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
Mr Okonkwo made the announcement on his X (formerly Twitter) account on yesterday, expressing gratitude for what he called Alhaji Abubakar’s show of faith in him.
“I give God all the glory for being appointed by His Excellency Atiku Abubakar as his spokesperson. I thank His Excellency for the immense confidence reposed in me,” Mr Okonkwo said.
The politician credited Alhaji Abubakar with championing dialogue over conflict within party ranks.
He noted that the former vice president favours conversation and compromise when party associates raise genuine worries, rather than dismissing their concerns.
“Rather than take offence at associates for expressing genuine reservations about any action taken, His Excellency always opts for dialogue and compromise that engender solutions to problems,” Mr Okonkwo stated.
According to him, recent talks with Alhaji Abubakar and other ADC leaders tackled worries about South-East political representation within the limits of the Electoral Act, 2026, and the current political climate. He said the discussions produced guarantees for the region’s interests despite existing constraints.
Mr Okonkwo also acknowledged the work of Dr. Kashim Imam; former ADC National Chairman, Ralphs Nwosu; Ekene Onwuka, Alhaji Abubakar’s Senior Special Assistant on Special Duties, in preparing the party for next year’s elections. He thanked his loved ones and supporters for their support and prayers.
“I still covet your prayers for wisdom, courage, provision and protection needed to carry out this challenging responsibility, which will usher in a glorious and great Nigeria,” he added.
The appointment arrives weeks after Mr Okonkwo publicly attacked the ADC’s pick for running mate in 2027. He’d warned that choosing a vice-presidential candidate from the South-South would worsen what he sees as political neglect of the South-East, a region without a president or vice president since 1999.
Despite Mr Okonkwo’s objections, the ADC later announced former Rivers State Governor and ex-Minister of Transportation, Mr Rotimi Amaechi, as Alhaji Abubakar’s running mate following the ex-vice president’s clinching of the party’s presidential nomination.
The Senate has defended the passage of the Constitution of the Federal Republic of Nigeria (Alteration) (State Police) Bill, 2026, saying the proposed creation of state police is driven by national consensus and the country’s security needs rather than political considerations.
The Red Chamber passed the bill last Wednesday after more than two-thirds of senators voted in support.
In a statement issued yesterday by the Directorate of Media and Public Affairs, Office of the Senate Leader, Senator Opeyemi Bamidele described the bill as “a child of necessity and not of political expediency as well as a product of national consensus and not of cynicism.”
The senate leader said the proposal to establish state police was a matter of urgent public importance that could not be delayed because of political interests, given the country’s security challenges.
He explained that the proposal did not originate recently but emerged from memoranda submitted to the Senate Ad-hoc Committee on the Review of the 1999 Constitution.
According to him, the proposal underwent extensive consultations and rigorous scrutiny because of its sensitive nature.
Bamidele said the National Assembly consulted widely with the Executive, the Nigeria Governors’ Forum, the Conference of Speakers of State Legislatures of Nigeria, the leadership of the Nigeria Police and other stakeholders before passing the bill.
He added that during the public hearings conducted across the six geopolitical zones in July 2025, participants overwhelmingly supported the creation of state police.
“At each level of our consultation, nearly all stakeholders embraced the State Police Bill in the light of stark realities we are facing today,” he said.
The Senate leader noted that recommendations from the Nigeria Police contributed to the bill, particularly on accountability and oversight mechanisms aimed at preventing abuse of state police by political actors.
According to him, the police’s support for the proposal underscores its national significance in tackling insecurity at the state and local levels.
Bamidele also said the bill received broad bipartisan backing in both chambers of the National Assembly.
“Even though the APC is the majority, there are members of opposition parties — PDP, ADC, NDC and Labour Party — that exercised their discretion in favour of the Bill, mainly in the national interest and not on parochial basis.
“In the Senate, for instance, 84 out of 109 members voted clause by clause in support of the Bill. This accounted for 77.06 per cent approval at the Senate alone,” he said.
He argued that national security should transcend political affiliations, saying political actors in other countries often set aside partisan interests to support initiatives that strengthen security.
Bamidele called on opposition parties to contribute constructive ideas that would promote peace and stability, adding that they have a responsibility to offer alternatives that would strengthen the country.
“Even when they disagree on some grounds, they are under obligations to provide credible and useful ideas that can make our nation better and greater. Unfortunately, they have not passed this critical test of opposition democracy,” he said.
The Socio-Economic Rights and Accountability Project (SERAP) has called on Senate President, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, to refer allegations of the diversion or non-accounting of over ?6.3 billion in constituency project funds to anti-corruption agencies for investigation and possible prosecution.
