News

Rivers Gets New Fitch Stable Outlook Rating

Published

11 years ago

March 25, 2015

Corps Marshal, Federal Road Safety Commission (FRSC), Mr Boboye Oyeyemi (3rd-right), National President, Road Transport Employers Association of Nigeria (RTEAN), Alhaji Musa Isiwele (3rd-left), and other officials, after a joint news conference by FRSC and stakeholders in the transport sector in Abuja, last Monday.

International credit ratings agency, Fitch has placed Rivers State’s long-term foreign and local currency Issuer Default Ratings (IDRs) at ‘BB-’, affirming its national long-term rating at ‘AA-’ with a stable outlook.
Fitch also commended the administration of Rivers State Governor, Chibuike Amaechi for reducing the debt level of the state, while continuing with development projects and maintaining investments.
The ratings released on March 20, reflects Fitch’s expectations that Rivers State will continue to report a solid operating margin in the medium term, mainly driven by growing non-oil revenue.
“This will be partially offset by decreasing transfers received in reflection of lower oil price although the budget should continue to be balanced due to flexibility in expenditure,” Fitch said.
According to Fitch’s base case scenario, “the operating margin will stabilise at 60 per cent over the medium term (preliminary figures show 58 per cent in 2014). Internally generated revenue (IGR) is forecast to rise towards 30 per cent of total revenues and exceed N100billion by 2016, or about N8.5billion per month, up from N84billion in 2014.
“Backed by 2014 preliminary figures, IGR is expected to continue rising also due to more sophisticated collection, alleviating Rivers’ dependence on oil revenue. Fitch forecasts oil revenue would represent 65 per cent-70 per cent of annual revenue in the medium term, compared with 75 per cent-80 per cent in 2011-2013.
The report affirmed that, “The administration significantly reduced Rivers’ debt levels to N51billion in 2014, from N106billion in 2013, using the current surplus generated, asset disposal proceeds and capital transfers amounting to almost N60billion, while maintaining investments at N160billion in 2014. Nevertheless, even in a stressed scenario, debt is not expected to exceed half of the budget size, with debt service cover ratio remaining strong at below one year of the current balance, when both interest and principal repayment are considered.
“Fitch believes that debt will continue to be deployed for funding the state’s capital investment plan for the medium term. The capital expenditure is for the construction of infrastructure and service facilities such as roads, bridges, hospitals and schools, as well as in the oil and gas industry, to sustain gas supply both for the state and Nigeria.”
As part of its rating sensitivities, Fitch said it plans to monitor the outcome of the upcoming elections in Nigeria and its impact on the state’s operations.

News

198 UNIBEN Students Bag First Class

Published

1 day ago

November 24, 2025

The Tide

A total of 198 students of the University of Benin (UNIBEN ) Edo State, bagged a First Class degree out of 14,083 students to be awarded first degree at the institution’s 51st Convocation and Founder’s Day ceremony.

Vice Chancellor of UNIBEN, Prof. Edoba Omoregie, disclosed this on Monday in Benin at a pre-convocation press briefing.

He said 4,217 students bagged a Second Class Upper, 7, 928 got a Second Class Lower, while 578 bagged a Third Class degree.

He said 15 new approved programmes by the National Universities Commission (NUC) would commence in the 2025/2026 academic session.

According to him, “The wheel of progress is on course and moving steadily in the University of Benin. This administration is poised to deliver on its mandate of effective, practical teaching, sound learning, result-oriented research and impactful community service.

“We must applaud the President Bola Ahmed Tinubu, for establishing NELFUND, and by so doing significantly reducing the financial stress of students in the process of acquiring tertiary education. We enjoin students and their parents to take full advantage of the federal government’s benevolence in instituting the fund.”

Prof. Omoregie disclosed that Nigeria’s Minister of Regional Development, Engr. Abubakar Momoh, would deliver the Founders’ Day lecture with the topic, “Reforms for a Shared Prosperity”.

