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Time to consolidate – Fubara *Rivers budget hits N1.1trillion in 2025

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With an increase of N300billion over the 2024 budget of N800billion, Rivers State Governor Siminalayi Fubara on Monday presented a 2025 budget proposal of ₦1.1 trillion to Rivers State House of Assembly, named Budget of Inclusive Growth and Development, introducing a fresh chapter in an already charged political atmosphere in the state that plunged into crisis since October 2023.

Fubara, who arrived at the Assembly complex with members of his cabinet and other top government officials, came into a warm reception of the four-member Assembly led by Victor Oko-Jumbo, the Speaker, which suspended House to allow for his address, in which he described the 2025 budget as a blueprint for consolidating the achievements of his administration in 2024 while charting a new course for sustainable development.

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Highlighting the performance of the ₦800 billion 2024 budget, the governor stated that Rivers State recorded significant milestones, particularly in economic growth and revenue generation, adding that that Internally Generated Revenue (IGR) rose to over ₦250 billion naira, and it was expected to close at ₦300 billion by the end of the year, marking a record 100 per cent increase over the previous year.

This, alongside ₦300 billion received from the Federation Account Allocation Committee (FAAC), enabled the state to execute transformative projects across sectors, he said stating that his government, was building on this success, to propose the budget of ₦1, 188, 962, 739, 932. 36, comprising Recurrent Expenditure of ₦462 billion and Capital Expenditure ₦678 billion, reflecting a 44% to 56% ratio.

The governor outlined the expected revenue streams to fund the budget, including ₦264.3 billion from Internally Generated Revenue (IGR), ₦18.2 billion from Statutory Allocation, ₦132.1 billion from Mineral Funds, ₦204.2 billion from Value Added Tax (VAT) and ₦32.2 billion from Refunds Escrow, Paris/ECA, ₦27.5 from Refands from Bank Charges and ₦20.6Bn from Excess Crude Account.

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Stating that the projections were based on economic indicators such as an oil price of $80 per barrel, a production target of 1.8 million barrels per day, an exchange rate of ₦1,500 per dollar, and a 22 per cent inflation rate, he emphasised that the 2025 budget prioritises key sectors critical to the state’s development, including Agriculture to ensure food security; Education for improved access, infrastructure, and quality of learning; Healthcare; Social Investment to empower vulnerable groups and foster equity and Infrastructure Development to enhance connectivity and economic activities.

He said: “Mr Speaker, it is worthy of note that this is the first time the State Government would record a historic N100 billion increase in IGR in a succeeding year. Most interestingly, the phenomenal increase was realized without raising or imposing new taxes, which underscores the success of our administration’s commitment to enhancing domestic resource mobilization as the primary source for funding the government’s expenditures and the measures we have put in place to drive this vision.

“The organic increases in our internally generated revenue also show that the State’s domestic economy is on the right path to real and sustainable growth and that it is only a matter of time before we realize our abiding drive for economic self-reliance and sustainability.

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“Furthermore, we funded our expenditures and met all our debt repayment obligations for fiscal year 2024 without taking any new loans as a deliberate strategy to reduce deficit financing in line with our commitment to prudent management of available public funds to ensure real and sustainable economic growth and development. Mr Speaker, on the expenditure side, the good news is that the 2024 recurrent budget was fully funded, thereby recording a 100 per cent implementation.”

Oko-Jumbo, who was elected Speaker after the resignation of Edison Ehie, to take up the position of Chief of Staff (CoS) to the Fubara, in his comment at the occasion, the second time the governor would be presenting his budget since assuming office on May 29, 2023, commended the guest for his vision and commitment to the state’s progress.

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BREAKING: Reps abandon bill on state police, adopt Tinubu’s version!

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All is now set for the wholesome debate on President Bola Tinubu’s proposal for the creation of state police, with members of the House of Representatives, abandoning their own version of the pitch in favour of that of the executive.

The development, which was part of Tuesday’s plenary, saw the members began an accelerated hearing on the version of the legislation submitted by the President recently, leading to its speedily racing through the first and second readings to rest at the committee stage.

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After the Green Chambers adopted the presidential version, effectively suspending the House’s earlier proposal, and attention shifted to the Executive-backed amendment, the document was transported to the House Committee on Constitutional Review for further legislative action.

The Executive bill is expected to undergo detailed scrutiny at the committee stage, where lawmakers will examine its key provisions before it is returned to the floor for further consideration.

 

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BREAKING! Appeal Court halts Atiku! Says, Mark can’t be ADC Chairman!

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Atiku Abubakar seventh attempt at the presidency has been halted by the Court of Appeal in Abuja, which held that David Mark is not the fit and proper person to assume the position of the National Chairman of the African Democratic Congress (ADC) – the camp that produced the former Vice President as candidate of the party.

Hours after the former VP, who had attempted the bid for the nation’s number one job and is on the seventh edition by virtue of his nomination for the 2027 presidential election by the Mark, agreed with the position of the Federal High Court, Abuja, restraining the Independent National Electoral Commission (INEC) from recognising or participating in any state congresses organised by the former Senate President.

