Featured
Reject Emergency Powers Bill …Public Affairs Analyst Tells NASS
Even before the rumoured Economic Stabilization Bill 2016 aimed at giving President Muhammadu Buhari emergency powers gets an opportunity to be presented to the National Assembly, a public affairs analyst and procurement expert, Mr. Biebele Arimie has urged the National Assembly to reject the proposed law in its entirety because it will put the nation’s economy in a few hands and kill the anti-corruption crusade.
Making the call in an interview with The Tide in Port Harcourt, Arimie said the bill, if allowed to see the light of day, will completely destroy the economy and bring untold hardship to the generality of Nigerians, adding that those pushing the bill were misleading and misdirecting the President for some other considerations other than the good of the economy and the welfare of the people.
“My advice to the National Assembly will be to reject it completely. I want to believe that there are people in this government that want to mislead and misdirect the President. They’re trying to pull the wool over his eyes, not just him alone but the entire Nigerians because it does not make any economic sense,” he said, adding that “this rumour flying around about them wanting to settle political stakeholders at the expense of Nigerians even when we have a very bad economy, I don’t think is acceptable, and I don’t think the National Assembly should even give it a thought”.
Arimie, who is also a former Chairman of the Nigerian Institute of Purchasing and Supply Management, Rivers/Bayelsa chapter, described as crazy and out-landish the proposal to raise mobilisation fee to contractors from 15% in the procurement law to 50%, in the proposed bill, arguing that it was against international best practice for any mobilisation to be given at all.
“Remember, the Procurement Act requires the contractor to have the financial and technical capacity to do the job”, he pointed out, stressing that if the law has gone further to prescribe 15% mobilisation in addition to the financial capacity of the contractor, it was outrageous to raise it to a whooping 50% when all that is needed is for government to release money as at when due, at every milestone.
“When you abridge the procurement process and give these contracts, you’re putting the economy in the hands of a few unjustly because there’ll be no competition, there’ll be no transparency, there’ll be no accountability”, he insisted, arguing that the present state of the economy cannot support such a measure.
On the issue of patronising local contractors, Arimie wondered the rationale for this provision when the Procurement Law has already taken care of it under what he called Domestic Preference.
“All that the Federal Government has to do is to constitute the Federal Council on Procurement to be headed by the Minister of Finance.
“Once you constitute that, they will formulate policies for domestic preference. You don’t need to amend the law”, he said, adding that “it is either that some people are trying to be mischievous or that they do not even understand the law they have in their hands”.
As regards virement, he said it should not be difficult for the executive to approach the National Assembly at any point in time to justify and get approval to move money meant for one subhead to another, if the intentions are clear and the purpose, manifestly desirable.
“In my opinion, everything about this proposed, supposed and alleged bill does not make any economic sense apart from the fact that some people intend to enrich themselves”, he emphasised, insisting that mischief makers were at work, and “they want to use the issue of time to abridge the law and share the contract among themselves at very exorbitant prices at the detriment of the people, and at the end of the day, the economy will be swept under the carpet”.
Opaka Dokubo
Featured
Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally
President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.
Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.
He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.
“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.
He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.
The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”
Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.
He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.
“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.
The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.
Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.
Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.
Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.
Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.
“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.
He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.
Featured
RSG Kicks Off Armed Forces Remembrance Day ‘Morrow …Restates Commitment Towards Veterans’ Welfare
The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.
?
?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.
?
?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.
?
?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.
?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph, Port Harcourt”, he said.
?
?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.
?
Featured
Fubara Redeploys Green As Commissioner For Justice
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
-
Business14 hours ago
Industrialism, Agriculture To End Food Imports, ex-AfDB Adviser Tells FG
-
Rivers14 hours ago
Rivers Police Commissioner Condemns Vigilante Group Over Aluu Attack
-
Politics15 hours ago
Bayelsa APC Endorses Tinubu For Second Term
-
Business14 hours ago
Cashew Industry Can Generate $10bn Annually- Association
-
Rivers14 hours ago
KALCCIMA Inaugurates New Executive Council … Pledges Renewed Drive For Kalabari Economic Growth
-
Politics15 hours ago
Datti Baba-Ahmed Reaffirms Loyalty To LP, Forecloses Joining ADC
-
Politics14 hours agoEFCC Alleges Blackmail Plot By Opposition Politicians
-
Business13 hours ago
AFAN Unveils Plans To Boost Food Production In 2026
