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FG Pays States $5.4bn Paris Club Refund

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A total of $5.4 billion has so far been paid to states by the Federal Government for settlement of the Paris Club Refund.
The Minister of Finance, Mrs Zainab Ahmed confirmed the release at a news conference on the state of the economy yesterday in Abuja.
Present at the briefing were the Director-General, Debt Management Office, Mrs Patience Oniha, the Acting Director-General, Securities and Exchange Commission, Ms Mary Uduk and the Comptroller General of Customs, Col. Hameed Alli (Rtd).
Others were the Permanent Secretary, Ministry of Finance, Mahmoud Dutse; Executive Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler and other top officials in the ministry.
She said that the Paris Club Refund was released to states in phases based on some conditions, which included that salaries and staff related arrears must be paid as a priority.
Also, there must be commitment by all states to the commencement of the repayment of Budget Support Loans granted in 2016 and clearing of amounts due to the Presidential Fertiliser Initiative.
Ahmed said that the Federal Government had also settled inherited debts despite the revenue shortfall experienced within the last three years.
The finance minister said aside the 5.4 billion dollars used to pay states over deductions made from the Paris Club debt, 6.8 billion dollars was used to settle Joint Venture Cash Call obligations.
She also said that contractors being owed N1.9 trillion under the Export Expansion Grants were on the verge of being settled.
In addition, she said that about N488 billion spent by state governments on road projects had also been paid.
Similarly, she said that as part of the Federal Government’s efforts to ensure all pensioners get their entitlements, the ministry had released N54 billion to settle outstanding pension arrears in 2014, 2015 and 2016.
She noted that the government had settled pension claims up to March 2017.
Ahmed announced that the federal government had agreed to pay about N571 million as gratuity to 175 retired police officers affected by the Biafra war.
In the area of expenditure performance, the finance minister said that in 2018, despite the revenue shortfall, the federal government had been able to pay salaries and fully service its debt obligations.
She said as at Dec. 21, 2019, the ministry had released overhead funding for seven months, while N995 billion had been released for capital projects.
She expressed optimism that the ministry would perform better during the rest of the budget year by driving up revenue generation to improve the fiscal space for spending.
To increase revenue, she said the federal government would be implementing more public financial management reforms.
“We will improve collaboration between our revenue collection agencies, including the Nigeria Customs Service, Federal Inland Revenue Service and other trade partners, to share information and intelligence that will help improve revenue and make collections more efficient.
“Under my tenure as the Finance Minister, I intend to continue championing such digitalization transformation initiatives that have proven to be a good way forward for our revenue generation drive,” she said.
When asked what are some of the taxes that would be affected by the planned increase in tax rate, the minister said that the government would from next year begin the implementation of taxes on luxury items.
She said: “We are exploring the way to increase taxes as well as reduce taxes in some sectors.
“For Small and Medium Enterprises, what will happen is to reduce taxes. But there are some special taxes that we will be looking at imposing.
“For example, luxury taxes. If you have a private jet, we will be taxing you especially for that. If you have a yacht, we will be charging you for that and also in terms of excise duties there are also some new areas where excise duties will be introduced.
“We haven’t got all the approvals but one of the major areas might be that of carbonated drinks produced in the country,” she said.
Ahmed also said that the government had also recorded an increase in the number of registered tax payers from 10 million in 2015 to about 19 million in 2018 under the Joint Tax Board.
On the whistle blower policy, Ahmed said that the Federal Government had recovered over N8.5 billion and 465 million dollars, among others, from 1,051 investigations conducted from tip offs received.
She also said that through the Voluntary Assets and Income Declaration Scheme, over N35 billion was recovered while significant increase was also recorded in the country’s tax base.
In the area of fiscal collaboration with state governments, the finance minister said that the federal government had provided budget support to states with a release of N1.9 trillion.
This, she noted, was to enable the state governments meet their salary and pension obligations, especially in the face of dwindling oil revenues over the last two years.
Earlier, Fowler, who also spoke at the briefing, said that out of the 2,000 property of corporate entities identified early this year that were not paying taxes, 561 of them had come forward to make payments.
He said 116 companies claimed not to own any of these properties, adding that 30 of them had actually written to the FIRS that the property in question do not belong to them.
Fowler said based on the law, the property would be taken over by the government.

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Ibas Inaugurates RSIEC, Service Commissions, Healthcare Board In Rivers  …Charges Appointees To Embrace Principles Of Service 

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The Administrator of Rivers State, Vice Admiral (Rtd) Ibok-Ete Ibas, has charged newly appointed Board members to uphold the highest standards of discipline, competence, integrity, and unwavering dedication in their service to the State.

 

He emphasized that such commitment is critical to stabilizing governance, restoring democratic institutions, and advancing the principles of good governance in the State.

 

 

 

This was contained in a statement by the Administrator’s Senior Special Adviser on Media, Hector Igbikiowubo on Monday.

 

 

 

Ibas issued the charge on Monday while inaugurating the reconstituted Rivers State Independent Electoral Commission (RSIEC), Rivers State Civil Service Commission, Rivers State Local Government Service Commission, and the Rivers State Primary Health Care Management Board at Government House, Port Harcourt.

 

 

 

The Administrator urged the new appointees to embrace their roles with diligence, patriotism, and a commitment to transforming Rivers State through excellent service.

 

 

 

Addressing the Chairman and members of RSIEC, Ibas underscored their pivotal role in ensuring credible local government elections that reflect the will of the people.