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Justice Okon Abang, while reading the lead-judgement in the three-to-one split, said there was no reason for the appellate court to set aside the April 29 order by the lower court, adding that Justice Joyce Abdulmalik, who barred Mark and his executives from interfering with the tenure and functions of the party’s elected state executives, was in order.

Agreeing that the responsibility for conducting state congresses of political parties rested with elected state executive committees and not with the national leadership, he ordered INEC not to recognise the executive produced as a result of the defective process.

Though his position was echoed by Donatus Okorowo in the majority, Justice Abba Mohammed, who disagreed sharply, with a dissenting judgment, held that the case that precipitated the restraining order bordered on a non-justiciable internal affair of a political party, adding that lower court was wrong to have assumed jurisdiction to entertain the matter.

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Lest we forget: Ibom Deep Seaport and Senator Godswill Akpabio — A prophecy foretold?

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By Ken Harries Esq

Some speeches disappear with the applause that greets them. Others acquire greater force with the passing of time. Their words do not change; history simply grows into them. Years later, they resonate with fresh power, not because they have been rewritten, but because the nation has finally arrived at the realities they foresaw.
One such speech was delivered in April 2012 at the 2nd South South Economic Summit in Asaba. There, Senator Godswill Akpabio, then Governor of Akwa Ibom State, presented what many regarded as an ambitious vision for maritime corridor and blue economy development.

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Speaking before political leaders, investors, and development stakeholders at the 2nd South South Economic Summit in Asaba, Akpabio outlined what many regarded as an ambitious vision for a model state in particular and regional development in general. Long before the Ibom Deep Seaport became a national priority, he argued that Nigeria needed new maritime gateways, integrated industrial clusters, aviation maintenance facilities, and modern logistics infrastructure to unlock economic growth. His vision was not simply about building a port; it was about creating an economic ecosystem capable of transforming a region and strengthening the nation’s competitiveness.

Fourteen years later, those remarks read less like political advocacy and more like an economic blueprint whose underlying logic has steadily been vindicated by events and times. Looking back today, his address appears almost prophetic—not because it predicted the future in mystical terms, but because Nigeria has gradually grown into the ideas it contained.

Truly visionary speeches never fade; they gather strength with time. This one deserves renewed attention, not because every prediction has materialised exactly as envisioned, but because it reveals a quality increasingly scarce in public leadership: the ability to think beyond electoral cycles.
Nigeria has never lacked projects. What it has often lacked are leaders willing to imagine the infrastructure of tomorrow while grappling with the demands of today. Akpabio’s vision was shaped by precisely that instinct.

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At a time when public discourse was largely focused on roads and recurrent expenditure, he spoke instead of logistics corridors, industrial ecosystems, aviation maintenance, manufacturing clusters, export processing zones, maritime and blue economy opportunities, and security reform—not as isolated initiatives, but as interconnected pillars of national competitiveness.

His vision for the then proposed Ibaka Deep Seaport, now known as the Ibom Deep Seaport, best illustrates this broader philosophy. Rather than presenting it as another state prestige project, he framed it as a strategic response to structural inefficiencies in Nigeria’s maritime sector and the wider economy. He argued that the Lagos ports were already burdened by severe congestion, with vessels waiting for extended periods to berth, driving up costs, disrupting supply chains, and delaying the delivery of critical imports, including pharmaceuticals.

His objective, however, was never to rival Lagos, but to complement it. The distinction is fundamental. No major trading nation concentrates all its strategic maritime infrastructure within a single corridor. Successful economies spread capacity, ease bottlenecks, and create multiple gateways through which commerce can flow efficiently. Nigeria has long recognised this principle in policy documents; Akpabio was among the few public leaders articulating it so clearly more than a decade ago.

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Equally significant was his emphasis on geography. He reminded his audience that Ibaka possessed a naturally deep coastline requiring little or no dredging, with water depths of approximately fifteen to seventeen metres. According to his account, the location had been identified as suitable for a deep seaport as far back as 1963, yet decades passed without meaningful progress. His observation that “being a minority area, there was nobody to push it” reflected a broader concern that strategic national investments have too often been influenced by political considerations rather than economic merit.

Whether one agrees entirely with that assessment is, in many respects, secondary. The larger point is that Akpabio consistently argued that national infrastructure should be driven by economic logic, strategic necessity, and long-term national interest rather than sentiment or political convenience. More than a decade later, that remains a lesson Nigeria is still striving to learn.

Yet, to see the 2012 Asaba address merely as a speech about a deep seaport is to miss its larger significance. The Ibom Deep Seaport was never presented as an end in itself. It was conceived as the anchor of a much broader economic ecosystem—a platform around which industries, manufacturing, aviation, logistics, free trade, and investment could flourish.

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Akpabio envisioned the acquisition of about 14,000 hectares of land to support a self-sustaining industrial city comprising fertiliser and ammonia plants, refining capacity, manufacturing facilities, and a Free Trade Zone. What development economists today describe as industrial clustering was already embedded in his thinking. The port was simply the gateway.

That broader vision deserves a discussion of its own. Today, Ibom Deep Seaport in that Asaba Speech has berthed.

•Ken Harries Esq is an Abuja-based Development Communication Strategist.

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