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Fubara, lawmakers battle stalls Rivers N1.85tn budget

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Revelations have emerged as to why the 2026 Appropriation Bill submitted by Governor Siminalayi Fubara to the Rivers State House of Assembly has not been passed into law, one month after the lawmakers received it.

Investigations by our correspondent revealed that fresh agreements between the Martin Amaewhule-led Assembly and the governor are the major reason for the delay in passing the budget, even as little has been heard about the proposal.

Recall that Fubara presented an appropriation bill of N1.854tn, christened the “Budget of Resilience for Growth and Development,” to the Assembly for consideration and approval on July 10, 2026.

Receiving the budget from the governor, the Speaker expressed concern over the late presentation but assured that lawmakers would give the proposal the attention it deserved in the interest of the state.

The delay has raised concerns, especially as the budget was presented late due to the lingering political crisis that rocked the state.

Also, there has been little information about the budget defence or other legislative proceedings expected to allow lawmakers to scrutinise the proposal before its passage.

Investigation by our correspondent showed that some projects across the state, including the multi-billion-naira Ring Road, are either not being executed or are being carried out on a limited scale, apparently due to the lack of appropriated funds.

However, criticisms have trailed the proposed N41.4bn allocation to the state House of Assembly, with some stakeholders and residents saying the amount is too high, while a few have defended the allocation because the House requires adequate funding to carry out its functions.

The Minister of the Federal Capital Territory, Nyesom Wike, while responding to questions from journalists during a special media chat in Port Harcourt last Tuesday, hinted at the reason for the delay, alleging that his successor, Fubara, had failed to fulfil almost all the agreements reached with the lawmakers and those he described as “the family.”

He specifically alleged that the governor had refused to fund the state House of Assembly Service Commission, among other obligations.

Wike stated, “The issue of budget, I know why you asked because you expected that once the budget is presented today, it will be passed tomorrow.

“Remember it won’t be that easy. But at the end of the day, the budget will be passed.

“This is why I tell people, yes, they have settled, but you see, do we just do it? Those things you expect them to do, but at the end of the day the budget will be passed and sent to the governor for his assent.

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“I will tell you totally that the governor has failed 90 per cent of what they all agreed on.

“Take, for example, he did not release funds to the State Assembly Commission and the rest of them. Cars were not provided.

“If the governor did not want to work with us, the governor would be okay, I’m the governor, and I will join the other party, which is also very dangerous.

“Or I will stay and betray, which is also very dangerous. There is no way you can play it.

“Therefore, it’s better, and it’s good for the interest of the state to work with the family. It’s all over the world.”

It was gathered that the lawmakers, out of what they termed goodwill and interest of the state, reached some undisclosed agreements with the governor before allowing the late presentation of the appropriation bill.

Most stakeholders were said to be disappointed that the bill, which they had expected the lawmakers to expeditiously consider and pass to prevent an imminent constitutional crisis, had been delayed for over a month.

A close source in the Assembly, who spoke on condition of anonymity, said fresh agreements between Fubara and the lawmakers were responsible for the delay.

“To resolve the lingering political crisis, the governor met with the lawmakers on his 2026 appropriation bill. They had an agreement, and the deal paved the way for the lawmakers to allow the governor to present his appropriation bill.

“But the governor has not been able to fulfil the agreements. Nobody forced him to enter into the agreement, which the lawmakers know is within his capacity to fulfil. Instead of doing it once, he is doing it in piecemeal,” the source disclosed.

When asked about the components of the new agreement, the source simply said, “I don’t have details of all of them. But some of them have to do with the lawmakers’ benefits and entitlements, especially their constituency projects.

“The governor has not done anything for them since assuming office, and I think they expect him to pay most of their outstanding benefits, and he agreed to do so, but hasn’t kept to his promise.”

He insisted that the lack of mutual trust between the governor and the lawmakers, following a series of unfulfilled promises and unkept agreements, had contributed to the delay in passing the bill.

“The House of Assembly does not trust the governor because of a series of broken promises and unfulfilled agreements. So, in any new agreement, they want the governor to satisfy his own side of the bargain first. What they are asking for is legitimate.

“They are not begging for it, and nobody forced the governor to agree to it. They only want him to fulfil it now because they don’t believe he will still do it after getting the budget,” he said.

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Efforts to reach the Chief Press Secretary to the Governor, Onwuka Nzeshi, failed, as he neither answered calls put across to his mobile nor replied to messages sent to him as of the time of filing this report.

Meanwhile, a prominent voice in the state and Convener of the Rivers Peace Initiative, Obinna Ebogidi, called on the Rivers State Executive and House of Assembly to provide clarity on the status of the 2026 Appropriation Bill and ensure its passage without further delay.

