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FG Committed To Success Of Private Sector – Osinbajo …Commissions $1.4bn Fertilizer Plant, Other Projects In Rivers
The Acting President, Prof. Yemi Osinbajo, yesterday, said that the Federal Government was unequivocally committed to the success of the private sector.
He made the remarks during the formal release ceremony to discharge the Indorama Eleme Petrochemicals Limited (IEPL) from the five-year monitoring programme of BPE in Eleme, Rivers State.
He said the Federal Government had been focusing on improving significantly the business environment for small and large businesses.
According to him, last year, President Muhammadu Buhari established a Presidential Enabling Business Environment Council (PEBEC), whose results are now starting to be felt across the country.
“The kind of economic growth and prosperity that we’re aiming for cannot happen without private capital.
“And that private capital cannot be unlocked without reforming the business environment by removing obstacles and roadblocks to investment and business operations,’’ he said.
Osinbajo noted that it was impossible for government to ever be able to provide all the capital needed to invest in infrastructure, or to catalyse economic activity.
He said that the best government could do was to put energy into acting as a catalyst and support private capital to achieve maximum impact in the economy.
“And this is the entire point of the privatisation programme in the first place – it is about getting government out of the way so that businesses can do what they need to do to create jobs and prosperity.
“I’m glad that we’re here today to see one of the success stories of the Federal Government’s privatisation programme.
“What Indorama is accomplishing today is very much in line with President Buhari’s vision for a country that produces what it consumes and grows what it eats.
“If you had to sum up our vision for the Nigeria’s economy in a few words, this would suffice. Grow what we eat, produce what we consume,” he said.
Osinbajo said the President launched a Presidential Fertilizer Initiative in 2016, to ensure the availability of cheaper fertilizer to farmers, to support agriculture in the production of rice and wheat and other staples.
He said such initiative created significant economic opportunities for companies like IEPL which planned to supply about 360,000MT of Urea to fertilizer blenders.
The acting President said the $1.4billion world-class fertilizer blending plant, would in turn produce NPK fertilizer for the benefit of farmers in the country.
He, however, explained that in 2006, 75 per cent of Eleme Petrochemical Limited’s equity was sold to Indorama Consortium Ltd in 2006 for $225 million while 10 per cent was sold to the NNPC Pension Fund for $30million.
Our source reports that the company was handed over to its new owners on October 26, 2006.
In 2009, the National Council on Privatisation (NCP) approved the sale of 7.5 per cent and 2.5 per cent of the remaining government’s 15 per cent reserved equity to the community and staff of the company respectively.
The balance of five per cent equity remained with the BPE onbehalf of the Federal Government of Nigeria (FGN)
The BPE since the handover in 2006 carried out routine monitoring on the enterprise to ensure that the core investor adhered to and implemented the laid out post-acquisition plan.
In his speech earlier, Chairman of IEPL, Mr Sri Lohia, said the company was amongst few largest fertilizer plants in the world.
Lohia said that with the strength of the plant, Nigeria would be self-sufficient in fertilizer.
The chairman said that the plant apart from enhancing agriculture in the region would offer direct and indirect employment.
Meanwhile, the Acting President, Prof Yemi Osinbajo has declared that the Federal Government will support every effort to improve the living condition of Nigerians.
Speaking while commissioning the Chokocho-Umuechem-Ozuzu road and Chokocho-Igbo-Etche-Rumuokurushi Inter-Change in Etche Local Government Area, yesterday, Osinbajo lauded Governor Nyseom Wike for embarking on pro-people projects.
He charged leaders to always work for their people, saying, that is the only way that the people can feel the impact of government.
The acting president charged leaders to de-emphasise partisan concerns and work in the interest of their people.
He said: “We must always look for ways to advance the interest of our people. We are greater together than apart. Today is a very happy day. We will always have happy days.
“Here with us to commission the project of the Rivers State Government is Senator Magnus Abe, who is from another party. The Federal Government supports every effort that benefits the people”.
Earlier, Rivers State Governor, Chief Nyesom Wike said the two roads were constructed to revive the economy of Etche Local Government Area.
He said that the roads were death traps and completely damaged the economy of the area as they could not take their agricultural products to the market.
He said,“the condition of the two roads to be commissioned today was so bad that the people of Etche could not use them to transport their agricultural products to markets.”
Wike, also commended the realisation of the projects.
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Fubara Dissolves Rivers Executive Council
Rivers State Governor, Sir Siminialayi Fubara, has dissolved the State Executive Council.
The governor announced the cabinet dissolution yesterday in a statement titled ‘Government Special Announcement’, signed by his new Chief Press Secretary, Onwuka Nzeshi.
Governor Fubara directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.
He thanked the outgoing members of the State Executive Council for their service and wished them the best in their future endeavours.
The three-paragraph special announcement read, “His Excellency, Sir Siminalayi Fubara, GSSRS, Governor of Rivers State, has dissolved the State Executive Council.
“His Excellency, the Governor, has therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.
“His Excellency further expresses his deepest appreciation to the outgoing members of the Executive Council wishing them the best in their future endeavours.”
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INEC Proposes N873.78bn For 2027 Elections, N171bn For 2026 Operations
The Independent National Electoral Commission (INEC) yesterday told the National Assembly that it requires N873.78bn to conduct the 2027 general elections, even as it seeks N171bn to fund its operations in the 2026 fiscal year.
