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Nigeria’s Economy On Brink Of Collapse, NECA Alerts

Published

3 years ago

August 8, 2022

The Nigeria Employers’ Consultative Association, NECA, Sunday in Lagos, raised the alarm that the nation’s economy is on the brink of collapse, warning that spiralling inflation, rising energy cost (scarcity of FOREX, the dwindling value of the Naira among others, are bleeding the economy.
Speaking in Lagos, the Director-General, DG, of NECA, Mr Wale Oyerinde lamented that the economy is under the weight of an almost comatose aviation sector, stuttering education system, rising debt, depleting Foreign Reserve and rising fuel subsidy expenses among others.
The newly appointed D-G of NECA advised the federal government to employ a holistic and multi-pronged approach toward resolving the challenges faced by the nation.
According to him, “The nation is currently faced with multiple challenges. With a dire combination of spiralling inflation, rising energy costs (aviation fuel, diesel, etc.), scarcity of FOREX, dwindling value of the Naira and an almost comatose Aviation sector. Also, with a stuttering education system, rising debt, depleting Foreign Reserve and rising fuel subsidy expenses among others, that threatens to lay bare the country’s economy, there is no better time for Government to reappraise current economic policies and deepen its engagement with the Organized Private Sector. While Government’s effort to salvage the economy is commendable, there is, however, a need for a more holistic approach to resuscitate the stuttering economy.
“Being dependent on Crude oil for about 90 per cent of its Foreign Exchange earnings and 80 per cent of its budgetary revenues, Nigeria has always lived dangerously on the precipice, with a major chunk of its revenue dependent on the complexities of global Crude demand and supply. A dangerous blend of self-destructive tendencies, insecurity and fiscal and monetary policy inconsistencies have also conspired to make the situation worse. While revenue continues to shrink, the nation continues to dig its feet deeper into debt.
“At different times over the past few years, various international bodies including the World Bank, International Monetary Fund and the World Trade Organization have warned about the excessive nature of the country’s borrowing. While some Stakeholders have canvassed that the revenue to GDP ratio of the country is healthy, a recent announcement by the Minister of Finance, Budget and National Planning that the revenue to debt service ratio is in the negative calls for urgent concern.
“In April, the World Bank warned that the rising cost of fuel subsidy could significantly impact public finance and pose debt sustainability concerns. Alas, this projection is almost happening. The Fiscal Performance Report released recently by the Federal Government confirmed the accuracy of these projections. The combination of a struggling aviation sector and roads taken over by bandits have also conspired to fuel the situation, leading to rising inflation at 18.6% (according to the NBS). These have continued to worsen the promotion of Commerce and the increase the rate of de-industrialization of some regions of the country.”
The DG of the umbrella body for employers in the country, while recommending how to deal with the multi-face challenges, called for “a deliberate and economic priority influenced approach and wide consultation with Stakeholders should commence, with the view of harvesting alternative policy options to re-energize all sectors of the economy. While the challenges of revenue shortage are acknowledged, burdening businesses with new taxes or levies will be counter-productive and self-destructive action. Over-burdening already burdened businesses will only lead to business closure and an escalation of job losses with consequential effects on our social and economic stability. Government should, in the short-term widen the tax net, reduce wastages in governance, and focus on economic projects that will stimulate the Nigerian economy and guarantee an enabling environment for businesses to operate. An enabling environment for local businesses will create the platform for new foreign direct investment, which could increase FOREX inflow into the country.
“In the medium term, the Federal Government should, as a matter of urgency, fix the four national refineries and encourage the development of Modular ones as a precursor to total removal of fuel subsidy. With over N5trillion budgeted for subsidy payment in 2022, an amount larger than the budget for education and agriculture, this is unrealistic and unsustainable. Economic interventions aimed at improving living standards (to stimulate consumption) and Enterprise sustainability (to promote job creation) should be implemented. While FOREX scarcity persists, allocation of the available FOREX to manufacturing and other productive sectors of the economy should be given priority.”

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PANDEF Hails Tinubu For Lifting Emergency Rule In Rivers

Published

12 hours ago

September 19, 2025

The Tide

The Pan Niger Delta Forum (PANDEF) has hailed the lifting of the State of Emergency in Rivers State, effective midnight, Wednesday, September 17, 2025.

In a statement signed by Board members and National Executive Committee members, yesterday, PANDEF commended President Bola Tinubu for rectifying what they described as an anomaly.

