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States Get N649.4bn Final Paris Club Refund, Soon

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The state governments in Nigeria would soon smile to the banks as the Federal Government has concluded plans to commence the final phase of the Paris Club debt refunds.
Addressing journalists in Abuja, yesterday, on the state of the economy, Minister of Finance Zainab Ahmed, disclosed: “The total sum of N649.434billion was verified by the ministry as the outstanding balance to be refunded to the state governments.”
She also revealed that the payments made by the Central Bank of Nigeria (CBN) as at March, 2019 stands at N691.560billion.
“The increase in CBN payments partly arose from exchange rate differential at the point of payment,” she said.
Ahmed, while not divulging the status of the states with regards to the Paris Club disbursements, noted that, “some states still have outstanding balances, which will be refunded, in due course.”
The minister also stated that a total sum of N4.8trillion was distributed to the three-tiers of government between September, 2018, and April, 2019, from the Federation Account, noting that, “the sum of N784.7billion realized from Value Added Tax (VAT) for the same period was also shared.”
Speaking on Nigeria’s growing debt profile, the minister stated, “the debt increase from N12.2trillion to N23trillion is by design.”
The Federal Government, she said “designed the Economic Recovery and Growth Plan (ERGP) to reflate the economy to take us out of recession when we came on board, and we made an assessment, it was clear that our country was going into recession.
“When we did a research on the best way to reverse the recession and to reflate the economy and that means putting resources in the economy so that consumption will increase.”
Based on government’s findings, she said they “designed the ERGP to borrow in the first, second and third years, and in the fourth year, the borrowing was supposed to start reducing. That is exactly what we have done.”
Defending the borrowing, Ahmed said, government “made sure that we borrowed to finance capital projects.
“At the same time we went into recession there were other countries similar to Nigeria that went into recession. Some of them are still not out of recession but because of the method we adopted.
“But the consequence, of course, is the increase in debt and that is why the Ministry of Finance and all its agencies are working to make sure that we increase revenues.”
She reiterated, “at 19.09 per cent Debt-to-GDP ratio, we still are the lowest comparative to countries like Brazil, South Africa that all have an average of 56 per cent Debt-to-GDP ratio.
“If you look at our budget, the debt-service-to-GDP ratio is 30 per cent but because revenues underperformed, it went as high as 50 per cent to 55 per cent, and in some months, up to 60 per cent. So, if our revenues perform optimally, we are in a good place as far as revenues are concerned.”
The minister said the country’s External Reserves grew from $28.3billion in 2015 to $44.69billion as at May 13, 2019.
“This represents a significant improvement that has helped to stabilize the economy, including stabilizing our exchange rates,” she stated.
Also, the Foreign Exchange (FX) market, she said, “remains relatively stable because from 2017 to now there is a significant convergence of the NIFEX and NAFEX windows and they have in fact merged by the end of November, 2018.”

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NGO-ATLANTIC-OYOROKOTO ROAD’LL UNLOCK COASTAL PROSPERITY FOR RIVERS – FUBARA

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Rivers State Governor, Sir Siminalayi Fubara, has described the ongoing construction of the brand new 13.52-kilometre Ngo-Atlantic-Oyorokoto Road as a bold and visionary effort by his administration to open up the coastal region for economic growth and harness the full potential of the state’s blue economy.

 

The Governor made this remark during an inspection visit to the project site in Andoni Local Government Area. The road, being constructed by Monier Construction Company (MCC), cuts through challenging coastal terrain and leads to a newly identified beachfront facing the Atlantic Ocean.

 

Governor Fubara explained that while the original plan was to construct a road leading to Oyorokoto Town and its popular beach, his administration decided to expand the project to create an entirely new route that would open access to another pristine beachfront.

 

“We are doing another inspection today. This particular one is a virgin road, 13.52 kilometres of a new pathway to the blue economy,” Governor Fubara stated.

 

“Initially, we were constructing a road to Oyorokoto Beach, one of the finest tourist centres in this area. But as we progressed, we discovered another beach directly facing the Atlantic Ocean. It became clear that we shouldn’t limit development to just one site. We want to harness this new beach front as part of our broader plan to develop the blue economy.”

 

The Governor emphasised that the project, once completed, will not only improve access to coastal communities but also stimulate tourism and economic activities, boosting revenue for Rivers State.

 

Describing the area’s difficult terrain as challenging, he commended the contractor for its dedication, and expressed confidence that the road would be completed and commissioned by March next year.

 

“You can see for yourself, it’s a brand-new road in a very difficult terrain, just like the one we saw yesterday. But I strongly believe we will overcome it. From what we’ve seen today, the contractor, MCC, is doing their best, and by next year, hopefully by March, we’ll have the cause to commission this project and give God all the glory,” the Governor affirmed.