INEC Chairman, Prof Joash Amupitan, made the disclosure while presenting the commission’s 2026 budget proposal and the projected cost for the 2027 general elections before the National Assembly Joint Committee on Electoral Matters in Abuja.
According to Amupitan, the N873.78bn election budget covers the full conduct of national polls in 2027.
An additional N171bn is needed to support INEC’s routine activities in 2026, including bye-elections and off-season elections, the commission stated.
The INEC boss said the proposed election budget does not include a fresh request from the National Youth Service Corps seeking increased allowances for corps members engaged as ad-hoc staff during elections.
He explained that, although the details of specific line items were not exhaustively presented, the almost N1tn election budget is structured across five major components.
“N379.75bn is for operational costs, N92.32bn for administrative costs, N209.21bn for technological costs, N154.91bn for election capital costs and N42.61bn for miscellaneous expenses,” Amupitan said.
The INEC chief noted that the budget was prepared “in line with Section 3(3) of the Electoral Act 2022, which mandates the Commission to prepare its election budget at least one year before the general election.”
On the 2026 fiscal year, Amupitan disclosed that the Ministry of Finance provided an envelope of N140bn, stressing, however, that “INEC is proposing a total expenditure of N171bn.”
The breakdown includes N109bn for personnel costs, N18.7bn for overheads, N42.63bn for election-related activities and N1.4bn for capital expenditure.
He argued that the envelope budgeting system is not suitable for the Commission’s operations, noting that INEC’s activities often require urgent and flexible funding.
Amupitan also identified the lack of a dedicated communications network as a major operational challenge, adding that if the commission develops its own network infrastructure, Nigerians would be in a better position to hold it accountable for any technical glitches.
Speaking at the session, Senator Adams Oshiomhole (APC, Edo North) said external agencies should not dictate the budgeting framework for INEC, given the unique and sensitive nature of its mandate.
He advocated that the envelope budgeting model should be set aside.
He urged the National Assembly to work with INEC’s financial proposal to avoid future instances of possible underfunding.
In the same vein, a member of the House of Representatives from Edo State, Billy Osawaru, called for INEC’s budget to be placed on first-line charge as provided in the Constitution, with funds released in full and on time to enable the Commission to plan early enough for the 2027 general election.
The Joint Committee approved a motion recommending the one-time release of the Commission’s annual budget.
The committee also said it would consider the NYSC’s request for about N32bn to increase allowances for corps members to N125,000 each when engaged for election duties.
The Chairman of the Senate Committee on INEC, Senator Simon Along, assured that the National Assembly would work closely with the Commission to ensure it receives the necessary support for the successful conduct of the 2027 general elections.
Similarly, the Chairman of the House Committee on Electoral Matters, Bayo Balogun, also pledged legislative support, warning INEC to be careful about promises it might be unable to keep.
He recalled that during the 2023 general election, INEC made strong assurances about uploading results to the INEC Result Viewing portal, creating the impression that results could be monitored in real time.
“iREV was not even in the Electoral Act; it was only in INEC regulations. So, be careful how you make promises,” Balogun warned.
The N873.78bn proposed by INEC for next year’s general election is a significant increase from the N313.4bn released to the Commission by the Federal Government for the conduct of the 2023 general election.
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Tinubu Mourns Literary Icon, Biodun Jeyifo
President Bola Tinubu yesterday expressed grief over the death of a former President of the Academic Staff Union of Universities and one of Africa’s foremost literary scholars, Professor Emeritus Biodun Jeyifo.
Jeyifo passed away on Wednesday, drawing tributes from across Nigeria and the global academic community.
In a condolence message to the family, friends, and associates of the late scholar, Tinubu in a statement by his spokesperson, Bayo Onanuga, described Jeyifo as a towering intellectual whose contributions to African literature, postcolonial studies, and cultural theory left an enduring legacy.
He noted that the late professor would be sorely missed for his incisive criticism and masterful interpretations of the works of Nobel laureate, Professor Wole Soyinka.
The President also recalled Jeyifo’s leadership of ASUU, praising the temperance, foresight, and wisdom he brought to the union over the years.
Tinubu said Jeyifo played a key role in shaping negotiation frameworks with the government aimed at improving working conditions for university staff and enhancing the learning environment in Nigerian universities.
According to the President, Professor Jeyifo’s longstanding advocacy for academic freedom and social justice will continue to inspire generations.
He added that the late scholar’s influence extended beyond academia into political and cultural journalism, where he served as a mentor to numerous scholars, writers, and activists.
Tinubu condoled with ASUU, the Nigerian Academy of Letters, the Wole Soyinka Centre for Investigative Journalism, the University of Ibadan, Obafemi Awolowo University, Oberlin University, Cornell University, and Harvard University—institutions where Jeyifo studied, taught, or made significant scholarly contributions.
“Nigeria and the global academic community have lost a towering figure and outstanding global citizen,” the President said.
“Professor Biodun Jeyifo was an intellectual giant who dedicated his entire life to knowledge production and the promotion of human dignity. I share a strong personal relationship with him. His contributions to literary and cultural advancement and to society at large will be missed.”
Jeyifo was widely regarded as one of Africa’s most influential literary critics and public intellectuals. Among several honours, he received the prestigious W.E.B. Du Bois Medal in 2019.
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