A Civic Organization that applies technology to intersect citizens’ engagement with institutional improvement to facilitate societal change, BudgIT, has reported that of the four oil-producing states in the South-South, Rivers State had the lowest dependency ratio on FAAC allocation.
The report obtained by Fresh Angle International this morning, Friday May 14, from the verified twitter handle of BudgIT, revealed: “In 2019 alone, Rivers' IGR covered 46% of its total revenue, while its average dependency ratio on FAAC and 13% derivation between 2015-2019 stood at 55%.
“Rivers’ revenue in 2019 was N140.39bn, with Pay As You Earn (PAYE) constituting 72% mainly from the state’s civil service; 4% from the MDAs, 5% from direct assessment, and 3% road tax payments.
“Between 2015 and 2019, Rivers State received N 402.24bn and N 637.75bn as 13% derivation and total net FAAC allocation, respectively.
“With an average dependency ratio of 55% in 5 years, Rivers State is doing considerably well with its IGR compared to other states.
“Notwithstanding, the state can still do better by tapping into various resources within the state that can generate income.
“Rivers' domestic and external debt of Rivers State has been increasing steadily over the past years. Total debt rose from N 211.51bn in 2017 to N290.93bn in 2019”.
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