 

Governor Fubara also visited Opobo/Nkoro Local Government Area to assess the progress of work on the Epellema axis of the ongoing 5.2km Kalaibiama-Epellema road project featuring a 450-meter bridge.

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FUBARA HAILS PROGRESS OF WORK ON TRANS-KALABARI ROAD

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Rivers State Governor, Sir Siminalayi Fubara, has expressed satisfaction with the level of progress recorded on the ongoing Trans-Kalabari Road project, revealing that about 75 percent of the critical piling work has been completed.

Governor Fubara made this known while addressing journalists after an on-the-spot inspection of the 12.5-kilometre road project, which will connect the state capital to several Kalabari communities across the sea.

The Governor rode on a boat from a jetty at Rumuolumeni in Obio/Akpor Local Government Area through the rivers and creeks on the project route during the inspection.

The project was awarded to Lubrik Construction Company Limited, on May 15, 2024, with an initial 32-month completion timeline.

The Governor said the visit was aimed at verifying reports from the Ministry of Works regarding the project’s advancement. He commended the contractors for their dedication, and described the progress as “a true reflection of hard work and commitment to excellence.”

“The first phase of the project takes us to Bakana, and features four major river-crossing bridges and nearly five deck-on-pile structures. The terrain is difficult, and the engineering work required is complex. But to the glory of God, I can confirm that the reports I’ve been receiving are accurate. Almost 75% of the piling job, which is the most critical part of the project, has been achieved,” Governor Fubara said.

He emphasised that the Trans-Kalabari Road is one of the most technically demanding infrastructure projects in the state due to its challenging marine terrain but reaffirmed his administration’s resolve to deliver it on schedule.

Governor Fubara highlighted the strategic importance of the road in connecting the Kalabari Kingdom to Port Harcourt, and stimulating economic growth across riverine communities.

“This is a key project that will turn around the lives of the Kalabari people immediately it is concluded. By the grace of God, in the next six months, if we return here for inspection, we might be driving across the bridge,” he said.

Governor Fubara assured Rivers people that his administration remains focused on delivering transformative infrastructure projects that will improve lives and bring lasting development to rural communities.

“We have made a promise to our people to embark on projects that will change lives and bring development, and this is a testament to that commitment,” he added.

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RSG EXPRESSES CONCERN OVER FLOODING IMPACT, EROSION

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The Governor of Rivers State, Sir Siminalayi Fubara, says that the impact of flooding and erosion on the inhabitants of Rivers State, especially those living in coastal communities, are of great concerns to the government.

 

Governor Fubara lamented the consequences of flood on both human and biotic life, which sometimes lead to loss of life, property, and degradation of the environment.

 

The Governor made the remark in Port Harcourt during the launch of a book titled, ‘Coastal Zone Flooding And Erosion in Developing Communities, Principles, Cases and Strategies,” written by Emeritus Prof. Wiston Bell-Gam.

 

According to the Governor, who was represented by the Secretary to the State Government, Hon. Benibo Anabraba, his administration, would continue to undertake and encourage adaptation strategies to combat flooding.

 

In his words: “The Rivers State Government will continue to undertake and encourage adaptation strategies, such as construction of seawalls and breakers, canals and channels, restoring coastal ecology and ecosystem for coastal resilience and where necessary, the relocation of communities on the coastline.

 

“These issues are currently receiving the much needed attention and intervention by the recent approval of the construction of shoreline protection along the coastlines of more than five communities in Ogba/Egbema/Ndoni and Opobo/Nkoro LGAs respectively.”

 

“It is important that as stakeholders in the protection and preservation of marine environment, we all act and advocate for mitigation strategies such as reduction in emission of Green House Gasses  that causes climate change and rise in sea levels. Let us promote the use of clean energy and against fossil fuel.

 

Governor Fubara further cautioned residents to desist from building on waterways.

 

“We also need to encourage our people to stop developing buildings on and along natural water courses, indiscriminate sea mining and dredging activities on our coastline without consideration for mangroves and swamps,” he stressed.

 

He appreciated the author for his advanced contributions to the body of knowledge in both Rivers State and globally.

 

Also speaking, a former Military Governor of the old Rivers State and Amayanabo of Twon Brass, King Alfred Ditte-Spiff, who was Royal Father at the Event, stated that the book was timely to enable stakeholders manage the challenges of global warming.

 

“Global warming is real. If it’s not addressed globally, a time will come coastal areas will find themselves under water. The coastline of Nigeria is shocking with many mangroves gone,” he noted.

 

The Reviewer of the Book, who is also the Vice Chancellor of Olusegun Agagu University of Science and Technology, Ondo State, Prof Temi Ologunorisa, explained that the 14-chapter book is timeous as it fills literary gaps between desire and available knowledge on coastal flood and erosion in developing communities.,

 

“A major beauty of the book that sets it apart is the detailed consideration of flood and erosion control from around the world,” he stated, adding that the book is based on detailed field investigation.

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