The Rivers State House of Assembly has announced plans to investigate the state’s finances during the six months of emergency rule under former administrator Vice Admiral Ibok-Ete Ibas (retd.), The PUNCH reports.

Ibas stepped down on September 17, following President Bola Tinubu’s directive lifting emergency rule and reinstating Governor Siminalayi Fubara, his deputy, and state lawmakers.

At its first sitting after resuming, the Assembly led by Speaker Martin Amaewhule resolved to “explore the process of knowing what transpired during the emergency rule with regard to spending from the consolidated revenue fund for the award of contracts and other expenditure.”

The PUNCH’s findings show that Rivers received at least N254.37bn from the Federation Account Allocation Committee (FAAC) between March and August 2025 under Ibas. This averaged N42.4bn monthly, with more than half – N133.24bn (52.4%) – coming from the 13% oil derivation.

While VAT contributed about N107.78bn (42.4%), deductions for debt servicing ate into the state’s finances, with N26.31bn withdrawn to service foreign loans. Despite these inflows, Rivers has not published its 2025 Budget Implementation Report, leaving civil society groups without a breakdown of how the funds were spent.

Rivers had been under emergency rule since March 18 after Tinubu suspended Governor Fubara, his deputy, and the Assembly, citing Section 305 of the 1999 Constitution. Both chambers of the National Assembly endorsed the proclamation despite opposition from PDP governors and rights groups.

The return of Fubara to office, alongside the reconciliation of his political rift with former governor Nyesom Wike, has eased tensions in the state. But questions over Ibas’s management of funds during his tenure remain, with opposition parties and civic groups backing calls for accountability.

Story first published by The PUNCH.