The UNIBEN VC said Director General of the Nigerian Institute of International Affairs and Former Vice Chancellor of Igbinedion University, Okada, Edo State, Professor Eghosa Osaghae, would deliver the Convocation Lecture on the theme, “Making Our Universities Great”.

News

Bayelsa Education Fund, British Council trains tra 1,000 teachers

Published

1 day ago

November 24, 2025

The Tide

The last batch of 400 public school teachers in Bayelsa State on Monday commenced training under the sponsorship of Bayelsa Education Development Trust Fund (EDTF) and the British Council.

This batch will bring to 1000 the number of public school teachers in the state who have benefited in the partnership arrangement.School supplies

The EDTF, British Council and Teachers Training, Registration and Certification Board collaborated in the capacity development programme.

Speaking at the opening ceremony of the five day capacity building program, Commissioner for Education Dr Gentle Emelah reiterated the commitment of the Bayelsa government to training and capacity of teachers in the state.

He noted that the improved teaching methodology in the state was responsible for the state producing the best student in the 2025 West African School Certificate Examinations.

Prof Ebimiowei, Executive Secretary at EDTF, noted that the collaboration is aimed at improving learning outcomes for pupils and students of public primary and secondary schools in Bayelsa.

“You will agree with me that until the cutlass is sharpened, it will have no impact on the hands of the farmer and so it is with our teachers., you need to be sharpened very well to give good delivery in your various classes and schools.

“Let me at this juncture appreciate the British Council for accepting to train 1,000 teachers, 50 education managers and 60 trainers for Bayelsa,” he said.

On his part, Chairman of the EDTF board, High Chief Fidelis Agbiki expressed appreciation to the Commissioner for Education Dr Gentle Emelah for his supportive role to the fund.

Agbiki urged the beneficiaries to justify the enormous resources invested by the government of Bayelsa by being dedicated within the five days the exercise would last.

He said; “This board will not operate on business as usual but on business unusual as we will push the frontiers outside the box to ensure that we get value for money,” Agbiki said.

Chairman of Development Partners Committee of the EDTF applauded the commitment of the partners for the successful completion of the programme, urging them to sustain the tempo

Speaking on the programme, Mr Fwanshishak Daniel, Head, English and Schools, British Council noted that the Bayelsa government had shown exemplary commitment to educational development.

He explained that the commitment has enabled the British Council and Bayelsa government to achieve within one year greater milestones that took other states three years to achieve.

He explained that the resources of the British Council have been made available to Bayelsa with the training of 60 resource persons from the state who will in turn train other teachers to improve education.

According to Daniel, the training will lay emphasis on new teaching methods, use of digital tools for self development and access to school amongst others.

Dr Peremoboere Ogola, Acting Chairman of TTRC, which facilitated training, thanked the EDTF for supporting training of teachers in Bayelsa with world class resources of the British Council.

She noted that another batch of newly recruited teachers are currently undergoing training at State government owned University of Africa, Toru Orua, Sagbama LGA in Bayelsa

News

RSG INAUGURATES ARMED FORCES REMEMBRANCE DAY COMMITTEE

Published

1 day ago

November 24, 2025

The Tide

The Rivers State Government has inaugurated a Central Planning Committee to organize the celebration of the 2026 Armed Forces Remembrance Day (AFRD) in the State.

The committee was formally inaugurated by the Secretary to the State Government, Dr. Benibo Anabraba in Port Harcourt, last Thursday.

Dr Anabraba who also serves as Chairman of the Committee

highlighted the State Government’s deep appreciation for the sacrifices of Nigeria’s fallen heroes who laid down their lives for the nation’s peace and unity.

“These heroes have given their lives for the security and peace of our nation and deserve to be celebrated. The Armed Forces Remembrance Day is an opportunity to show our gratitude for their sacrifice,” he said.

Dr. Anabraba further extended recognition to all Security Agencies in the State, emphasizing the importance of the event in appreciating their contributions to national security and sovereignty.

The annual Armed Forces Remembrance Day, observed on January 15 across the country is dedicated to remember Nigeria’s departed soldiers and honouring the nation’s veterans.