Ebogidi said the delay was becoming a concern because the budget was presented late and the Assembly leadership had earlier indicated that it would receive accelerated consideration.

Ebogidi said Rivers people deserved to know where the budget currently stood and what was responsible for the apparent slow pace of consideration.

According to him, “I think the most important thing at this point is for Rivers people to have clarity on where the 2026 budget currently stands.

He further said that, having been assured of accelerated consideration because of the late presentation, citizens would naturally expect to have seen appreciable progress in the state by now.

“So, naturally, citizens would expect to have seen appreciable movement by now. The concern is not about rushing the legislative process, but about ensuring that the process does not lose momentum, particularly because implementation time is already becoming limited,” Ebogidi stated.

The RPI convener noted that the budget delay was taking place against the backdrop of significant political realignments in the state ahead of the 2027 elections, even as he stressed that political developments should not be allowed to undermine the day-to-day administration of the state.

“We also have to appreciate the political context in which this is happening. There are significant political realignments taking place, and the governor has a relatively short period left in the life of the administration,” he said.

Ebogidi, however, said while political developments were a normal part of democratic engagement, governance must continue irrespective of the political arrangements ahead of 2027.

He said, “Those developments are part of politics and should be allowed to take their course. But irrespective of the political arrangements around 2027, the government must continue to function.”

Ebogidi noted that Rivers residents still had pressing needs which required government attention, while critical sectors of the economy and public service could not afford to be stalled because of political considerations.

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“The people still have immediate needs, and critical sectors cannot be held back by the political calendar,” he said, and appealed to both the executive and legislative arms of government to communicate clearly with the people on the issues surrounding the budget and demonstrate a sense of urgency in concluding the process.

“My appeal is really for both the executive and the legislature to give Rivers people some clarity and urgency.

“If issues are delaying the process, let citizens understand them. If there are none, then the budget should move forward,” he stated.

He noted that political reconciliation and effective governance were not mutually exclusive, urging the relevant authorities to pursue both simultaneously.

According to him, the remaining months of the administration should ultimately be judged by its ability to deliver tangible development to the people rather than by the intensity of political activities ahead of 2027.

“In the end, what should define these remaining months is not the politics of 2027, but the quality of governance and the tangible things that can still be delivered to the people of Rivers State,” Ebogidi said.

He recalled the impact of the prolonged political crisis in the state, saying Rivers residents had borne the brunt of the disruption to governance and development.

“After all, it is the people who paid the greatest price in denied governance and lost development opportunities during the nearly two years of governance gridlock in the state,” he said.

Similarly, the National President of the South-South Youths Initiative, Oscar Imeabe, expressed concern over why the budget submitted by the governor a month ago was still pending in the state House of Assembly.

Imeabe said the budget was the blueprint for development, pointing out that the delay had affected project execution and implementation one way or the other.

“One month after Governor Fubara presented the 2026 budget to the Rivers State House of Assembly, the budget is still pending.

“The question Rivers people are asking is simple: Won’t this delay affect governance and the execution of projects across the state?

“Budgets are the blueprint for development. Every day of delay is a day of delayed roads, schools, hospitals, and youth programmes.

“We urge the House of Assembly to prioritise the passage of the budget so the government can continue to serve the people effectively.”

Source: punchng.com

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FTSE re-entry triggers foreign demand for Nigerian equities

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Foreign and institutional investors have returned to Nigerian equities following the country’s official re-entry into FTSE Russell’s Frontier Market indexes, triggering a sharp uptick in trading activity across major banking tickers on Monday.

The reclassification comes after a challenging period for the nation’s capital market. In September 2023, FTSE Russell downgraded Nigeria to “Unclassified” status due to severe foreign-exchange illiquidity, trapped capital and multi-billion-dollar FX backlogs that prevented foreign portfolio managers from repatriating funds.

Following extensive structural reforms by the Central Bank of Nigeria to clear verified foreign-exchange backlogs, stabilise the naira and enhance market infrastructure, including the migration to a T+1 settlement cycle in June, FTSE Russell confirmed that Nigeria satisfied all five quality-of-markets criteria, paving the way for its official readmission.

Zenith Bank Plc, Guaranty Trust Holding Company Plc and FirstHoldCo Plc emerged as the primary targets of initial demand, reflecting selective portfolio rebalancing as index managers regained direct access to the Nigerian exchange after a three-year hiatus forced by foreign-exchange and capital-repatriation bottlenecks.

The market reclassification took effect at the opening of trading, following FTSE Russell’s confirmation that Nigeria satisfied all five quality-of-markets criteria. With large-cap, liquid financial institutions historically leading macroeconomic normalisation cycles, market analysts anticipate sustained portfolio tracking flows as international benchmark funds complete their portfolio adjustments.

