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PIB: Reps Step Down Conference Committee Report …As Senate Passes Harmonised Version Amidst Protests
The House of Representatives, yesterday, in Abuja, stepped down the report of the National Assembly conference committee on Petroleum Industry Bill (PIB).
The report was earlier scheduled for presentation, but was stepped down for reason that may not be unconnected with percentage due to host communities.
The Chairman, Committee on PIB, Rep. Mohammed Monguno, was billed to present the report before it was stepped down.
The report was on the Conference Committee on a Bill for an Act to provide legal governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and the development of host communities.
The House had hurriedly dissolved into an executive session to iron out some grey areas on the PIB that was deemed unacceptable to some lawmakers.
Some of the lawmakers, mainly from the oil producing states, had earlier gotten wind of the conference report that recommended three per cent for the host communities.
The lawmakers, therefore, engaged in a shouting match before commencement of plenary to consider the Electoral Act Amendment Bill and the conference report on PIB Bill.
Rep. Chinyere Igwe (PDP-Rivers), Rep. Boma Goodhead (PDP-Rivers) and Bede Eke (PDP-Imo) were seen visibly angry, and shouting that they were not going to accept the three per cent for host communities.
The trio and other lawmakers insisted that it must be five per cent or nothing.
The House had earlier agreed on five per cent while the Senate agreed on three per cent, but the conference committee report via harmonisation settled for the three per cent.
This, however, did not go down well with the lawmakers, which resulted in shouting match and eventually snowballed into a rowdy session.
The Senate had earlier recommended three per cent for the host communities.
However, sequel to the row, the Speaker of the House of Representatives, Hon Femi Gbajabiamila, and other principal officers walked into the chamber without the usual announcement.
Gbajabiamila immediately dissolved the House into an executive session.
Meanwhile, the Senate, yesterday, passed the harmonised Petroleum Industry Bill which was produced by a conference committee of both chambers of the National Assembly, last week.
The harmonised version of the PIB was submitted for consideration by the federal lawmakers, yesterday at plenary.
Prior to the approval of the proposed legislation through voice votes, senators from the South-South geopolitical zone protested against the proposed three per cent equity share for the oil host communities.
President of the Senate, Dr Ahmad Lawan, however, prevailed on Senator Seriake Dickson to back down on his threat to lead his colleagues to stage a walkout.
It would be recalled that the Senate had argued during the consideration of the report, that the three per cent amounted to half a billion dollars.
Explaining why the five per cent was reduced to three per cent shortly after the plenary, the Chairman of the Senate Committee on Petroleum Resources (Downstream), Senator Sabo Mohammed Nakudu had explained that the earlier percentage which was 2.5 was increased to five per cent.
He had added that it was reduced after the Group Managing Director of NNPC, Mele Kyari, explained that five per cent was a huge amount of money.
He had said that “the three per cent amounts to half a billion dollars.”
He had added that the enabling environment needed to be created to attract investors because fossil oil was fast going out of fashion.
Also, the Senate spokesperson, Senator Ajibola Bashiru had said, “On the three per cent that was approved for the upstream operating expenditure, from the projection made by the NNPC GMD, who briefed us, it will amount to $502.8million for the host community development fund.
“That is a huge amount of money that we believe the host community will definitely benefit from.
“So, the three per cent operating expenditure will annually amount to $502.83million.
“The initial projection was 2.5 per cent and it was increased to 3 percent. The caveat is that we can always amend the bill as time goes on.”
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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally
President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.
Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.
He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.
“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.
He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.
The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”
Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.
He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.
“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.
The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.
Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.
Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.
Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.
Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.
“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.
He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.
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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow …Restates Commitment Towards Veterans’ Welfare
The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.
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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.
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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.
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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.
?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph, Port Harcourt”, he said.
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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.
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Fubara Redeploys Green As Commissioner For Justice
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
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