Politics

RSHA And Task Of Debt Management

Published

14 years ago

September 19, 2011

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

Politics

Senate Urges Tinubu To Sack CAC Boss

Published

3 days ago

February 27, 2026

The Tide

The Senate yesterday urged President Bola Tinubu to remove the Registrar-General of the Corporate Affairs Commission, Hussaini Magaji, over what lawmakers described as a persistent refusal to appear before its Committee on Finance.

The resolution followed a motion raised by Senator Orji Uzor Kalu during a session where members of the President’s economic team were present for engagement with the committee.

Tension rose at the commencement of the meeting when agency heads were introduced and senators observed the absence of the CAC Registrar-General, who had been invited to account for the commission’s activities, particularly on revenue matters.

Moving the motion, Kalu expressed anger over what he termed repeated disregard for legislative oversight, accusing the CAC boss of consistently avoiding invitations to appear before the committee.

He said, “Since I came to the Senate, this CAC man has always given excuses that he is in the Villa or going to London. He is not above the law. This man is not coming to the Senate. Look at the ministers of finance and budget. They are both here. We summoned them and they came.

“But this man thinks he’s bigger than the Senate. We’re not going to take that rubbish again. He had refused on so many occasions to honour our invitation to appear before this committee. We have issues with the reconciliation of the revenue of CAC.

“I move a motion that the man should be reported to Mr President and ask for immediate removal because we cannot continue with him. Is that what we’re doing here? He should come and give us an account of what he had done.”

The Chairman of the Senate Committee on Finance, Senator Sani Musa, corroborated the concerns, pointing to unresolved discrepancies in the reconciliation of the commission’s revenues.

He noted that despite several invitations, the registrar-general had failed to show up to address the issues raised by senators.

“The registrar-general of the Corporate Affairs Commission has refused on so many occasions to honour the calls, invitations or summons of this most important committee.

“There are only about three committees that are in the constitution of the Federal Republic of Nigeria and the Committee of Finance is one of those committees. Sections 88, and 89 have given us these powers.

“And as registrar-general, we have issues with the reconciliation of their revenue. Anytime he is invited, he will give us one reason or another, and he will send junior officers to come and talk to the Senate. That cannot be accepted,” he said.

In a further show of frustration, Senator Adams Oshiomhole proposed that the Senate escalate the matter by withholding approval of the CAC’s 2026 budget pending the registrar-general’s personal appearance before the committee.

Oshiomhole also suggested that the commission be restrained from spending its internally generated revenue without prior approval of the national assembly.

“This senate should decline to appropriate anything in the 2026 budget until we are satisfied that he has accounted for previous money and spending properly.

“And should he spend money that is not appropriated, he should be heading to Kuje prison,” Oshiomhole said.

The motion urging the President to remove the CAC Registrar-General was subsequently put to a voice vote and adopted.

The development underscores renewed assertiveness by the Senate in exercising its constitutional oversight functions, particularly over revenue-generating agencies.

The Corporate Affairs Commission, which regulates companies and business registrations in Nigeria, is a key contributor to non-oil revenue, making accountability and transparency central to its operations.

News

Amend Constitution To Accommodate State Police, Tinubu Tells Senators

Published

3 days ago

February 27, 2026

The Tide

President Bola Tinubu has appealed to the leadership of the 10th Senate to amend the constitution to provide a legal framework for the establishment of State Police to tackle insecurity nationwide.

President Tinubu made the appeal during an interfaith breakfast with senators at the Presidential Villa in Abuja, yesterday.

The president said that the creation of State Police has become urgent to address Nigeria’s evolving security challenges, strengthen grassroots policing, and enhance states’ capacity to respond swiftly to threats within their jurisdictions.

He noted that a decentralised policing structure would complement existing federal security architecture and promote intelligence-led, community-focused law enforcement.

“We are facing terrorism, banditry, and insurgency. But we will never fail to make a right response to this cause. What I will ask for tonight is for you (Senators) to start thinking how best to amend the constitution to incorporate the State Police for us to secure our country, take over our forests from marauders, and free our children from fear,” he said.

The president commended the cordial relationship between the Executive and the Senate, saying that unity is needed to defeat terrorism and banditry in the country.

“It is a good thing that we are working in harmony, we are looking forward to a country that evolves, a country that takes care of its citizens and protects all.

Tinubu thanked the Senate for its unflinching support towards achieving various economic reforms of his administration, especially the fuel subsidy removal and tax reform policy.

“I have a lot of credit for bold reforms. Without your collaboration and inspiration, those reforms would not be possible. We are reformists together. What we gave up and what we stopped is monumental corruption in the subsidy system. We don’t want to participate in monumental corruption and arbitrage foreign exchange.

