Bank of Nigeria (CBN) and the accountant-general of the federation from disbursing statutory monthly allocations to Rivers State.

The federal high court had halted the release of funds after Siminalayi Fubara, the suspended governor, failed to re-present the 2024 appropriation bill before the Martins Amaewhule-led House of Assembly.

On Tuesday, President Bola Tinubu declared a state of emergency in Rivers State, citing the prolonged political crisis. As part of the declaration, Tinubu suspended Fubara, Deputy Governor Ngozi Odu, and all state assembly members for six months.

He also appointed Ibas, a retired vice-admiral, as the state’s sole administrator.

On Thursday, the senate and house of representatives controversially approved Tinubu’s request for emergency rule in the state.

Lateef Fagbemi, attorney-general of the federation (AGF) and minister of justice, had stated that the withheld funds would be released once the sole administrator made a formal request.

‘Funds have been released’
Speaking at the meeting, Ibas confirmed that the funds had now been made available to the state.

He lamented that despite the region’s economic wealth, its residents were not fully benefiting from it.

“It is inexcusable that, despite the region’s wealth, residents are not experiencing its full benefits,” he said.

The administrator also expressed concern over the struggles of workers in the state and pledged to prioritize their welfare.

“I feel the pain of the workers,” Ibas added.