News
Rivers Consolidation, Continuity Budget Scales First Reading At Assembly
The 2023 Appropriation Bill, presented by the Rivers State Governor, Chief Nyesom Wike, yesterday, scaled the first reading on the floor of the state House of Assembly.
The state lawmakers had decided to expeditiously and conscientiously deliberate on the fiscal spending legislation in the next sitting of the House.
Earlier, the Rivers State Governor, Chief Nyesom Wike, had presented an Appropriation Bill of N550, 666,987,238.00 for the 2023 fiscal year to the state House of Assembly for consideration.
Wike while giving a breakdown of the budget, said the projected recurrent expenditure is N175, 249, 692, 497, which represents about 36.8percent of the total budget, while the projected estimates for Capital Expenditure is N350, 977, 495, 537, representing about 63.2percent of the total budget.
The governor said the policy thrusts for the 2023 budget proposal christened, “Budget of Consolidation and Continuity,” would focus on delivering economic growth, additional infrastructure and prosperity for citizens.
He noted that the 2023 budget was based on the framework of the state’s Medium Term Expenditure Framework (MTEF), the State’s Economic Strategy Paper (SESP), the national economic outlook and the state’s economic growth projections pegged on the assumptions of crude oil benchmark of $70 per barrel, national crude oil production estimates of 1.7million barrels per day, currency exchange rate of $435.57 to the Dollar, a gross domestic product growth rate of between three per cent, an inflation rate of 13.1per cent and state economic growth projection between 4 and 4.5percent.
He explained that the budget would be funded from FAAC receipts, 13percent oil mineral derivation fund, IGR, Value-Added Tax (VAT), Federal Government’s bridging facility and refunds, commercial bank loans, sale of state assets and grants from international development agencies.
Wike emphasised that the projected recurrent expenditure would be deployed to meet government’s administrative obligations on salaries, pensions and gratuities for civil servants and overheads for the day-to-day operations of the government and Ministries, Departments and Agencies (MDAs).
The governor pointed out that the 2022 capital expenditures posted impressive performance as capital receipts were judiciously utilised to fund infrastructure projects, including roads, bridges, and flyovers as well as investments in human capital development in the areas of education, healthcare and citizen’s security.
According to him, “New projects may not be awarded in 2023, except where such is considered very significant.
“My administration will galvanise efforts and resources to complete all ongoing projects so that the new government can start on a clean slate, unencumbered”, he noted.
He also pointed out that adequate provisions would be made on all aspects of the administration’s priorities, including law, order, security and justice; sustainable physical infrastructure, such as roads, bridges and jetties; and human capital development – education, healthcare, skill acquisition, business development, job creation, women and youth empowerment, agriculture and poverty reduction.
Wike acknowledged the unity of purpose, togetherness and support accorded his administration by the state House of Assembly over the last seven and half years, and assured of his administration’s commitment to use the 2023 budget to deliver more transformative infrastructure and other strategic projects and services to move the state closer to the point of self-sustainability.
In his remarks, the Speaker of the State House of Assembly, Rt Hon Ikuinyi-Owaji Ibani, noted that Wike, had through prudent allocation of resources, put in place a roadmap for the development of the state.
Ibani, who commended the governor for his achievements in the past seven years, noted that his numerous infrastructure projects, would impact positively on the development of the state in future, and assured of speedy consideration of the budget.
By: Ike Wigodo
The ECOWAS Parliament has adopted a budget of 19,636,030 Units of Account (UA) (26 million dollars) for the 2026 fiscal year, and announced plans to commemorate its 25th anniversary in November.
The Speaker of the Parliament, Hadjia Memounatou Ibrahima, who announced this, said the development followed the recent conclusion of its 2025 Second Extraordinary Session in Port Harcourt, Nigeria.
She said the budget was adopted by the Parliament during plenary, stressing that, beyond being a mere accounting act, it was the engine of parliament’s commitment to West Africans.
”It will enable us to carry out our priority missions, including implementing the conclusions of the seminar on AI, while ensuring virtuous and transparent management of public funds entrusted to us.
”This budget represents a five per cent increase compared to the 2025 fiscal year budget, reflecting an upward adjustment of UA 939,233 from last year’s UA 18,996,897.
”Out of the budget of UA 19,636,030 for 2026, the sum of UA19, 368,394 representing 98.64 per cent is expected to be financed through the proceeds from the Community Levy, while UA257,636, equivalent to 1.36 per cent, will accrue from other sources,” Ibrahima said.
The News Agency of Nigeria (NAN) reports that the ECOWAS Community Levy is a mandatory 0.5 per cent tax imposed on goods imported into ECOWAS member states from non-ECOWAS countries.
Member states are under statutory obligation to pay the community levy, which is the main source of funding for ECOWAS institutions and their activities.
Ibrahima, however, expressed dismay that some members of the community were still defaulting on the payment of the levy, and warned that, going forward; such would be met with sanctions.
She also said that the commemoration of its 25th anniversary in November would highlight the ECOWAS Parliament’s achievements in deepening regional democracy, cooperation and growth, amid formidable challenges.
The Speaker described the forthcoming anniversary as “a chance to showcase resilience and chart a more innovative, youth-focused future for the community”.
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
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