Politics
RSHA And Task Of Debt Management
The Rivers State Government recently obtained a revolving loan of N200bn from banks for project execution in the State, with a plan of repayment through Internally Generated Revenue on an agreed interest rate.
The decision of the State Government is in apparent conformity with the desire of the Rivers State Governor, Rt Hon. Chibuike Amaechi to complete all projects initiated by his administration. In seeking the loan through a request of approval by the State House of Assembly, the Governor explained that it does not imply that Rivers State was broke, rather it became necessary to meet up targets by ensuring that money is not a constraint to speedy delivery of ongoing projects.
In the course of its deliberation and subsequent approvals of the two loan requests, the Rivers State House of Assembly, certified that the internally Generated Revenue, (IGR) profile of the state was buoyant enough to service the loans on agreeable terms. The State lawmakers also consented to the necessity of the loan in view of the “many people oriented project embarked upon by the Governor”. The Assembly therefore gave the governor smooth ride to stave off all distractions through its legislative backing.
Pundits and virulent critics of the Government has however expressed reservation over its decision to obtain the loans, referring to it as “a booby trap for fiscal impropriety and profligacy in the State”.
In the general estimation of analysts, the propensity for loan is a predisposition to mortgaging the economic future of the state to serving of accruing interest of accumulated loans.
Analysts believes that Rivers State by all standard is disposed financially to carry out projects without recourse to borrowing, and as such accuse the State Assembly of a tacit connivance to squander the state resources.
But the Rivers State House of Assembly Stand by its decision and as a follow up is exploiting its legislative will to augment governments decision and to get it appropriately channeled towards accountable governance. Recently the State Assembly initiated a bold move to forestall the looming prospect of a debt burden for the State.
The initiative came at the instance of the leader of the Assembly Hon Chidi Iloyd through a privately sponsored bill, calling for the establishment of a debt management office in the state. The bill referred to as “Rivers State Debt management office (Establishment) bill 2011”, is an initiative of the Emohua born lawmaker to strengthen the Rivers State Government on borrowing and debt management to forestall a crippling debt burden in the State.
Introducing the bill on the floor of the House, Hon Chidi Iloyd, said “the law is to provide for the raising of loans through the issuance of bonds, notes and other debt securities and for connected purposes”.
He said the bill when passed as law; “will serve as a legal framework to guide the government in the raising of bond and loan for pursuance of projects, building of infrastructure for the economic development of the State”.
Reacting to public criticism of the bill, Hon Chidi Iloyd denied allegations that the bill stands to institutionalized profligacy in the spending of public fund, by giving limitless powers to the Governor to Squander the state. Hon Ilyod said the bill was part of the process of consolidating the state revenue based.
The bill had undergone its first and second readings on the floor of the house and it is presently been debated upon by members of the state Assembly.
The bill which has 27 clauses and 28 citations, came under debate on the floor of the House after members gave it proper perusal and digesting it details for proper deliberation.
While the lawmakers appreciated the fact that Government’s decision to borrow, presupposes the fact that there must be proper management of the loan obtained for fiscal propriety in the state, some of them expressed reservation on the workability of the bill.
In his contribution on the floor of the House, Hon Victor Ihunwo representing Port Harcourt constituency III called for the withdrawal of the bill on the grounds that it demerits out-weights it merits. Hon Ihunwo reasoned that beyond creating employment opportunities for Rivers people, “the bill did not include how the debt management will brief the House periodically to avert the temptation of borrowing by subsequent governments. He also argued that the state do not require more borrowing.
Debating on the issue, Hon Golden Chioma kicked against the recommendation that the Rivers State Commissioner for finance should be the head of the debt management office.
He called for an independent chairman for the office arguing that the state commissioner for finance was already saddled with executive functions. He called for fresh nominees to appear before the House for screening for appointment as directors of the debt management office, while the Hon Commissioner for finance, the secretary to the State Government, (SSG) and the Accountant General of the state should serve as members.
Hon Chioma who supported the bill, said it was in line with ‘the federal government act which made provision for the establishment of debt management office” while calling for the domestication of the bill in Rivers State, he said the five years duration of tenure recommended for the directorate should be reduced to four years.
Hon Ikunyi Ibani of Andoni Constituency, supported the bill and stated that “if the government is committed to borrowing it should also have a modified means of repayment.
He thanked the leader for sponsoring the bill and tasked the Assembly on the need for proper monitoring of the loan facilities.
His words: “If the Assembly has power to grant the executive request to borrow it also has the power to regulate the mode of repayment”. Hon Ibani also suggested that the debt management office should be established as a department in the Rivers State Ministry of Finance.
Hon Augustine Ngo of Abua Odual constituency who also supported the bill said it was timely and also provided the opportunity for “the Assembly to put the records straight and wade off criticism and media hypes over alleged endorsement of profligacy in public spending”. Hon Ngo also shared the same view with Hon Chioma that the directors should be fresh nominees to be screened by the Assembly.
