Connect with us

Business

Fubara, lawmakers battle stalls Rivers N1.85tn budget

Published

on

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.

See also  Crude oil prices drop after US-Iran talks

“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.

See also  NNPCL spends N17.5tn securing fuel pipelines, others in 12 months

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.

See also  Naira gains, trades 1,365/$ at official FX market

“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

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Four Nigerians among Forbes Africa’s 15 icons for 2026, see full list

Published

on

Four Nigerians, Aliko Dangote, Ngozi Okonjo-Iweala, Mo Abudu and Burna Boy, have been named among 15 personalities featured on Forbes Africa’s inaugural Icons list for 2026.

PUNCH Online on Saturday reported that the list, published in the magazine’s October-November anniversary edition, recognises individuals whose ideas, innovations and voices have influenced Africa’s past, present and future.

The selection marks the 15th anniversary of Forbes Africa, which said it chose personalities whose work had made a lasting impact beyond their industries and national borders.

The four Nigerians represent business, international economic leadership, media and music.

Dangote, president of Dangote Group, is recognised for his role in African industry and private enterprise.

Dangote

Okonjo-Iweala, director-general of the World Trade Organization and a former Nigerian finance minister, represents Africa’s presence in international economic leadership.

Iweala

Abudu, founder and chief executive of EbonyLife Group, is recognised for her contribution to African media and entertainment, while Burna Boy, whose real name is Damini Ebunoluwa Ogulu, represents the international reach of Nigerian music.

Mo Abudu

The other personalities on the list are South African businessman Adrian Gore, CAF president and businessman Patrice Motsepe, Zimbabwean entrepreneur Strive Masiyiwa and former Liberian President Ellen Johnson Sirleaf.

Also featured are Nobel Prize-winning novelist Abdulrazak Gurnah, Ethiopian athletics legend Haile Gebrselassie, former Ivorian footballer Didier Drogba, South African businessman Johann Rupert, Kenyan-Mexican actor Lupita Nyong’o, South African comedian Trevor Noah and Beninese musician Angélique Kidjo.

The 15 personalities represent sectors including business, public service, literature, sport, music and entertainment.

According to Forbes Africa’s methodology, the selection was based on factors including global recognition, legacy, measurable economic, social or cultural influence, and contributions to Africa’s growth narrative over the years.

See also  NNPCL spends N17.5tn securing fuel pipelines, others in 12 months

The magazine said its editorial team consulted established figures, experts and professionals in the respective industries to gather insights on the honourees’ impact and legacy.

The list is presented in no particular order, the release noted.

Full list of Forbes Africa Icons 2026

– Mo Abudu — Nigerian-British media entrepreneur and founder-chief executive of EbonyLife Group.

– Ngozi Okonjo-Iweala — Nigerian economist and director-general of the World Trade Organization.

– Adrian Gore — South African businessman and founder-chief executive of Discovery Group.

Gore

– Patrice Motsepe — South African businessman and president of the Confederation of African Football.

Motsepe

– Strive Masiyiwa — Zimbabwean entrepreneur and founder and executive chairman of Econet Global and Cassava Technologies.

Masiwiya

– Ellen Johnson Sirleaf — Former president of Liberia.

Sirleaf

– Aliko Dangote — Nigerian industrialist and president of Dangote Group.

– Burna Boy — Nigerian singer and songwriter.

Burna Boy

– Abdulrazak Gurnah — Zanzibar-born novelist and Nobel laureate in Literature.

Gurnah

– Haile Gebrselassie — Ethiopian athletics legend and businessman.

Gebrselassie

– Didier Drogba — Former Ivorian footballer.

Drogba

– Johann Rupert — South African businessman and chairman of Compagnie Financière Richemont.

Rupert

– Lupita Nyong’o — Kenyan-Mexican actor.

Nyong’o

– Trevor Noah — South African comedian, writer, producer and former host of The Daily Show.

Noah

– Angélique Kidjo — Beninese musician and actor.

Kidjo

Forbes Africa said the list celebrates individuals whose contributions have helped shape the continent’s development and standing on the global stage.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

Lagos e-hailing drivers begin indefinite strike over fares

Published

on

E-hailing drivers in Lagos State have begun an indefinite strike over concerns about fare structures, commissions, deductions and welfare.

The drivers, under the Amalgamated Union of App-Based Transporters of Nigeria, announced the industrial action in a notice seen by PUNCH Metro on Saturday, saying it would commence on Monday and continue until further notice or satisfactory progress was made in addressing their grievances.

AUATON, an affiliate of the Nigeria Labour Congress, said the strike followed persistent concerns over operational policies, drivers’ welfare, safety, security and the sustainability of their operations.

“Despite repeated efforts by drivers and stakeholders to draw attention to these concerns, many of the issues remain unresolved,” the union said.

It added that the decision to embark on the strike was informed by the need to address challenges affecting drivers’ earnings and working conditions.

To cushion the impact of the industrial action, AUATON appealed to fleet owners and managers to grant temporary relief from daily remittance obligations and related operational targets for the duration of the strike.