The group also urged the National Assembly leadership to ensure that anyone found culpable is prosecuted where sufficient admissible evidence exists, while all diverted or unaccounted public funds are recovered and paid into the treasury.
In a letter dated June 27, 2026, and signed by its Deputy Director, Kolawole Oluwadare, SERAP said the allegations were contained in the Auditor-General of the Federation’s 2022 Annual Report, published on September 9, 2025.
The organisation disclosed this in a statement signed and released by Oluwadare, yesterday.
SERAP also asked Akpabio and Abbas to disclose the identities of contractors and companies, including their shareholders and beneficial owners, that allegedly received constituency project funds but failed to execute the projects.
It gave the National Assembly seven days to act on its recommendations, warning that it would institute legal proceedings should the legislature fail to respond.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the National Assembly to comply with our request in the public interest,” the letter stated.
It said, “The allegations involve several federal ministries, departments and agencies, including the Environmental Health Registration Council of Nigeria (EHORECON); the Federal College of Animal Health and Production Technology, Volm; the Federal Polytechnic, Udana; the National Agency for the Prohibition of Trafficking in Persons (NAPTIP); and the National Institute of Legislative and Democratic Studies (NILDS).
“The Auditor-General identified numerous cases of payments into private bank accounts, contracts awarded without due process, payments for contracts not executed or services not rendered, undocumented expenditures, inflated contracts, procurement irregularities and failures to account for public funds, recommending in each case that the funds be recovered and remitted to the treasury.
“According to the 2022 audited report, contained in pages 367 to 396, the Environmental Health Registration Council of Nigeria (EHORECON or Council) Abuja paid over ‘N22 million [N22,944,565.16] into the private account of some members of staff of the Council from the Constituency Projects Fund Account.
“There ‘was no evidence of the utilization of the funds and no explanations on the purpose for the payment of such amount into the individual accounts.”
SERAP added, “The Council (EHORECON) also in 2021 ‘awarded suspicious consultancy contracts of over N12 million [N12,030,818.29] for the development of Modern Abattoirs in Kebbi State and the supervision of 7 projects in Kebbi, Jigawa, and Headquarters Abuja.
“The money was to ‘produce bills of quantity, architectural design, structural design, mechanical design, and electrical designs for the contracts and supervision.’ But ‘the ‘items could not be found.’”
Altogether, SERAP said the Auditor-General’s 2022 report alleged EHORECON paid more than ?1.8 billion in constituency project funds through questionable transactions.
For the Federal College of Animal Health and Production Technology, Vom, SERAP said the institution “in 2022 reportedly ‘paid over N279 million [N279,700,500.00] to 3 contractors to empower and train youths in selected vocational areas in Borgu and Kontagora, Niger State, train women and youths in entrepreneurship in Niger East Senatorial District and to train youths and women in agro production and self-reliance in Barki Ladi/Riyom Federal Constituency, Plateau State.
“But the money was paid to the contractors without any document.’”
Other irregularities involving the college include another ?279.7 million in mobilisation fees allegedly paid without documentation, and more than ?629.4 million paid to unqualified contractors for various constituency projects without evidence of due process, contract advertisements or details of the contractors.
SERAP further alleged that the Auditor-General’s report identified multiple financial irregularities involving the Federal Polytechnic, Ukana, Akwa Ibom State, including over ?407 million allegedly paid as mobilisation fees without supporting documents, more than ?399 million paid to unqualified contractors, contracts allegedly inflated by over ?192 million, over ?279 million paid for projects not fully executed, ?50 million allegedly paid for an unexecuted borehole project, and more than ?83 million disbursed without the required documentation or approvals.
It also alleged that NAPTIP reportedly irregularly awarded contracts worth over ?21.8 million, paid more than ?176.8 million for logistics and consultancy services without supporting documents, and disbursed over ?89.6 million and ?4.4 million for projects that were allegedly not executed.
The report also alleged that NILDS failed to submit audited financial statements for 2012 to 2022, did not remit over ?15 million in stamp duties, and spent ?1.6 million without authorisation from the Office of the Accountant-General of the Federation.
SERAP said the report recommended the recovery of the affected funds and their remittance to the treasury.
It argued that corruption in constituency projects disproportionately affects poor and vulnerable Nigerians by diverting resources meant for public services and development.
It added that the National Assembly, in exercising its oversight responsibilities, should demonstrate leadership by ensuring accountability in the management of constituency project funds.
The organisation further argued that the allegations, if established, would amount to breaches of the Constitution, the Fiscal Responsibility Act 2007 and the Public Procurement Act 2007, which require transparency, accountability and due process in the management of public resources.