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Senate’ll Pass 2020 Budget On Nov 28, Lawan Insists

Published

6 years ago

November 13, 2019

President of the Senate, Dr Ahmad Lawan, has asked the Committee on Appropriations to lay its report on the 2020 budget on November 26, for consideration and passage before the end of the month.
Lawan, who stated this at plenary, yesterday, commended the various committees for rounding off their budget defence sessions on schedule.
He insisted that the resolve of the National Assembly to revert to the January-to-December budget cycle remained sacrosanct.
He said, “All the committees have done their works so well within the defined parameters.
“Therefore, we expect the appropriations committee to galvanise into action.
“They (members of the appropriations committee) should produce the report to be laid here on the 26th November, which is the next two weeks, before the Senate.
“I believe this will be the same thing in our sister chamber, the House of Representatives, so that we would be able to pass the 2020 Appropriation Bill on the 28th of November”, he added.
Also, the Senate, yesterday, appealed to the Federal Government to ban importation of textiles in the country for a period of five years to allow for the production of local textile materials.
This followed the debate on a motion sponsored by Sen. Kabir Barkiya (APC-Katsina Central) during plenary on “Urgent need to revamp the nation’s comatose textile industry”.
The upper chamber also appealed to the Federal Government to provide the necessary infrastructural facilities especially power supply to local textile manufacturing companies to revamp the industry.
It also called on the government to encourage local textile manufacturing companies by providing them with soft loans and easy access to credit facilities through the Bank of Industry.
Debating the motion, Barkiya noted that the textile industry in the country played a significant role in the manufacturing sector of the Nigerian economy with a record of over 140 companies in the 1960s and 1970s.
“The textile industry recorded an annual growth of 67 per cent and as at 1991, employed above 25 per cent of the workers in the manufacturing sector.
“The textile industry was then the highest employer of labour apart from the civil service.”
He noted that the industry had witnessed massive decline in the last two decades with many textile companies such as Kaduna Textile, Kano Textile and Aba Textile, among others, closing shops and throwing their workers into the job market.
The lawmaker further said that government policies like increase in taxation, high cost of production, trade liberalisation resulting in massive importation of textile materials had negatively affected the production of local textile materials.
Barkiya said that the resuscitation of the industry would provide additional revenue and assist government to diversify the nation’s economy.
Contributing, Deputy Senate Leader, Sen. Robert Boroffice (APC-Ondo North) said that the importation of textile materials was as a result of the comatose level of the textile industry.
“The closure of our borders is an eye opener. China closed its borders for 40 years for its industrialisation and development.
“I believe that the closure our borders should be extended to allow us put our house in order.”
Boroffice said that the extension of the closure of the borders would serve as an opportunity to resuscitate the textile industry, among other industries that had been characterised by smuggling.
But Senate Minority Leader, Sen. Eyinnaya Abaribe (PDP-Abia South), who disagreed with Boroffice on the fact that the closure of the borders would help revamp the industry, said that “closing the borders and doing nothing will not lead to increase in production of textiles.
“The real problems have been indicated; first, is the fact that we are unable to produce the cotton that we need.
“But far more important is the fact of power. Power was the key problem that made most of the textile mills closed.
“Once it became very difficult after 1982 for industries to be supplied with power and they needed to switch over to now produce their own power in order to do production, it became a lose, lose situation for most of the industrialists.”
Abaribe called on the Federal Government to do the fundamental, power, to ensure that the smuggling of textile products was done away with.
Similarly, Sen. Gabriel Suswam (PDP-Benue North-East) said that without power, no meaningful profit would be realised in any manufacturing industry in the country.
Suswam, who called on the government to address the issue in the power sector, said that if this was done, the manufacturers would be able to make profit.
“If we take concrete actions on these issues, our economy will be enhanced, the welfare of the people will be enhanced, insecurity and by extension, criminality, will be reduced,” he said.
In his remark, the President of the Senate, Dr Ahmad Lawan said that as Nigeria had signed the Africa Continental Free Trade Agreement, “we have to be prepared for the repercussions.
“We cannot stop trading easily with other people. We have to up our game; we need to be competitive,” Lawan said.
Meanwhile, the House of Representatives has called on the Federal Government, through the Nigerian Customs Service to lift the ban on the sales of Premium Motor Spirit (petrol) within 20km to the country’s borders.
It would be recalled that last Thursday, the Comptroller-General of the Nigeria Customs Service, Col. Hameed Ali (rtd), had directed that no petroleum products should be supplied to any filling station within 20 kilometres to the borders.
A member, Hon Sada Soli, moved a motion of urgent national importance at the plenary, yesterday, asking that the order by the NCS should be vacated.
According to him, the order by the customs boss contravenes the provisions of the Customs and Excise Act.
Soli argued that the filling stations asked not to sell petrol close to the borders were situated and constructed in compliance with relevant laws.
“This is not acceptable! Review this directive with a human face,” he stated.
Several lawmakers, who seconded the motion, criticised the policy while lamenting the hardships being faced by people living in border communities.

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

Published

10 hours ago

January 9, 2026

The Tide

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

Published

11 hours ago

January 9, 2026

The Tide

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.

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Fubara Redeploys Green As Commissioner For Justice

Published

1 week ago

December 30, 2025

The Tide

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.