Hon (Dr) Innocent Barikor of Gokana Constituency also supported the bill on the ground that it will check the tendency of abuse of public fund. He said people with proven integrity and the right technical expertise should be appointed in the directorate.
Also contributing, Hon Belema Okpokiri, of Okrika constituency said the establishment of the debt management office was necessary but suggested that “overriding powers should be vested in the Assembly on the activities of the office”.
Hon Michael Chinda representing Obio/Akpor Constituency I, described the establishment of the debt management office as “part of Government planning strategy on debt management.”
Hon Chinda called for the inclusion of a clause in the bill stipulating that “all debts incurred by a particular government should be zeroed to bearest minimum, by ensuring that all such debts are liquidated within the last lapse of the administration.” He also suggested that the Attorney General of the State should be a member of the board of directorate of the debt management office.
Hon Gift Nwokocha of Ogba Egbema Ndoni Constituency I, supported the bill and pointed out that, “issues of debt management is necessary but it is important to know when it is necessary for the state to borrow and when not to borrow”.
The deputy speaker of the State House of Assembly, Hon Leyii Kwane who presided over the session, said the bill debated on the floor of the house was critical to the development of the state, and added that members will be given due opportunities to contribute on the issue.
The Rivers State debt management office (establishment) bill 2011, is the first privately sponsored bill since the resumption, of the 7th House of Assembly in Rivers State. Subsequent deliberation of the House will determine if the bill will scale through as law.
Taneh Beemene
The Independent National Electoral Commission (INEC) yesterday told the National Assembly that it requires N873.78bn to conduct the 2027 general elections, even as it seeks N171bn to fund its operations in the 2026 fiscal year.
INEC Chairman, Prof Joash Amupitan, made the disclosure while presenting the commission’s 2026 budget proposal and the projected cost for the 2027 general elections before the National Assembly Joint Committee on Electoral Matters in Abuja.
According to Amupitan, the N873.78bn election budget covers the full conduct of national polls in 2027.
An additional N171bn is needed to support INEC’s routine activities in 2026, including bye-elections and off-season elections, the commission stated.
The INEC boss said the proposed election budget does not include a fresh request from the National Youth Service Corps seeking increased allowances for corps members engaged as ad-hoc staff during elections.
He explained that, although the details of specific line items were not exhaustively presented, the almost N1tn election budget is structured across five major components.
“N379.75bn is for operational costs, N92.32bn for administrative costs, N209.21bn for technological costs, N154.91bn for election capital costs and N42.61bn for miscellaneous expenses,” Amupitan said.
The INEC chief noted that the budget was prepared “in line with Section 3(3) of the Electoral Act 2022, which mandates the Commission to prepare its election budget at least one year before the general election.”
On the 2026 fiscal year, Amupitan disclosed that the Ministry of Finance provided an envelope of N140bn, stressing, however, that “INEC is proposing a total expenditure of N171bn.”
The breakdown includes N109bn for personnel costs, N18.7bn for overheads, N42.63bn for election-related activities and N1.4bn for capital expenditure.
He argued that the envelope budgeting system is not suitable for the Commission’s operations, noting that INEC’s activities often require urgent and flexible funding.
Amupitan also identified the lack of a dedicated communications network as a major operational challenge, adding that if the commission develops its own network infrastructure, Nigerians would be in a better position to hold it accountable for any technical glitches.
Speaking at the session, Senator Adams Oshiomhole (APC, Edo North) said external agencies should not dictate the budgeting framework for INEC, given the unique and sensitive nature of its mandate.
He advocated that the envelope budgeting model should be set aside.
He urged the National Assembly to work with INEC’s financial proposal to avoid future instances of possible underfunding.
In the same vein, a member of the House of Representatives from Edo State, Billy Osawaru, called for INEC’s budget to be placed on first-line charge as provided in the Constitution, with funds released in full and on time to enable the Commission to plan early enough for the 2027 general election.
The Joint Committee approved a motion recommending the one-time release of the Commission’s annual budget.
The committee also said it would consider the NYSC’s request for about N32bn to increase allowances for corps members to N125,000 each when engaged for election duties.
The Chairman of the Senate Committee on INEC, Senator Simon Along, assured that the National Assembly would work closely with the Commission to ensure it receives the necessary support for the successful conduct of the 2027 general elections.
Similarly, the Chairman of the House Committee on Electoral Matters, Bayo Balogun, also pledged legislative support, warning INEC to be careful about promises it might be unable to keep.
He recalled that during the 2023 general election, INEC made strong assurances about uploading results to the INEC Result Viewing portal, creating the impression that results could be monitored in real time.
“iREV was not even in the Electoral Act; it was only in INEC regulations. So, be careful how you make promises,” Balogun warned.
