News
Rivers Debt Profile Drops To N18bn
Contrary to claims in some quarters of rising borrowing by the Rivers State Government, the debt profile of Rivers State has come down to N18billion.
Commissioner for Finance, Dr. Chamberlain Peterside, told newsmen on Monday shortly after the Rivers State Governor, Chibuike Amaechi, signed the 2015 Appropriation Bill into law in Government House, Port Harcourt that the administration is planning not to leave any debt for the incoming administration.
According to him, the state pays between N8billion and N10 billion monthly for the past four years in order to reduce its debt burden.
“As I speak, our loan obligation is around N18billion. You have to realise that we pay, at least, N8billion to N10billion monthly in loan repayment, and this has been going on for quite a while. It is unfortunate that people go about accusing the government of borrowing between N200billion and N300billion; these people don’t realise that you don’t borrow and sit on it. So, you continuously pay down your debt,” the commissioner said.
Peterside explained that because of the quest to reduce the debt burden, government has resorted to deficit financing, which is totally based on realistic expectation since it is short term and can be repaid in quick succession.
Commenting on the 2015 budget, put at N338billion, the commissioner stated that, “there is no deficit financing because it is totally based on realistic expectation of internally generated revenue and federal allocation. And as we speak, government is on track to fully pay back its debt. We have had a high significance of our loans repaid,” he added.
He assured that the budget will be judiciously implemented, arguing that the most important aspect is to fund recurrent expenses, such as pensions, salaries with little of capital funding to complete ongoing projects.
Peterside emphasized that, “wherever we stop by the day of handover is where the next governor will continue.”
On his part, Chairman, House Committee on Finance, Hon. Josiah John Olu, expressed satisfaction with the way the Amaechi administration has prudently managed the state funds.
The lawmaker representing Eleme Constituency, stated that most of the budget will be funded with proceeds from internally generated revenue to the tune of N97billion, adding that this is why the House decided to strengthen the State Internal Revenue Board.
Olu further said, “2015 budget is 13 per cent lower than last year’s…We are mindful of the fact that the global outlook for oil price is on the decline, and that is why we decided to drop the budget at the state level as well”.
A breakdown of the budget indicates that N119billion is earmarked for recurrent budget, while N219billion was slated for capital expenses, thus bringing the total to N338billion.
News
NIGERIA AT 65: FUBARA HARPS ON UNITY, PEACE

The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
News
Shettima departs New York for Germany after UNGA engagement

Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
News
FG holds special thanksgiving service ahead of 65th Independence Day

As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
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