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Wike’s N448.6bn Consolidation Budget Excites Rivers People
The Rivers State Governor, Chief Nyesom Wike, has presented a N448,660,773,476billion Budget, for 2021 fiscal year to the state’s House of Assembly for consideration and approval.
The proposed 2021 budget christened, “Budget of Recovery and Consolidation”, is made up of N305, 894, 284.061 for Capital Expenditure, while N142,776,489,415 is earmarked for Recurrent Expenditure.
Wike, while presenting the budget to lawmakers at the state House of Assembly in Port Harcourt, last Wednesday, said the N448,660,773,476 budget for 2021 fiscal year represents more than 20 per cent increase over the 2020 Revised Budget of N300billion.
He said the capital expenditure, representing 68.18 per cent of the total budget, comprised: Administrative sector N87, 790,330,011.37; Economic sector N105,077,364,248,.81; Law and Justice N1,742,996,000.00; Social sector N132, 656,033,322.35 and Deductions/Loan repayments of N38billion.
The governor explained that the capital budget would be deployed to advance economic growth and social progress by targeting and prioritizing investments.
He said the sum of N82,957,295,248.81 has been provided for the provision of infrastructure, including roads, bridges, and completion of flyover projects at Okoro-Nu-Odo, Rumuola, Rumuogba, and GRA Junction.
“We will also deliver the Ogoni–Andoni–Opobo Unity Road, the Eastern Bypass dualization, 6th and 7th flyover projects and the Wakama Road as well as all other ongoing rural roads in our communities and local government areas across the state.”
The governor stated that over N6billion has been provided in the 2021 budget to stimulate economic growth through investments in commerce, culture and tourism, mineral resource development as well as address environmental challenges to improve the quality of life of all residents.
Similarly, he said N13,861,407,451.97 has been provided to fund various social and economic investment schemes to support the development of small and medium scale businesses as part of efforts to create jobs and reduce poverty.
The governor noted that economic challenges of the Covid-19 pandemic clearly exposed the state’s vulnerability to food insecurity, hence, the sum of N16,107,080,000.00 would be spent on targeted investments in the agriculture value chain in a bid to create employment and enhance collective food security of the state.
In cognizance that quality public education remains the key to breaking cycles of poverty, the governor said his administration has decided to prioritise education in the 2021 budget with the provision of N30billion to boost infrastructure, enhance access and retention rates and improve educational outcomes in schools throughout the state.
The governor hinted that the state government has provided N25,111,728,000.00 for health care services for 2021 fiscal year.
According to him, government would focus on completing the four zonal referral hospitals at Ahoada, Bori, Degema, Okehi and Omoku, which were all at advanced stages of completion.
Wike explained that the 2021 budget would also prioritise security and sustain the existing efforts in combating insecurity and keeping residents safe and secure.
He said the Recurrent Expenditure of N142,776,489,415 represents 31.82 per cent of the 2021 budget.
Out of this, he said N76,198,906,179 is for personnel costs; N18,863,016,430 for overheads and N47,704,566,804 for grants and transfers to the consolidated revenue charges.
“From inception, this administration has prioritised the payment of salaries and pensions, and I wish to assure our workers, including the proposed 5,000 new enlistments, that they will receive their salaries as and when due in 2021. Ministries, Departments and Agencies (MDAs) are also assured of prompt release of overheads to enable them run effectively and deliver services to the people.”
The governor explained that Nigeria was currently in its second recession in five years with headline inflation at 14 per cent.
However, he said the Federal Government has projected that the country would exit the recession in the first quarter of 2021.
Wike said the policy thrust for the year 2021 budget would be to accelerate economic recovery, drive growth and create opportunities for social progress; enhance human capital development and tackle poverty; build first-class infrastructures to accelerate socio-economic development.
He expressed optimism that the measures in the budget would place the state on a stronger economic footing towards achieving the NEW Rivers Vision for a peaceful, secure, inclusive and prosperous society.
He said the budget would be funded from Statutory Allocation, 13 per cent derivation fund, internally generated revenue (IGR), value added tax (VAT), refunds for federal projects and excess crude oil deductions, domestic and foreign credit as well as grants from development partners.
Commenting on the performance of the 2020 budget, Wike disclosed that at the end of October, 2020, the total net revenue collected by the state was N226,522,031,922.45, representing about 75 per cent overall proportional performance.
“While receipts from federal allocations declined, internally generated revenue overshot the budget projections by over N20billion despite the pause we placed on the payment of taxes by the informal sector and small businesses.”
Excited by the provisions in the presentation, the Speaker, Rt Hon Ikuinyi-Owaji Ibani, lauded Governor Nyesom Wike’s commitment towards transforming the state’s economy.
According to him, generations to come would live to acknowledge his good deeds.
The Speaker further assured the governor that the state lawmakers would diligently consider and pass the budget to facilitate the continued development of the state.
Present at the budget presentation were: Rivers State Deputy Governor, Dr Ipalibo Harry Banigo; Secretary to the State government, Dr Tammy Danagogo; the state PDP Chairman, Amb Desmond Akwor and members of the State Executive Council.
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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally
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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Fubara Redeploys Green As Commissioner For Justice
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.
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