The statement was co-signed by Co-Chairmen, PANDEF Board of Trustees, Alfred Diette-Spiff and Obong Victor Attah, National Chairman Ambassador Godknows Boladei Igali, and National Secretary, Beks Dagogo-Jack.

Tinubu declared a State of Emergency in Rivers State on the 18th of March, 2025, suspending Governor Siminalayi Fubara, the Deputy Governor, and members of the state House of Assembly for six months in the first instance.

In place of the governor, the President appointed Vice Admiral Ibok-Ete Ibas (retd) as Sole Administrator.

However, Tinubu announced the suspension of the Emergency Rule on Wednesday, stating, “It therefore gives me great pleasure to declare that the emergency in Rivers State shall end with effect from midnight today (Wednesday).”

The Forum commended Fubara’s unwavering perseverance and “faith in the divine will of Almighty God,” while also commending the Deputy Governor, Professor Ngozi Odu, the Speaker, and members of the House of Assembly, who were equally affected by the suspension.

“The Board and National Executive Committee of the Pan Niger Delta Forum, the apex socio-political organisation representing the South-South geopolitical zone, joins millions of Nigerians in welcoming the lifting of the state of emergency in Rivers State, effective midnight, Wednesday, September 17, 2025.

“While PANDEF had expressed strong reservations regarding the erstwhile emergency rule, we commend His Excellency, President Bola Ahmed Tinubu, GCFR, for taking this bold step to rectify the anomaly.

“We welcome Governor Siminalayi Fubara back to his elected office and salute his unwavering perseverance and faith in the divine will of Almighty God. We extend similar commendations to the Deputy Governor, Professor Ngozi Oduah, the Speaker, and members of the House of Assembly, who were equally affected by the suspension,” the statement read.

Addressing Rivers people, the forum declared, “Light has returned to the state and a new glorious dawn has come. A moment in which the bitter pains of the past months will inspire all to rededicate themselves to true mutual forbearance, new alignments and forward movement.”

They urged political leaders and citizens to put the past behind them and work towards the collective good of the State, while pledging to support Rivers’ developmental trajectory under Fubara.

“All hearts and hands must therefore be joined together to put the past behind us and work towards the collective good of the state.

“We look forward to the State’s return to normalcy and the resumption of its developmental trajectory under the leadership of Governor Fubara and his team. PANDEF reiterates its commitment to supporting the government and people of Rivers State in their pursuit of progress and development,” the statement added.

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RSG Approves Full Rehabilitation of State Secretariat …Unveils Housing Scheme for Civil Servants, Honours Veterans

Published

1 week ago

September 12, 2025

The Tide

Rivers State Administrator, Vice Admiral Ibok-Eteh Ibas (Rtd), has approved the complete rehabilitation and modernization of the Rivers State Secretariat Complex to enhance efficiency and productivity in the civil service.

Ibas made the announcement at the 2025 Civil Service Week Gala and Awards Ceremony held at Banquet Hall, Government House, Port Harcourt, on Wednesday,.

He disclosed that “initiative is designed to transform the secretariat into a modern, efficient and conducive work environment, directly supporting the civil servants who form the backbone of the state’s governance.”

The Administrator also approved the provision of 106 housing units for civil servants in the State.

Ibas paid glowing tribute to retired Heads of Service and Permanent Secretaries, describing them as the bedrock of the state’s administration.

He stated that the awards ceremony was a symbol of deep appreciation for decades of sacrifice, resilience, and commitment.

“These interventions are designed to not only recognize your service, but also to improve your welfare in tangible and lasting ways,” the Administrator stated.

“We must build an administration that is efficient, effective, and truly citizen-centric,” he added.

The Administrator urged serving officers to draw inspiration from their predecessors and strive to make a meaningful impact in the lives of citizens.

He emphasized the importance of embracing innovation, technology, and continuous training to build a civil service equipped for the future.

The Acting Head of Rivers State Civil Service, Dr. (Mrs.) Inyingi Brown, in her welcome address, described the civil service as the “engine room of government” and expressed profound gratitude to the Administrator for his unwavering support and commitment to its modernization.“

“A society that does not honour its heroes is not worthy of emulation,” Dr. Brown remarked, lauding the retirees as torchbearers of discipline and loyalty.

She pledged to build on their legacy through reforms and innovation, projecting that the Rivers State Civil Service would become a model of efficiency and transparency by 2030.

Speaking on behalf of the retirees, President of the Association of Retired Permanent Secretaries, Sir Promise Njowhor,

expressed heartfelt appreciation for the historic recognition.