Meanwhile, the relatively high yield on eligible Federal Government of Nigeria bonds, at around 17.10 per cent, provides an attractive carry opportunity for foreign investors and further strengthens the overall appeal of the domestic capital market.

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This timing comes as FTSE Russell is also set to include Nigerian equities in its Frontier Index, giving Nigeria dual representation across both fixed-income and equity benchmarks.

An analyst at Meristem Securities Limited noted, “We expect the inclusion to increase foreign demand for naira-denominated government securities as benchmarked investors begin to allocate to Nigerian bonds. This should deepen the investor base, improve secondary-market liquidity and, if inflows are sustained, support lower bond yields.

“It could also improve FX liquidity through increased foreign inflows. However, greater foreign participation may increase the market’s sensitivity to global risk sentiment and exchange-rate movements, raising reversal risks during periods of stress.”

Research analysts at Coronation highlighted that “We expect the positive sentiment to persist in the near term, supported by potential passive fund inflows following Nigeria’s reclassification to frontier market status by FTSE Russell, which takes effect on September 21.

“The reclassification could drive additional demand from funds tracking relevant FTSE Russell indices and provide a near-term catalyst for market performance.”

Commenting on the development, the Group Managing Director and Chief Executive Officer, NGX Group, Temi Popoola, noted, “Nigeria’s restoration to FTSE Russell’s Frontier Market status is an important recognition of the progress made in our capital market and the strengthening of the infrastructure that supports it.

“Reclassification, however, is not the destination; it is a gateway. It opens the door to greater international attention on Nigeria and the chance to translate that visibility into meaningful, long-term investment.

“The timing is particularly significant. We are seeing renewed interest from major Nigerian businesses in the capital market as a route to mobilise capital and broaden ownership. Our responsibility is to ensure that the market has the efficiency, accessibility and depth investors need to participate with confidence.

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“At NGX Group, we remain focused on strengthening the connections between Nigerian enterprise and capital, at home, across Africa and around the world. The next chapter is about turning renewed global interest into greater capital formation, broader participation and a market that can play an even more significant role in financing Nigeria’s growth.”

Source: punchng.com

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Dangote plans $10bn investment to tackle power crisis

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Africa’s richest man, Aliko Dangote, has said his conglomerate plans to invest over $10bn in the power sector to address the electricity crisis in Nigeria and drive industrialisation.

Dangote stated this during an interview with Al Jazeera, where he identified inconsistent government policies and inadequate electricity supply as major challenges discouraging Africans from investing in the continent.

He disclosed that the group is considering redirecting funds from certain businesses, including steel, towards electricity generation and other power-related investments.

“And I’m telling you in the next three to four years, there will be a major transformation in Africa, and that’s why we’re looking at power. We are going to invest in power. There are one or two businesses that we might cancel, like steel, and we will put the money in power. We want to invest over $10bn alone in power.”

He expressed concern that more than 600 million Africans continued to live without electricity, describing the situation as one that the continent must address, saying, “We Africans should not really allow over 600 million of our people to remain in darkness.”

The industrialist linked electricity supply to economic development and argued that governments that successfully deliver power to their citizens may not need to go for campaigns again during elections.

“You know, if some politicians work hard and have a plan, when you deliver power, you don’t need to go for a campaign when you’re going for an election. Power is key; we will never create growth without power. That’s why they say power is growth. When I say power, I mean electricity is growth.”

He said Africa would be unable to create jobs and achieve sustainable economic growth without industrialisation, stressing that the continent must reduce its dependence on imported goods.

On what some are saying about not investing in Africa, he said, “The problem really is, it takes two to tango. I think in the past, there’s been a lot of flip-flops in government policies. Government policies were changing every day, and then, the lack of electricity is also there.

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“So, these two issues haven’t gone away. They are still there. But for some of us that really mean business, we are here, and we know that yes, without our intervention, Africa will never be able to create jobs. If there’s no industrialisation, how do you create jobs? You can’t,” he said.

Dangote warned that Africa could eventually lack the financial resources to continue importing the goods it consumes, making industrial development and local production necessary for the continent’s future.

“One day we will not have money to import what we are consuming. So how can we remain an import continent? It has to change. But that change can only happen when Africans believe in Africa, and they invest in Africa,” he stated.

According to the businessman, a growing number of investors are showing interest in supporting African businesses because of the opportunities available on the continent. He added that his investment approach was focused on spreading wealth, expanding participation in businesses and strengthening corporate governance.

“We want to make sure it’s about spreading the wealth. It’s about getting more people in the business. It’s also about corporate governance. So that’s the direction.”

