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Budget Implementation: Senate Scores Executive Low …Summons Adeosun, Udoma …As Saraki Reshuffles C’ttee Chairmen, Deputies …FG Releases N336bn For Capital Projects
The Senate has invited the Minister of Finance, Mrs. Kemi Adeosun and Minister of Budget and National Planning, Senator Udo Udoma to brief it on the implementation of the 2017 Appropriation Act.
The Senate, at the plenary yesterday scored the Executive low on implementation of the national budget, especially for what it called the inadequate releases for capital projects.
This was contained in a motion moved by Senator Gbenga Ashafa (Lagos-East), entitled, ‘Inadequate Releases in the 2017 Budget and the Need to Expedite Releases in Order to Stimulate the Economy,’ which was adopted by the lawmakers.
The Senate unanimously adopted a prayer of the motion to “request that the Honourable Minister of Finance and the Honourable Minister of Budget and National Planning appear before the Senate in plenary immediately to brief the Senate on the cause of the inadequate releases and steps being taken to expedite release of funds for the capital component of the 2017 Appropriation Act.”
President of the Senate, Bukola Saraki, in his remarks on the motion, asked the Majority Leader, Senator Ahmad Lawan, to immediately write Adeosun and Udoma.
In another motion moved by Senator Yahaya Abdullahi (Kebbi-North), titled ‘Stabilising and Sustaining Post-Recession Growth of the Economy, the Senate unanimously adopted the prayers, including to “urge the national economy managers to remain focused and ensure that the current weak growth of a mere 0.55 per cent is built upon and increased substantially in the months and years to come.”
The Senate also urged the fiscal and monetary authorities to come together and harmonise fiscal and monetary policies, with a view to drastically reducing the high interest rates that have adversely affected borrowing for investment by the real sector of the economy.”
Also, the lawmakers urged fiscal authorities to drastically reduce the accumulation of domestic debt in order to free the market for better access by the private sector.
Meanwhile, the Senate President, Saraki has announced the reshuffling of committee chairmen and their Deputies, Saraki who made the announcement at the end of yesterday’s plenary, said that the move was designed to strengthen the institution of the Senate as well as ensure that proper oversight functions were carried out.
According to Saraki, the Committee on Public Accounts now has Senator Matthew Urhoghide, PDP, Edo South as Chairman, just as Committee on Trade and Investment will now be headed by Senator Sabo Mohammed while Interior committee now has Senator Andy Uba as Chairman.
Culture and Tourism is to be Chaired by Senator Raji Razaki and Local Content by Senator Adeola Olamilekan; Cooperation and Integration is now chaired by Senator Stella Oduah, while Capital Market Development is now headed Senator Bukar Mustapha.
Before now, Senator Urhoghide was Chairman, Senate Committee on Culture and Tourism while Capital Market was chaired by late Senator Isiaka Adeleke.
Others are Mohammed Sani, Vice Chairman, committee on Trade and Investment; Ademola Adeleke, Vice Chairman, committee on Communications; Godswill Akpabio, Vice Chairman, committee on Local Content; and Babajide Omoworare, Vice Chairman, committee on Judiciary, Human Rights and Legal Matters.
Speaking to newsmen, Senator Matthew Urhoghide who described the new position as a great challenge, said that the existence of the Public Accounts Committee was constitutional, just as he said that he would ensure that all agencies of government in the three tiers of government account for every kobo or money expended by them.
Senator Urhoghide said, “ When you have spent funds, you account for it, the assignment is beyond auditing the Ministries, Departments and Agencies, MDAs, we will look at the Universal Basic Education, UBEC to state and their existence where public finds have been voted for.”
According to him, there must be accounting for public funds, even as he said that the Committee would be up and doing and deliver especially against the backdrop of fight against corruption, adding that the agencies of government must account for the money spent and there must be proper accounting, adding that people must be held responsible for all actions carried out.
Senator Urhoghide who urged all government agencies to cooperate with the Senate and the Committee in particular, said, “ I will discharge my duty, I see it as a challenge, I will reshape the landscape of public expenditure.”
Meanwhile, the Senate President, Senator Bukola Saraki yesterday swore-in Andrew Uchendu as the Senator representing Rivers East following the sack of Senator George Sekibo.
It would be recalled that the last reshuffling was in July, 2017, when Kabir Marafa became the chairman of the Petroleum Resources Committee (Downstream) and Oluremi Tinubu, was moved from Women Affairs Committee to the Committee on the Environment.
Sulieman Hukunyi was moved to National Identity Management Committee as Chairman. Adamu Aliero was moved to Aviation as Chairman, while Hope Uzodinma got Customs. Barau Jibril got Tertiary Institutions and Binta Masi got Women Affairs.
The Public Procurement Committee got Joshua Dariye as its chairman, while James Manager, who was chairman of the Committee on Power was moved to the Solid Minerals Committee.
Senator Enyinnaya Abaribe, who was Chairman, Committee on Information and National Orientation, was moved to the Committee on Power, while Adokwe Suleiman was named Chairman, Information Committee.
Legislative Compliance Committee had Babajide Omoworare, who used to head the Rules and Business Committee, as its chairman, while the latter was headed by Baba Garbai. The Federal Character Committee had Senator Tijani Kaura as its Chairman.
In another development, the Federal Government said it has released a total sum of N336bn for the implementation of capital projects contained in the 2017 budget.
The Minister of Finance, Mrs. Kemi Adeosun, who confirmed this in a statement issued yesterday, said the amount was for the first quarter of this year.
The 2017 budget, christened Budget of Recovery and Growth, was presented to the National Assembly on 14th December, 2016, and passed by the lawmakers on the 11th of May, 2017.
The fiscal document, which was signed into law by then Acting President Yemi Osinbajo on June 12, 2017, had a total expenditure of N7.44trn out of which N2.99trn was for non-debt recurrent spending, N2.36trn for capital expenditure, while debt servicing was to gulp N1.66trn.
She said while the ministry had earlier announced that N350billion would be released, the sum of N336billion has been made available to Ministries, Departments and Agencies of government.
Out of this amount, the minister said the Ministry of Power, Works and Housing got the highest allocation of N90billion.
This is followed by the Ministry of Defence with N71billion while Transport Ministry got N30billion.
Furthermore, she said Agriculture Ministry received N30billion, Water Resources got N12billion, while other sectors combined received a total sum of N103billion.
Adeosun said the prioritization of the release of available funds was made in accordance with the objectives of the Economic Recovery and Growth Plan.
She said the Federal Government will continue to focus on capital expenditure spending on priority sectors to stimulate economic activities and job creation.
The statement quoted her to have said, “despite fiscal constraints, the Federal Government was able to fully cash-back the budgeted capital releases so far made, which is a reflection of the current administration’s commitment to economic development.”
The 2017 budget with capital allocation of N2.36trillion was targeted at projects that are aligned with the core execution priorities of the Economic Recovery and Growth Plan.
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.
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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.
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?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.
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?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.
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?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.
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?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.
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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.