You don’t have to chase me for dollars; you could see what Nigeria is today. You should be proud, and I am glad you are. What we are enjoying is a stable economy, and prosperity is beckoning us. We need to work hard, and this attendance means a lot to me,” the president said.

President of the Senate, Godswill Akpabio, commended the president for hosting the leadership of the Senate to the Interfaith breaking of fast.

He commended President Tinubu for providing the visionary leadership the nation needs at this critical time, stating that the administration’s bold reforms have now brought more revenue to governors at the sub-national level for the development of critical infrastructure.

The Senate President prayed for the administration, and for the nation’s peace and prosperity.

Politics

FCT COUNCILS’ ELECTIONS: PDP WINS GWAGWALADA CHAIRMANSHIP AS APC SECURES AMAC, BWARI

Published

7 days ago

February 23, 2026

The Tide

Alhaji Mohammed Kasim, the candidate of the Peoples Democratic Party (PDP), has won the Gwagwalada Area Council chairmanship election in the Federal Capital Territory (FCT).

Philip Akpeni, the Returning Officer of the Independent National Electoral Commission (INEC), announced the results on Sunday morning.

Alhaji Kasim polled 22,165 votes to defeat Alhaji Yahaya Shehu of the All Progressives Congress (APC), who polled 17,788 votes.

Alhaji Biko Umar of the All Progressives Grand Alliance (APGA) scored 1, 687 to come in third place.

“I am the returning officer for the 2026 FCT Area Council, Gwagwalada chairmanship held on Feb. 21, 2026,” Akpeni said.

“That Mohammed Kasim of PDP, having certified the requirements of the law, is hereby declared the winner and is returned elected.”

In the Abuja Municipal Area Council (AMAC), Hon. Christopher Maikalangu, the APC candidate, was declared the winner of the chairmanship poll with 40,295 votes.

Andrew Abue, the Collation Officer for AMAC, said Hon. Maikalangu, who is the incumbent AMAC chairman, was returned elected having scored the highest number of votes cast.

The African Democratic Congress (ADC) came second with 12,109 votes, while the Peoples Democratic Party (PDP) polled 3,398 votes.

According to Abue, the total number of valid votes in the chairmanship poll was 62,861, while the total votes cast stood at 65,197.

He added that the number of registered voters in AMAC was 837,338, while the total number of accredited voters was 65,676.

Meanwhile, the Independent National Electoral Commission (INEC) has declared Mr. Joshua Ishaku of the All Progressives Congress (APC) as the winner of the Bwari Area Council Chairmanship election.

Announcing the result on Sunday in Bwari, the Returning Officer for the election, Prof. Mohammed Nurudeen, stated that Ishaku polled a total of 18,466 votes to emerge victorious in the February 21, 2026 poll.

“I am the Returning Officer for the 2026 FCT Area Council, Bwari chairmanship held on Feb. 21, 2026. That Joshua Ishaku, having satisfied the requirements of the law, is hereby declared the winner and is returned elected,” Nurudeen said.

According to the results declared, the candidate of the African Democratic Congress (ADC) secured 4,254 votes, while the Zenith Labour Party (ZLP) polled 3,515 votes to place second and third respectively.

The declaration adds to the series of results emerging from the 2026 FCT Area Council elections, as political parties assess their performance ahead of future contests.

INEC UPLOADS 2,602 OF 2,822 FCT CHAIRMANSHIP RESULTS ON IReV

The Independent National Electoral Commission (INEC) had uploaded 2,602 out of the 2,822 expected polling unit results from Saturday’s chairmanship elections in the Federal Capital Territory (FCT) as at 5:55am on Sunday, data retrieved from its Result Viewing Portal (IReV) showed.

According to The Tide source, the figure represents an overall upload rate of about 92.2 per cent across the six area councils of the territory.

A council-by-council breakdown indicates that Municipal Area Council recorded the highest number of submissions in absolute terms, with 1,309 of 1,401 polling unit results uploaded, representing 93.43 per cent.

In Gwagwalada Area Council, 330 of the expected 338 polling unit results had been uploaded, representing 97.63 per cent — the highest upload rate among the six councils.

In Bwari Area Council, INEC uploaded 463 of 485 polling unit results, translating to 95.46 per cent.

In Abaji Area Council, 129 of 135 polling unit results had been uploaded as at 5:55am, representing 95.56 per cent.

In Kwali Area Council, 164 of the expected 201 polling unit results were available on the portal, representing 81.59 per cent.

In Kuje Area Council, 207 of 262 polling unit results had been uploaded, representing 79.01 per cent — the lowest rate among the six councils as at the time of review.