The N873.78bn proposed by INEC for next year’s general election is a significant increase from the N313.4bn released to the Commission by the Federal Government for the conduct of the 2023 general election.
In a timetable issued by its National Secretariat in Abuja and signed by the National Organising Secretary, Sulaiman Argungu, the party said the activities were in line with provisions of its constitution guiding the election of party officials across all tiers.
According to the schedule, membership e-registration began on January 31 and ended on February 8, while notices of congresses were dispatched to state and Federal Capital Territory chapters on February 2.
Submission of nomination forms for ward and local government congresses closed on February 9, followed by screening and appeals between February 10 and February 14.
Ward congresses are fixed for February 18, with appeals the following day, while local government congresses will take place on February 21 and appeals on February 23.
At the state level, purchase of forms for state executive positions will run from February 22 to February 25, with screening set for February 27–28 and appeals from March 1–2. State congresses are scheduled for March 3, and appeals on March 4.
Activities leading to zonal congresses and the national convention include purchase and submission of forms between March 12 and March 16, inauguration of screening committees on March 23, and screening of aspirants on March 24. Zonal congresses across the six geo-political zones are slated for March 25, with appeals on March 26.
The party’s national convention will hold from March 27 to March 28.The APC also published fees for expression of interest and nomination forms across the different tiers.
At the ward level, expression of interest costs ?5,000, while nomination forms range from ?15,000 to ?20,000 depending on the position. For local government positions, nomination forms range from ?50,000 to ?100,000 after a ?10,000 expression-of-interest fee.
State executive positions attract ?50,000 for expression of interest, with nomination forms pegged at ?1 million for chairman and ?500,000 for other offices. Zonal offices require ?100,000 expression of interest and ?200,000 for nomination.
For national positions, the fees rise significantly, with expression of interest set at ?100,000. Nomination forms cost ?10 million for national chairman, ?7.5 million for deputy national chairmen and national secretary, ?5 million for other offices, and ?250,000 for National Executive Committee membership.
The party noted that female aspirants, youths and persons living with disabilities would pay only the expression-of-interest fee and 50 per cent of nomination costs. It also clarified that Ekiti, Osun, Rivers states and the FCT are excluded from ward, local government and state congresses, but will participate in electing delegates to the national convention.
Forms are to be completed online after payment verification, with payments directed to designated APC accounts at Zenith Bank and United Bank for Africa.
The congress cycle is expected to determine new party leadership structures ahead of future electoral activities.
The Tide source reports that the committee, reportedly backed by the Minister of the Federal Capital Territory (FCT), Chief Nyesom Wike, is making moves to reclaim the Wadata Plaza headquarters months after it was sealed following a violent clash between rival factions of the party.
Senior officers at the FCT Police Command told our source that while they had not received an official briefing, police personnel would be stationed at the secretariat and other key locations to maintain peace.
The Acting National Secretary of the Mohammed-led committee, Sen. Samuel Anyanwu, announced last week that the secretariat would reopen for official activities on Monday (today).
He dismissed claims that ongoing litigation would prevent the reopening, saying, “There are no legal barriers preventing the caretaker committee from resuming work at the party’s headquarters.”
However, the Tanimu Turaki-led National Working Committee (NWC) has fiercely rejected the reopening move, insisting that Sen. Anyanwu and his group remain expelled from the PDP and have no authority to act on its behalf.
Speaking with The Tide source, the committee’s National Publicity Secretary, Ini Ememobong, declared: “They are living in fool’s paradise. The worst form of deceit is self-deceit, where the person knows he is deceiving himself yet continues with gusto.
“Even INEC, which they claim has recognised them, has denied them. They are indulging in a roller coaster of self-deceit.”
Mr Ememobong further revealed that letters had been sent to both the Inspector-General of Police and the FCT Commissioner of Police, stressing that the matter was still in court and warning against any attempt to “resort to self-help.”
“The case pending before Justice Joyce Abdulmalik was instituted by the expelled members. They cannot resort to self-help until judgment is delivered,” he said.
He warned that reopening the secretariat would amount to contempt of court.
A senior officer at the FCT Police Command, who spoke on condition of anonymity, confirmed that officers would be deployed to the area to avert a repeat of the November 19 violence that led to the secretariat’s initial closure.
“The command would not stand by and allow a breakdown of peace and order by the party or anyone else. Definitely, the police will have to be on the ground,” he said.
Another officer added, “There will definitely be men present at the secretariat, but I can’t say the number of police officers that would be deployed.”
When contacted, the FCT Police Public Relations Officer, Josephine Adeh, said she had not been briefed on the planned reopening and declined to comment on whether officers would be deployed.
Asked to confirm whether the secretariat was initially sealed by police, she responded, “Yes,” but refused to say more about the current deployment plans.
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