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Why Rivers Issues N250bn Bond …Amaechi Wins Award
Rivers State Governor, Rt. Hon. Chibuike Rotimi Amaechi has again explained why his administration plans to issue bond at the capital market for funding major developmental projects.
A statement by the spokesman to the Rivers State Governor, Mr. David Iyofor stated that the bond would be tied to funding specific developmental projects.
The projects, he said, include the Greater Port Harcourt City, the Port Harcourt Monorail project, the new Rivers State University of Science and Technology Phase1, Monte@Rivers (an entertainment complex), the Port Harcourt Ring Road (that would connect the old city and Greater Port Harcourt) and a new M-10 Highway (a beltway that would link the Port Harcourt International Airport to the Onne Sea port).
Iyofor explained that such gigantic projects would need immediate and massive funds injection to complete them. Hence Rivers State plans to approach the capital market in October, 2011 to raise these funds.
He added that already the State House of Assembly has given the nod for the governor to obtain the bond as such projects cannot be accomplished by sheer reliance on Federal Allocation and Internally Generated Revenue that comes in trickles.
Explaining further the details of the bond, Rivers State Commissioner for Finance, Dr. Chamberlain Peterside said,”These long term capital projects that are capable of catalyzing the industrialization and transformation of Rivers State require massive financial investment that can only be obtained from the capital market.”
“The proposed size of the first tranche of the bond will be about 100 billion naira with five years tenure, whereas the total bond programme of 250 billion naira is envisaged over the next several months.” Peterside said.
Rivers State remains very buoyant financially with sizeable revenue accruing from both the Federation Account and IGR. The State has set a target of earning at least half of its total revenue from IGR over the next one to two years.
According to Peterside, “whilst energy prices remain relatively high on the world market in an atmosphere of somewhat low to moderate interest rate, Rivers State would benefit from a bond issue at this stage through leveraging its high income potential and favourable credit rating, coupled with a debt portfolio that is currently low at less than 30 billion naira.”
“The economic indicators of the State, including annual Gross Domestic Product of about 30 trillion naira compared to its debt stock are positive attributes that Rivers State can ride on to raise additional funds to finance its long term development agenda and fast track social and economic growth.” He said.
Peterside however noted that the State has moved further to institutionalize its efforts, giving no room for future administrations to violate loan covenants of bonds.
“To ensure that proceeds of bond are efficiently and prudently deployed for the benefit of generations yet unborn, the Government through the Ministry of Finance and other agencies is making conscious and relentless effort to modernize and automate Public Accounting System, strengthen the Debt Management Office and establish relevant institutions that can transparently monitor projects, while acting as checks and balances of fund utilization in the public sector.”
“With all this in place it is inconceivable that Rivers State will default on the bonds or allow any future administration to violate loan covenants of bonds, thereby laying the groundwork for predictability and continuity in the economic and financial planning process of the State.” he added.
Restating the Rivers State Governor’s commitment to continued infrastructure development for long term sustainable development, Iyofor explained the significance of the huge projects to the State and its people:
“The Greater Port Harcourt City Master Plan shows massive development cutting across over 8 Local Government Areas of the State covering an area of approximately 1900 square kilometers (40,000 hectares of land) with a projected population of about 2 million people. We have masterplans for roads, housing, power, water, waste water, storm water, and integrated waste management among others. We already have the new Stadium and Sports Complex built within the Greater Port Harcourt axis. The proposed M-10 Highway and the Central Spine road designed with interchanges would link the New city to the Old City in the space of 15 to 20 minutes.”
Meanwhile, Rivers State Governor Rt. Hon. Chibuike Rotimi Amaechi has been honoured with an award of excellence in governance by the Foundation Faith Church.
The award was presented to Governor Amaechi by the Arch Bishop of Foundation Faith Church, ArchBishop Sam Amaga, Saturday, during the dedication of the Church Cathedral in Port Harcourt.
ArchBishop Amaga eulogised Governor Amaechi’s government for embarking on policies and programmes that would bequeath a legacy for generations to come.
The religious leader identified the focus in education, healthcare, security and power as areas that would improve the standard of living of the people of Rivers State and lauded him for not lacking in courage to take major decisions, emphasising that some of the policies enunciated by the present government would be appreciated after his tenure.
The General Overseer of Foundation Faith Church said the attention given to the education sector by the Governor Amaechi led administration would uplift the quality of education in the state.
ArchBishop Amaga noted that the benefits of education propelled his church to establish primary, secondary and university levels of education to cater for the educational needs of the society, in addition to fulfilling their spiritual requirements.
The clergyman, who narrated the story of the growth of his church which started with five members, said it has spread to all parts of Africa, Europe and Asia, adding that the vision of his missionary work was to evanglise the world.
Earlier in his speech, Governor Chibuike Rotimi Amaechi congratulated the church for completing the magnificent edifice as a place of worship, while reminding ArchBishop Amaga to bring the benefit of the growth of the church such as the university, to Rivers State where it started .
Governor Amaechi assured the church of his government’s preparedness to partner with them, particularly in its focus on education, disclosing that by September 2011, about 200 of the modern primary schools would be equipped and put to use.
The State Chief Executive, who expressed gratitude to God for putting him in the present position, noted that some of the projects embarked upon by his government like the free education and health was based on his humble background.
He explained that some of the policies of his administration may appear harsh but they were for the overall interest of Rivers people and solicited for the prayerful support of the church to his administration.
President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.
The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.
He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.
Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.
“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.
“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.
The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.
Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.
He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.
“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”
The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.
The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.
Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
News
Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.