 

 

 

“Your task is clear but demanding: to conduct free, fair, transparent, and credible elections at the grassroots level. You must resist bias, favoritism, and external interference while restoring public confidence in the electoral process,” he stated.

 

 

 

“The independence of your actions is crucial to sustaining peace, stability, and grassroots governance. I urge you to act with fairness, impartiality, and professionalism—even in the face of difficult choices,” Ibas added.

 

 

 

The Sole Administrator also charged the Rivers State Civil Service Commission on the need to eliminate mediocrity and foster a culture of excellence through merit-based recruitment, training, and promotions.

 

 

 

“The civil service must transition from favoritism to competence, integrity, and accountability. Your commission will lead reforms, including digital transformation and standardized practices across ministries, departments, and agencies,” he said.

 

 

 

He disclosed that extensive training programmes are underway, with a committee set up to overhaul the public service framework for greater efficiency.

 

 

 

Meanwhile, Ibas urged the Rivers State Local Government Service Commission to ensure professionalism and discipline in local government administration.

 

 

 

“As the closest tier of government to the people, you must drive reforms that insulate the system from politics and mediocrity. Your mandate includes merit-based recruitment, training, and enforcing standards for effective service delivery,” he stated.

 

 

 

In the same vein, the Administrator charged the Rivers State Primary Health Care Management Board with revitalizing healthcare delivery across the state’s 23 local government areas.

 

 

 

“Primary healthcare is the foundation of a sustainable health system. Your board must ensure facilities are adequately staffed, equipped, and operational focusing on maternal health, immunization, malaria control, and community health services,” he said.

 

 

 

He emphasized data-driven operations, incentives for rural health workers, and restoring the referral system to improve healthcare access.

 

 

 

He also assured the Board of sustained government support, including funding, for the effective discharge of their mandates but warned that board members would be held accountable for their performance.

 

 

 

The newly inaugurated members include: RSIEC: Dr. Michael Ekpai Odey (Chairman) with Prof. Arthur Nwafor, Prof. Joyce Akaninwor, and others as members.

 

 

 

Civil Service Commission: Dr. Livinus Bariki (Chairman), Amb. Lot Egopija, Mrs. Maeve Bestman, and others.

 

 

 

Local Govt. Service Commission: Mr. Isreal Amadi (Chairman), Rear Adm. Emmanuel Ofik (Rtd), Dr. Tonye Pepple, and others.

 

 

 

Primary Health Care Board: Dr. Dawari George (Chairman), Dr. Chituru Adiele (Executive Director), Prof. Kaladada Korubo, and representatives from key ministries.

 

 

 

 

 

 

 

 

 

 

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Rivers PDP Debunks Sale Of LGA Election Forms

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The Publicity Secretary of the Peoples Democratic Party (PDP) in Rivers State, Dr. Kenneth Yowika, has debunked claims that the party has commenced sale of forms for chairmanship and councillorship elections across the 23 local government areas of the state.

 

Yowika made the rebuttal in a statement made available to newsmen on Wednesday, describing the publication on the social media as baseless and untrue.

 

He urged members of the PDP to disregard the claim, saying that official communication regarding the sale of forms would be disclosed through the appropriate channels.

 

“With reference to information trending on social media, it has been falsely claimed that the sale of forms for Chairmanship and Councillorship elections in the 23 Local Government Areas (LGAs) of Rivers State will begin soon.

 

“However, the party has firmly denied these rumours, stating that they are baseless and untrue.

 

“The party has its own established methods of reaching out to its numerous supporters.

 

“The People’s Democratic Party, a law-abiding organisation, will patiently await the release of guidelines from the recently inaugurated Rivers State Independent Electoral Commission (RSIEC) before considering any sale of election forms.

 

“The PDP is urging its members to remain calm as official communication regarding the sale of forms will be disclosed through appropriate channels,” the statement read.

 

Enoch Epelle

 

 

 

 

 

 

 

 

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South-South contributes N34trn to Nigeria’s economy in 2024 – Institute

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Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-South region contributes N34 trillion to country’s economy in 2024.

He made the remark at the South-South Zonal Banking and Finance Conference in Calabar, yesterday.

He spoke on the theme, ‘’Building An Inclusive South-South: Economic Diversification as a Catalyst For Development.’’

Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).

The president described the growth as ‘’ impressive,’’ saying that it was not driven by oil alone but significant expansions in trade, services, and the creative industries.

According to him, to fully harness this potential, coordinated financial, technological, and policy support is essential.

“As we work to reposition the South-South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation, and inclusive economic growth.

“This conference, therefore, provides a strategic opportunity for stakeholders to reimagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises.”

Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South-South region, where financial institutions and stakeholder collaborate to diversify the economy for shared prosperity.

He,  however, commended Gov. Bassey Otu for his pledge of land for CIBN Secretariat in Cross River and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.

On his part, Gov. Otu said that the conference discussion on the economic diversification in South-South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.

Represented by his deputy, Mr Peter Odey, Otu said the South-South region must now act with urgency to diversify its economy while leveraging its shared natural endowment in agriculture and extractive resources.

“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River in the south-south.

“Diversification should be evidence-based and must be backed not just by financial advice but project focused financing and real investment support,” he noted.

He said that Cross River had taken the bold step to invest in its agricultural sector by launching an Agro processing hub.

Otu further said that the state had invested in aviation by acquiring more aircrafts for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.

Similarly, Mr Tolefe Jibunoh, Cross River Branch Controller of the Central Bank of Nigeria (CBN) said that the region was blessed with natural resources, cultural diversities and immense human potentials.

Jibunoh, who was represented by Mr Segun Shittu, Head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.

He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.

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