South-SouthCap: Port Harcourt

Rivers State .

Governor Siminalayi Fubara

Pop. ~7.3M

Total 2024 Budget

₦793,457,700,561

Rivers State is one of Nigeria's most economically significant states, home to Port Harcourt — the oil capital of Nigeria. The state sits on vast oil and gas reserves and hosts the major operations of Shell, Chevron, Total, and other international oil companies. Port Harcourt is a rapidly growing metropolitan area with a vibrant culture, strong tech scene, and one of the busiest airports in Nigeria.

Metrics Overview

Capital Exp.

₦431,859,657,990

54% of total

Recurrent Exp.

₦514,293,143,351

46% of total

Total Revenue

₦793,457,700,561

Estimated income

Fiscal Balance

Balanced

Matched

Breakdowns

Education

₦159.8B20.1%

Health

₦97.8B12.3%

Infrastructure

₦203.8B25.7%

Agriculture

₦38.3B4.8%

Security

₦1.4B0.2%

Budget Insights

Key observations from Rivers State State's 2024 budget

Overview

Rivers State State's total budget for 2024 is ₦793.46 Billion. This budget is perfectly balanced.

Expenditure Focus

The largest single sector allocation is infrastructure, receiving ₦203.85 Billion. This accounts for 25.7% of the total budget.

Revenue Dependency

The primary source of revenue is faac, contributing ₦283.24 Billion. This represents 35.7% of the total expected revenue.

Glossary

Common budget terms explained

IGR

Internally Generated Revenue. Money collected by the state internally (taxes, fines).

FAAC

Federation Account Allocation Committee. Funds distributed from the federal government.

Capital Exp.

Money spent on long-term physical assets like roads, schools, and hospitals.

Recurrent Exp.

Money spent on day-to-day operations like salaries and overhead costs.

Deficit

When a state plans to spend more money than it expects to collect in revenue.