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Senate Rejects FIRS N143bn Budget …Halts Works On Sovereign Wealth Act

Published

10 years ago

November 11, 2016

The Senate, yesterday, rejected the report by the Committee on Finance in which the N143.7billion budget of the Federal Inland Revenue Service was approved.
The lawmakers, while debating the recommendation of the committee during the day’s plenary, criticised the report as lacking details.
While some senators who spoke on the report said it was fraught with ambiguities, others cited duplication of projects in the proposed budget.
The President of the Senate, Bukola Saraki, who presided over the plenary, asked the committee to work on the grey areas in its report and re-present it in one week.
On the proposed 2016 budget of the FIRS, the report said, “The Federal Inland Revenue Service projected to collect tax revenues to the tune of N4.082trillion in 2016.
“This comprises of N484billion oil and N3.597trillion non-oil revenues. The projected four per cent Cost of Collection on non-oil revenue is N143,904,640,000.
“The total projected available fund for the 2016 budget is N146,165,108,293, comprising of four per cent Cost of Collection and N2,260,468,293 or 20 per cent of 2015 operating surplus.”
The Chairman, Senate Committee on Finance, Senator John Enoh, while presenting the report to the chamber, recalled that the Senate on July 21, 2016, considered the request of President Muhammadu Buhari on the 2016 budget of the FIRS and referred same to the committee for further legislative action.
On the performance of the 2015 budget of the FIRS, the report said National Assembly’s joint Committees on Finance approved a revenue projection of N436trillion, comprising of N1.74trillion oil revenue and N262trillion non-oil revenue.
The joint committee also projected the four per cent Cost of Collection of non-oil revenue by the FIRS to be N104,723,880,000.
The committee stated the summary of the proposed 2016 expenditure of the service as follows: personnel, N64,491,130,526; overhead, N46,363,000,000; and capital, N32,868,300,000, bringing the total expenditure to N143,722,430,526.
The committee, according to the report, observed that the projected non-oil revenue collection had increased from the 2015 collection, thereby increasing the four per cent Cost of Collection to the service to N143,904,640,000bn from N104,723,880,000 in 2015.
The committee further observed that, “The total personnel costs are for salaries, wages, allowances, performance bonuses and social contributions. The 8,000 (members of) staff are proposed to be on the payroll during the 2016 financial year, which accounts for the increase of 19 per cent above actual staff strength of 6,748.
The projection presumes a recruitment of new staff in 2016.
It further observed that, “The overhead cost is very vital in driving the achievement of FIRS’ core objectives of tax revenue generation.
“The provisions in 2016 budget give more emphasis on availability of office materials, training, consulting and professional services and publicity.”
The committee added that, “The capital cost estimates proposed includes ongoing projects, which are to be completed during the 2016 financial year, as well as new projects to be carried out.
“These projects include new corporate headquarters and other prototype offices, construction of new offices nationwide and ICT projects.”
The committee, therefore, recommended that a total expenditure of N143,722,430,526 be approved for the FIRS in 2016, which the Senate rejected.
Meanwhile, the shadow of the past that prevented Nigeria from investing in the Sovereign Wealth Fund during the good days of Nigerian crude sale has again resurfaced as the Senate, yesterday, suspended the consideration of the Nigeria Sovereign Investment Authority (Establishment) Act 2011 (Amendment) Bill, following protests by some senators who insisted that further legislative action on the bill would be prejudicial since state governors are already contesting in court, the legality of deducting funds from the federation account by the Federal Government through the agency.
Chairman of the Senate Committee on Finance, Senator John Eno, at plenary presented the report of the bill seeking to amend the Nigerian Sovereign Investment Authority (NSIA), for debate but just before commencement of debate, the Senate Minority Leader, Godswill Akpabio, described any legislation on the bill as illegal, as he pointed out that there is need to await the judgment of the court on the matter.
Akpabio admitted, however, that it is proper for Nigeria to save for the rainy day, but insisted that there is need to strengthen the relevant laws relating to the agency to forestall possible abuse in the management of the agency.
According both him, the major reason why the governors had opposed the policy during the time of former President Goodluck Jonathan was because they wanted the major stakeholders to be involved in the regulation and administration of the agency.
According to him, since the funds will have a commencing seed of one billion dollars, to be deducted from the federation account, which constitutionally belong jointly to the local, states and federal governments, it is proper to have them well represented in the agency and its board.
Deputy Senate President, Senator Ike Ekweremadu, in his contribution noted that there is need to save for the scarce moments but emphasised that it is unconstitutional to consider and pass the report on the bill without first adjusting the Constitution to accommodate the controversial sections of the bill.
He, therefore, advice that the Senate to suspend the consideration of the bill until the Constitution Review Committee amends the Constitution in line with those sections that are unconstitutional in it.
President of the Senate, Senator Saraki, trying to save the bill and to ensure its passage, however advocated that only sections (10) of the bill be stepped down since it is the only section that is not in line with the Constitution.
He said the Senate Committee on Constitution Review, headed by the Deputy Senate President, can address the constitutional issues raised by some lawmakers while reviewing the constitution, before the bill will be passed eventually into law.
According to Saraki, since there is a unanimous agreement among the lawmakers that Nigeria should save for the future, the Senate should go ahead to consider the report.
However, mid into the consideration of the report, the controversial section 10 came up again, seeking to allocate $1billion from the federation account to the NSIA, and became a road block for the debate as it would only be prejudicial to debate on an issue in court already.
At that point, the debate was suspended and the bill withdrawn.
It would be recalled that the Nigeria Sovereign Investment Authority (Establishment) Act 2011 (Amendment) Bill, seeking to save ( Sovereign Wealth Fund) for the rainy day during the hay days of oil price through cuts from the federation account (local , states and federal governments) but was vehemently opposed by state governors, especially governors of the opposition party.