“During the industrial action, drivers will not be generating their normal revenue from which daily remittance obligations ordinarily arise.

“We, therefore, appeal to fleet partners to refrain from imposing penalties, sanctions or adverse measures solely on the basis of a driver’s participation in the action, as drivers are not expected to operate during this period,” the notice read.

The union said its task force would be deployed across all local government areas in Lagos State to monitor compliance with the strike.

It warned that drivers found operating in violation of its directives could face sanctions under its internal disciplinary measures.

See also  Naira gains, trades 1,365/$ at official FX market

AUATON, however, urged fleet owners, managers and affected drivers to maintain open communication and resolve operational concerns through constructive engagement during the strike.

Highlighting the potential benefits of addressing its demands, the union said improved earnings, welfare and operating conditions could help boost driver retention, reduce turnover and improve commitment among drivers.

“Meaningful improvements in driver earnings, welfare and operating conditions may contribute to improved driver retention and reduced turnover, better driver commitment and engagement, more sustainable vehicle utilisation and reduced operational disputes between drivers and fleet partners,” it said.

The union added that better earnings could also improve vehicle maintenance and promote stability in the app-based transportation sector.

It stressed that its objective was not to disrupt businesses unnecessarily but to advocate better operating conditions for drivers and other stakeholders.

The notice was signed by the Lagos State Chairman of AUATON, Jaiyesimi Olalabi Azeez, popularly known as Makavelli, who appealed to fleet partners for understanding and cooperation.

The union reiterated its commitment to peaceful engagement and constructive dialogue with fleet owners, managers and other stakeholders to find lasting solutions to the issues prompting the industrial action.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

Tinubu reveals that World Bank report affirms reform gains

Published

on

President Bola Tinubu on Sunday welcomed the World Bank’s latest Nigeria Development Update, saying its findings, including that the poverty rate has stabilised for the first time since 2019, confirm that his economic reforms are working.

In a statement on Sunday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said the October 2026 edition of the report, titled ‘Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities,’ showed that the reforms were delivering results and putting the economy on a firmer footing for sustained growth.

He noted the bank’s expectation that poverty will decline gradually as gross domestic product grows faster than the population.

According to the report, the economy grew 4.2 per cent in the first half of 2026, up from 3.9 per cent in the first half of 2025, despite the impact of the conflict in the Middle East.

The bank projected growth to average at least 4.4 per cent between 2026 and 2028.

On prices, it said inflation fell from 27.6 per cent in January 2025 to 15.2 per cent in December 2025.

Higher global fuel prices linked to the Middle East conflict have since slowed the decline, but the bank said it expects inflation to ease to about 12 per cent by 2028.

The report also said the current account surplus rose to $12bn, or 7.0 per cent of GDP, in the first half of 2026, from $8.6bn a year earlier.

Gross external reserves increased from $45.5bn at the end of 2025 to $53.8bn at the end of August 2026.

See also  Airlines face uneven fuel costs as currencies weaken — IATA

The bank credited the reforms since 2023 with raising federation revenues by 69 per cent in real terms between 2023 and 2025, with states the largest beneficiaries.

It said states used the extra resources to increase capital spending by 151 per cent in real terms over the same period, most of it going to roads and other transport, agriculture, energy and housing.

Twenty-nine of 33 states shifted spending towards economic infrastructure, while real social spending per person rose in all but one state, the report said.

It also found that internally generated revenue grew in real terms in 31 of 35 states; 21 states reduced their debt-to-GDP ratio between 2021 and 2025; and Nigeria’s overall public debt is expected to fall from 40.0 per cent of GDP in 2025 to 38.1 per cent in 2026.

Tinubu said the findings confirmed that “the difficult but necessary decisions to remove the petrol subsidy, unify the foreign exchange market and strengthen fiscal discipline have raised revenues, stabilised the economy and created fiscal space for every tier of government to invest in its people.”

“The dividends of reform are becoming visible,” he said, adding, “But more work remains to ensure they fully translate into better living standards for every household, starting with lower food prices and decent jobs for our young people.”

He said his administration would “stay the course of reform and redouble its focus on inclusive growth under the Renewed Hope Agenda.”

Tinubu promised to keep expanding targeted cash transfers, which he said had already reached more than 10 million households.

See also  Dangote to donate one-third of wealth to charity, daughter reveals

He also pledged to accelerate the rollout of Compressed Natural Gas, raise agricultural productivity, and improve access to affordable healthcare and quality education “so that the prosperity being created is shared by all.

President Tinubu urged state governments to use their higher revenues “more prudently” and to prioritise projects that improve living standards and the health and education of residents.

He commended the Economic Management Team, led by the Minister of Finance and Coordinating Minister of the Economy, as well as state governors and other stakeholders, for their cooperation in implementing the reforms.

He said, “I assure Nigerians that the best is yet to come under the Renewed Hope Agenda 2.0, which will accelerate the delivery of shared prosperity for all Nigerians.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Trending