“For once, since the creation of the State, we are being honoured,” Njowhor said, adding, “Our morale has been lifted.”

He pledged the association’s continuous support for government programmes, describing the body of experienced retirees as a resource available to contribute to state development.

The rehabilitation of the State Secretariat and the new housing scheme represent a major investment in the infrastructure and dignity of public service in Rivers State, signaling a new era of support for the civil servants who drive the government’s policies and programmes.

The Tide reports that the Administrator also conferred awards of meritorious service on retired Heads of Service and Permanent Secretaries in the State

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Rivers LG Poll: APC Wins 20 chairmanship seats, PDP Clears Three

Published

3 weeks ago

September 1, 2025

The Tide

The All Progressives Congress (APC) has won 20 out of the 23 local government areas in the just concluded local government election in the State, while the Peoples Democratic Party (PDP) clinched three local governments.

According to the results released by the Rivers State independent Electoral Commission (RSIEC), yesterday, the APC won the chairmanship seats in Abua/Odual, Andoni, Opobo Nkoro, Ahoada East, Ahoada West, Okrika, Ogu/Bolo and Khana local government areas.

APC also won in Gokana, Tai, Oyigbo, Bonny, Eleme, Etche, Omuna, Akuku Toru, Asari Toru, Degema, Ikwerre and Emohua local government areas.

The Commission, however, said the PDP won in Port Harcourt City, Obio/Akpor, and Ogba Egbema Ndoni local government areas.

Chairman of the Commission, Dr Michael Odey, who announced the results at the Commission headquarters in Port Harcourt, said Ofori Owolabi of the APC scored 28,755 votes to emerge winner of the election for Abua Odual while Solomon Ochomma, also of the APC, emerged chairman elect for Ahoada East after scoring 54,509 votes.

Odey said Eugene Epelle also of the APC scored 84,125 votes to emerge winner in Ahoada West, while Bob Fubara was elected the chairman-elect for Akuku Toru after scoring 63,593 votes.

Similarly APC chairmanship candidate Lucky Otuo Promise emerged chairman-elect for Andoni after scoring a total of 126,181 votes, APC’s George Onengiyeofori emerged winner in Asari Toru after scoring 56,383 votes, while Pepple Blessing Abinye garnered 13,543 votes to emerge winner in Bonny Local Government Area.

Other APC candidates elected include Michael John Williams who scored 16,536 votes to emerge chairman-elect for Degema Local Government; Obarlllormate Ollor (77,452) for Eleme; Dr Chidi Julius Lloyd (114,380) for Emohua; Njoku Boniface (100,649) for Etche; Confidence Deekor (96,478) for Gokana, while Wobodo Charles got 62,746 votes to emerge winner in Ikwerre Local Government Area.

Other APC winners from the APC include Akuro Tobins (32,285 votes) for Okrika; Hon Obasi Uchechukwu (38,530) for Omuma; James A James (38,822) for Opobo Nkoro; Vincent Nemieboka (36,374) for Ogu/Bolo; Hon Mbakpone Okpe (70,080) for Tai LGA, while in Oyigbo, Okechukwu Akara scored 101,495 votes to emerge winner.

Meanwhile, the RSIEC chairman announced Dr Gift Worlu of the PDP with 328,823 votes to emerge winner in Obio Akpor; Shedrack Ogbogu, also of the PDP, scored 51,051 votes for Ogba Egbema Ndoni Local Government Area, while in Port Harcourt City, Sir Alwell Ihunda garnered 235,054 votes for PDP to emerge winner.

The APC also cleared the councillorship seats in Abua/Odual, Andoni, Ahoada East, Ahoada West, Okrika, Ogu/Bolo and Khana, Oyigbo, Bonny, Eleme, Etche,Tai, Khana Opobo/Nkoro and Degema local government areas.

Similarly APC councillorship candidates also emerged winners in Asari Toru, Degema, Akuku Toru, Gokana and Khana while PDP cleared the councillorship seats in Obio/Akpor, Port Harcourt city, and Ogba Egbema/ Ndoni Local Government Areas

Meanwhile, the Forum of State Independent Electoral Commissions has passed a vote of confidence on the just concluded local government election in the State.

National Chairman of the forum, Hon. Mamman Nda Eri, said this in an interview with newsmen in Port Harcourt.

Eri said all the chairmen across the country were in Port Harcourt to monitor the election as well as gain experience in an election under emergency rule.

John Bibor & King Onunwor