Nneka Amaechi-Nnadi, Abuja

Featured

JUNE 12: Democracy Remains Nigeria’s Strongest Path To Unity, Progress, Says Fubara ….Extols Abiola, Wife

Published

6 days ago

June 12, 2026

The Tide

Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed that democracy remains the most effective system of government for Nigeria, given the country’s rich diversity of ethnic, religious, and cultural identities.

In a goodwill message to Nigerians on the occasion of the 2026 Democracy Day celebration, Governor Fubara said June 12 represents far more than a historic date; as it embodies the enduring struggle, sacrifice, and collective aspiration of Nigerians for freedom, justice, and representative governance.

The Governor extended warm felicitations to Nigerians at home and in the Diaspora, paying tribute to the heroes and heroines of the democratic struggle, particularly Chief MKO Abiola, his wife, Kudirat Abiola, and countless others whose courage and sacrifices helped secure the democratic freedoms Nigerians enjoy today.

According to him, “June 12 is a reminder of the price paid for the democracy we enjoy today. The sacrifices made by Chief MKO Abiola, Kudirat Abiola, and many other patriots who laid the foundation for the democratic journey we continue to enjoy today. Their commitment to the principle that power must ultimately reside with the people remains a source of inspiration for every generation of Nigerians.”

Governor Fubara noted that thirty-three years after the historic June 12, 1993 election, Nigeria’s democratic experiment has continued to evolve despite challenges and setbacks.

“Our democratic journey has not been without difficulties, but the resilience of our institutions and the determination of our people have kept the nation moving forward. The ability to express differing opinions, engage in constructive debate, and peacefully choose leaders through the ballot remains one of the greatest achievements of our nation,” he said.

Governor Fubara stressed that democracy provides the best framework for managing Nigeria’s diversity and transforming it into a source of national strength.

“Nigeria’s diversity should never be seen as a weakness. Properly harnessed, it is our greatest asset. Democracy offers us the opportunity to build consensus, promote inclusion, strengthen national unity, and create the conditions for sustainable development and shared prosperity,” he said.

Governor Fubara commended President Bola Ahmed Tinubu, for his commitment to the Renewed Hope Agenda and ongoing efforts aimed at economic revitalization, strengthening security, and deepening democratic institutions across the country.

He reiterated the readiness of Rivers State to continue partnering with the Federal Government in advancing policies and programmes that improve the lives of citizens through infrastructure development, job creation, enhanced security, quality education, healthcare delivery, and good governance.

The Governor further called on Nigerians, regardless of political affiliation, ethnic background, or religious belief, to use the occasion of Democracy Day to renew their commitment to the Nigerian project and the ideals that underpin democratic governance.

“Democracy must not be viewed merely as a periodic electoral exercise. It must be reflected in our daily commitment to accountability, transparency, tolerance, justice, respect for the rule of law, and responsible leadership. As citizens and leaders, we all share a collective responsibility to strengthen our democracy and build a nation that future generations will be proud to inherit,” he said.

