News
Time to consolidate – Fubara *Rivers budget hits N1.1trillion in 2025
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.
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.
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.
“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.
Fuel marketers across Abuja on Wednesday continued to sell Premium Motor Spirit (PMS), popularly known as petrol, at old prices more than 24 hours after Dangote Petroleum Refinery announced a reduction in its ex-depot price, Vanguard is reporting.
The paper reported that its investigation, showed that major retail outlets were yet to adjust their pump prices despite the N75 per litre reduction announced by the refinery on Monday.
At the retail stations visited in Abuja, the Nigerian National Petroleum Company (NNPC) Retail and TotalEnergies dispensed petrol at N1,335 per litre, while AA Rano sold at N1,350 per litre. AYM Shafa and Conoil outlets sold the product at N1,330 per litre.
The development comes amid growing public expectations that the reduction in Dangote Refinery’s gantry price would quickly translate into lower pump prices nationwide.
Explaining the delay, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, said retail prices are influenced by several factors beyond refinery gate prices.
Speaking to Channels TV, Gillis-Harry said: “Prices reflecting at the pump are dependent on availability of the product, the other is the cost. The cost of purchasing the product and cost in terms of logistics, and preparing the particular petroleum to be delivered to the people”.
According to him, downward price adjustments often take longer to reach consumers because marketers need to recover the cost of existing stock purchased at higher prices before restocking at lower rates.
When asked why increases in fuel prices are usually reflected immediately while reductions are delayed, Gillis-Harry said the dynamics of supply management play a significant role.
He explained: “It is mainly affected by whether the producer has additional resources or not at the time. Increases in prices are mainly caused by the need to restock. There must be that advantage pushing the price upward to be able to pay for new supplies.”
He further acknowledged that marketers generally seek to exhaust existing inventory before implementing lower prices.
“That’s the basic idea. But in petroleum, a mixture is involved, and loss is taken, though not in a way that affects the capital needed to restock,” he added.
Also speaking on the issue, energy analyst Olabode Sowunmi said fuel pricing in Nigeria is influenced by a combination of domestic supply arrangements and logistics costs, rather than crude oil prices alone.
He noted that although international crude oil prices remain an important factor globally, their impact on local petrol pricing is not always direct.
“Global price of crude oil is a factor internationally and not necessarily in Nigeria,” Sowunmi said.
Explaining that Dangote Refinery operates under arrangements that allow a portion of crude supply to be priced in naira, reducing the direct impact of international market fluctuations on local fuel prices, he said: “So basically the issue will have to be from the point of refinery to where it touches the final person. Logistics costs within the domestic supply chain remain a major determinant of the final pump price paid by consumers.”
Peter Obi, candidate of the Nigeria Democratic Congress (NDC), has given assignment to Nigerians to put all those aspiring to take up political positions in the country through the grill to ascertain their level of integrity, saying it was required as a sine qua non for the job they seek.
Obi, who has been a subject of discussion in the polity since the allegation of corruption was levied against him by Kenneth Okonkwo, spokesman of his campaign in 2023, over the conduct of the party’s primaries to choose candidates for the 2027 general elections, said the grilling must start with his own person.
A guest in an interview on a podcast with Rufai Oseni, a popular television anchor, the former Governor of Anambra State, stated that it was actually for this reason that he had now sworn to see the litigation he instituted against Okonkwo through.
His take is that the Nollywood actor should use the courtrooms to give all the details of bad behaviour, following his threat to expose him fully, after alleging that he was collecting money from aspirants in the said election for electoral favours.
Hear him: “The issue of taking Kenneth Okonkwo to court wouldn’t have arisen if he had stopped at those allegations. But he claimed he still has more he would expose about me in the future. So, I am very happy to take him to court so that he can expose me publicly, alongside other Nigerians. If any of them has any criminal allegations against me, they should bring them to court.
“Not just Kenneth, everybody should now say those things they know that is bad about me or I did that is wrong because it’s good for the system, it’s good for the society,” Obi said.
“So, if you know that when we were in primary school, this man was cheating or didn’t go to the primary school, didn’t go to secondary school, didn’t do, if you know this man has done something criminal somewhere, this is time to bring it up.”
For the umpteenth time, Atiku Abubakar, former Vice President Atiku Abubakar has warned about the dangerous implication of using state institutions, particularly the judiciary to destroy Nigeria’s democracy, saying it is an ill-wind that blows nobody any good.
Atiku, presidential candidate of the African Democratic Congress (ADC), speaking on the heels of Tuesday’s verdict of the Court of Appeal, halting the de-registration order by the Federal High Court, insisted that judicial officers must not lend themselves to any act capable of undermining the nation’s democratic process.
The appellate court had ordered a stay of execution on the order made on Monday by Justice Peter Lifu of the Federal High Court Abuja, for the Independent National Electoral Commission (INEC) to deregister the ADC alongside four other political parties).
A totally scandalised Court of Appeal, sitting in Abuja, had taken umbrage, sparing no hard words in upbraiding the lower court judge, stating that his likes were unfit to sit on the bench.
In a unanimous ruling by a three-man panel, the court held that Lifu’s action was “the highest form of judicial impertinence”, stressing that the Supreme Court previously held that a judge who acted in such a manner.
Describing his conduct as the height of judicial rascality, the upper court, stated: “Courts are enjoined to protect their integrity. This Court has supervisory authority over the trial court.
“The decision of the lower court to proceed with the judgment despite the express order of this court is a brazen violation of the hierarchy of the court and the 1999 Constitution.
This court has the duty to invoke its powers in ensuring that its orders are obeyed. The application for a stay of execution is here yet granted. The enforcement of the judgment is stayed.”
Atiku, who hailed the position of the higher court, which restored his hope to be on the ballot as presidential candidate in the 2027 election, also noted the role of INEC as “significant.”
He said: “I welcome the Court of Appeal’s decision to stay the execution of the Federal High Court judgement seeking the deregistration of our great party, the ADC, and four other political parties. It is particularly significant that INEC itself initiated the application for the stay.
“The development reflects growing public concern over judicial contradictions and politically charged rulings within the judiciary. “Any attempt to undermine Nigeria’s hard-won democracy through judicial manipulation is a grave danger to the Republic. If our democracy suffers further injury, history will demand accountability from those entrusted with dispensing justice.
Outside ADC, Lifu’s order, also included: Action Democratic Congress (ADC), Action Peoples Party (APP), Action Alliance (AA), Accord Party (AP) and Zenith Labour Party (ZLP), similarly slammed for allegedly failing to meet the constitutional requirements for continued registration and participation in elections.
-
News4 weeks agoBREAKING: US-Nigeria troops slaughter 175 ISWAP fighters
-
Columns4 weeks agoDear General Gowon: That apology you’re running from is your nemesis
-
News2 weeks agoBREAKING: Terrorists strike Ibadan again! Abduct ex-Minister’s sister, twin children
-
News4 weeks agoBREAKING: Wait over! Arsenal are CHAMPIONS! Win EPL after 22 years hiatus
-
Columns3 weeks agoSee Tinubu’s terrible damage on Option A4 and its precious memories
-
News4 weeks agoBREAKING: Jonathan emerges presidential candidate *Gets automatic PDP ticket!
-
News3 days agoBREAKING: Troops rescue wife of kidnapped General! *Terrorists flee scene
-
News4 weeks agoPresidency: Obi met all requirements – NDC *Cleared to contest primaries