Responding to accusations that his business activities were creating a monopoly, Dangote said he would remain focused on his objectives rather than be distracted by his critics.

He used football star Lionel Messi as an example, explaining that a player must concentrate on the ball rather than the audience while playing.

“Well, you know, if I’m going to listen to that, have you ever seen a footballer looking at the audience? He has to continue looking at the ball. If I’m Messi, for example, I’m kicking the ball, and I’m looking at the audience, do you think I won’t miss the ball? I will miss the ball,” he stated.

Dangote argued that people would not always be satisfied with the activities of businesses, adding that accusations of monopoly would not stop him from pursuing his investment plans.

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“If I’m going to make my continent great and people want to call me a monopoly for no reason, so be it. I mean, it’s not going to reduce the colour of my face or whatever. You can call me whatever you want to call me; I didn’t stop anybody; it is an opportunity given to everybody, every one of us has that opportunity whether Africans, foreigners or whoever,” he stressed.

He said the government had not granted his businesses exclusive rights to operate in any sector, maintaining that opportunities were available to investors who were willing to participate.

“There’s nothing that the government gave us and say, ‘this is only for Dangote ’. The government will create a policy around a sector, and they will blow a whistle and say, ‘ Yes, this is it,” he noted.

Using a 100-metre race as an illustration, Dangote said investors who had chosen not to participate should not blame those who entered and won.

“If there’s a 100-metre race, some people were on the bench while I’m on the track, and I agreed to run that race, and I won that race alone, are you going to blame me or are you going to blame people who just sat on the bench?” he asked.

The businessman added that businesses and individuals needed to believe in Africa and invest in its development if they want to benefit from the continent’s economic opportunities.

“They’re not ready, they’re not prepared, they don’t even believe in Africa itself. If you don’t invest, you are not going to get fruit of that labour,” he replied to those accusing him of monopoly.

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Addressing his critics, Dangote said opposition and distractions would continue but maintained that his businesses would remain committed to their objectives.

He said he considered the industrial development of Africa a responsibility that required determination, adding that he was willing to make personal sacrifices towards achieving the goal.

“The distraction will continue. But we have what you call a very thick skin. No matter what you do, even if you take bullets, you are hitting our body with it; we’re not going to stop. We have a target, and we’re getting to our target.

“And if we don’t do it, believe me honestly, Africa will be in trouble. And I would rather save my continent at the expense of even my life. This continent must get to the promised land,” he declared.

Dangote further called for increased processing of Africa’s raw materials within the continent, arguing that local value addition would help retain economic benefits and promote industrial development.

He added that African governments could eventually adopt measures to encourage local processing once the continent demonstrated the benefits of transforming raw materials before exporting them.

“Eventually they (foreigners) will stop taking our raw materials. They must produce on our own continent.

“You see, once we show people how to do all these, even the governments themselves will start saying, no, you can’t take our cocoa, process it here and add value, then you take it out,” he stated.

Source: punchng.com

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US Treasury chief says meeting with China on trade, AI ‘very successful’

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US Treasury Secretary Scott Bessent touted a “very successful” meeting on trade and artificial intelligence with Chinese officials Sunday, adding that both sides discussed greater communication on AI threats.

“We just had a very successful engagement with the Chinese,” Bessent told reporters after the all-day meeting with Vice Premier He Lifeng.

The discussions, which also included top US trade official Jamieson Greer, lasted around eight hours and set the stage for possible agreements on trade, AI and other issues before a summit of the countries’ top leaders.

US President Donald Trump and his Chinese counterpart Xi Jinping are due to meet Thursday in Washington.

Bessent said the US proposed a notification mechanism between the two countries for incidents like security threats.

“What we discussed was setting up a mechanism. So it’s going to be called the US-China AI dialogue,” he said. “We’ve agreed to meet again.”

Bessent and Lifeng also spoke one-on-one during the gathering that took place at JPMorgan Chase’s headquarters in New York.

Chinese official Li Chenggang, who was elevated to a top-level international trade representative post shortly before the meetings, was present too.

Greer added that it is “imperative that we are able to work together.”

Both sides are looking to ease tensions on trade, technology and other strategic concerns.

These include the possible extension of a trade truce and guardrails for AI development.

US officials are also looking to ensure the continued flow of rare earth magnets and critical minerals that are vital for US manufacturers.

Working-level meetings could continue into Monday, a source familiar with discussions earlier told AFP.

See also  Dangote names N739 as new petrol pump price

Previous negotiations saw China pledge purchases of US agricultural goods, and their fulfilment of the terms could also be an issue under scrutiny.

AFP

Source: punchng.com

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