Governor Fubara expressed optimism about Nigeria’s future, urging citizens to remain united, hopeful, and committed to the values of peace, dialogue, and national development.

“Together, we can build a stronger, more inclusive, and more prosperous Nigeria where every citizen has the opportunity to thrive and contribute meaningfully to national progress,” he said.

Featured

Fubara Reaffirms Commitment To Peace, Development

Published

3 weeks ago

May 29, 2026

The Tide

Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed the unwavering commitment of his administration to peace, unity, security, and inclusive development as Rivers State marked its 59th anniversary, last Wednesday.

In a goodwill message issued on Wednesday to commemorate the anniversary, Governor Fubara stated that despite the challenges faced over the years, the people of Rivers State have continued to demonstrate resilience, strength, and an enduring spirit of unity that has sustained the state since its creation.

The Governor noted that the strong bond of brotherhood among the various ethnic nationalities of the state, including the Ijaw, Ikwerre, Ogoni, Etche, Ekpeye, Andoni, Kalabari, and others, remains one of Rivers State’s greatest strengths and a critical foundation for peace, stability, and progress.

He further observed that Rivers State has remained a major driver of Nigeria’s economy for decades, not only because of its abundant oil and gas resources, but also because of the exceptional contributions of its people across diverse sectors including academia, jurisprudence, business, entertainment, public service, and sports.

Governor Fubara assured the people that his administration will continue to prioritize policies and programmes that promote peace, protect lives and property, and expand development across all parts of the state. He emphasized that governance must be people centered and impactful, with equal attention given to every Local Government Area of the state.

The Governor also paid tribute to the elders and founding leaders of the state for preserving the spirit of unity and coexistence over the years, while urging the youths to remain hopeful, responsible, and actively committed to building a greater Rivers State through innovation, hard work, and patriotism.

He equally acknowledged the invaluable role of women in strengthening families, communities, and society, describing them as indispensable partners in the continued growth and stability of the state.

Governor Fubara called on all Rivers people to use the occasion of the anniversary as a moment of reflection and renewed commitment to peaceful coexistence, mutual respect, dialogue, and collective progress, stressing that the unity and future of Rivers State must always rise above personal interests and political differences.

Rivers State was created on May 27, 1967, by General Yakubu Gowon.

Editorial

Nigeria’s 27 Years of Civil Rule Journey

Published

3 weeks ago

May 29, 2026

The Tide

Nigeria returned to civil rule on May 29, 1999, after several years of military intervention in politics. The transition marked a major turning point in the nation’s history and raised hopes for freedom, stability, economic growth and accountable leadership. Citizens expected that elected governments would strengthen institutions, improve living conditions and unite the country after years of authoritarian rule. Twenty-seven years later, civil rule has survived without interruption, making it the longest uninterrupted civilian administration since independence in 1960.

Since 1999, Nigeria has witnessed six administrations at the federal level. Olusegun Obasanjo governed from 1999 to 2007, followed by Umaru Musa Yar’Adua from 2007 until his death in 2010. Goodluck Jonathan served from 2010 to 2015, while Muhammadu Buhari led the country between 2015 and 2023. Since May 2023, Bola Ahmed Tinubu has been in office. Though democracy has remained stable, governance outcomes have produced mixed reactions among Nigerians.

The country has made some notable progress over the past 27 years. Democratic institutions such as the National Assembly, judiciary, political parties and the media have become stronger than they were during military rule. Elections are now regular, though still imperfect. Telecommunications, banking, entertainment and digital technology have expanded greatly. Nigerian youths have also become more politically aware and active. The country’s economy, despite its difficulties, remains one of the largest in Africa.

However, many of the expectations that came with democracy remain unmet. Corruption, unemployment, poverty, insecurity and poor infrastructure continue to trouble the nation. Public confidence in government institutions has weakened over time because many citizens believe political leaders have not done enough to improve their welfare. Ethnic and religious tensions also remain major challenges. While democracy has endured, good governance has not always matched the hopes of the people.

President Tinubu’s administration began with bold economic decisions aimed at reforming the nation’s finances. His government removed fuel subsidy and unified the foreign exchange system. Supporters argue that these measures were necessary to reduce waste and attract investment. The government also increased revenue allocation to states and sought to improve tax administration. Yet the immediate impact has been severe hardship for millions of Nigerians. Inflation, high transport costs and the falling value of the naira have placed enormous pressure on households and businesses.

In education, the Tinubu administration has promised reforms through student loan schemes, support for technical education and efforts to reduce strikes in tertiary institutions. Some progress has been recorded with the establishment of the Nigerian Education Loan Fund. However, public schools still face poor funding, inadequate facilities and shortage of teachers. Many students continue to struggle with rising school fees and declining quality of education.

The health sector under the current administration has also recorded both efforts and challenges. Government has pledged to improve health insurance coverage. Nevertheless, hospitals across the country still suffer from inadequate equipment, shortage of medical personnel and brain drain as doctors and nurses continue to leave Nigeria for better opportunities abroad. Access to affordable healthcare remains difficult for many rural communities.

The power sector remains one of Nigeria’s biggest disappointments after nearly three decades of democracy. Despite repeated promises and reforms, electricity supply is still unstable. Businesses and households spend heavily on generators and fuel. The Tinubu administration has introduced policies aimed at decentralising power generation and encouraging investment, but ordinary Nigerians are yet to feel significant improvement in electricity supply.

The rising cost of living has become the greatest concern for many Nigerians today. Food prices, transportation costs and rent have increased sharply. Though the Federal Government introduced palliative programmes and cash transfer initiatives to cushion the effects of reforms, many citizens believe the interventions have been inadequate or poorly distributed. There is growing demand for more effective social protection programmes targeted at vulnerable citizens.

On national security, the government continues to battle terrorism, banditry, kidnapping and communal violence. Security agencies have recorded some successes in parts of the country, yet insecurity remains widespread. Farmers in many rural communities still face attacks, affecting food production and increasing fear among citizens. Regional stability in West Africa has also become more uncertain due to political crises in neighbouring countries. Nigeria continues to play a leading diplomatic role in the region, but internal security challenges weaken its influence.

In infrastructure and other key sectors, the Tinubu administration has continued several road, rail and housing projects inherited from previous governments. Investments in ports, gas and digital technology have also been encouraged. In agriculture, government has promoted mechanised farming, dry season cultivation and access to credit. Yet food insecurity remains high because insecurity, inflation and poor rural infrastructure continue to affect agricultural productivity. Nigeria still imports many food items despite its vast agricultural potential.

To improve national conditions, the Federal Government must place greater attention on job creation, industrialisation and support for small businesses. More investment is needed in agriculture, healthcare, education and electricity. Anti-corruption institutions should be strengthened while government spending must become more transparent. Leaders must also prioritise national unity and reduce political divisions. Nigerians expect reforms that produce visible improvements in their daily lives, not only policy announcements.

In Rivers State, the 27 years of civilian rule have produced substantial development alongside political tensions. The state has remained economically important because of its oil and gas resources. Different administrations since 1999 have invested in roads, schools, healthcare facilities and urban renewal projects. However, political conflicts and struggles for power have often affected governance and slowed development in parts of the state.

Governor Siminalayi Fubara assumed office in May 2023 amid high expectations and intense political disagreements. In infrastructure, his administration has initiated projects such as massive road construction, bridge rehabilitation and urban development schemes in parts of the state. Ongoing works on major roads and public facilities have been presented as efforts to improve transportation and economic activities. Critics, however, argue that political instability in the state has distracted government’s attention from faster project delivery.

In education and health, the Rivers State Government has continued support for public schools and healthcare centres. Efforts have reportedly been made to improve learning environments and sustain payment of workers’ salaries. In health, there have been interventions in hospitals and primary healthcare services. On security, the administration has worked with security agencies to maintain peace, although political tensions in the state have created uncertainty. In the civil service, workers and pensioners have largely continued to receive salaries, stipends, and welfare support. The state government has also shown interest in agriculture and power development, though these sectors still require stronger investment and clearer long term strategies.

Going forward, Rivers State needs greater political stability to achieve meaningful development. The government should focus more on rural roads, youth employment, agricultural expansion and uninterrupted healthcare services. Investments in independent power projects and industrial development would help attract businesses and reduce unemployment. Above all, political leaders in the state must place the interest of the people above personal or factional battles. Democracy can only succeed when governance delivers peace, development, and hope to ordinary citizens.