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Senate Passes NDDC N1.9trn 2024 Budget Jerks It By N44,833,046

Published

2 years ago

June 12, 2024

The Senate has passed the 2024 budget of N1,911,844,833,046 for the Niger Delta Development Commission (NDDC).
The NDDC budget was jerked by N44,833,046, where it moved from the initial N1,911,800,000,000 that was defended on Monday by the Managing Director, Chief Executive Officer, Samuel Ogbuku when he presented the NDDC aggregate Expenditure of N1.911 trillion tagged “ Budget of Renewed Hope Agenda” before the Senator Asuquo Ekpenyong, APC, Cross River South led Senate Committee on NDDC to N1,911,844,833,046.
The budget was read the third time and passed after the clause by clause consideration.
The Chairman of the Committee, Senator Asuquo Ekpenyong, submitted its report in less than 12 hours after the public hearing on the budget, where Ogbuku, appeared for defence of the budget.
According to the Senate, it considered increase by N44.8 million in Personnel Costs, Overhead Costs, Internal Capital estimates as well as adjustments in the Reve profile of the Commission, as well as considered the extra sum of N44, 833,046 being the difference from the Revenue Projections proposed by the Commission and the amount approved by the National Assembly as reflected in the Appropriations Act, 2024.
Ekpenyong said, “the Committee considered increase In Personnel Costs, Overhead Costs, Internal Capital estimates, as well as adjustments in the Revenue profile of the Commission.
The Committee also considered the extra sum of Forty Four Million, Eight Hundred and Thirty Three li) Thousand and Forty Six Naira (N44,833,046) being the difference from the Revenue Projections proposed by the Commission and the amount approved by the National Assembly as reflected in the Appropriations Act, 2024 and consequently recommends the following as the expenditure profile: Personnel Expenditure- N38,545,349,193 Overhead Expenditure- N29,246,506,753 Intemal Capital Expenditure -N8,785,574,130; Development Projects- N835,267,402,970 and Legacy Critical Projects to be funded through Borrowings – N1,000,000,000,000.TOTAL EXPENDITURE: N1,911,844,833,046.
“That the lifespan of the Year 2024 NDDC budget should elapse on 3ist December, 2024.”
The passage of budget was sequel to the consideration of the report of the Committee on NDDC that was presented by the chairman, Senator Asuquo Ekpenyong, APC, Cross River South.
Shortly after presenting the budget, Senator Olamilekan, APC, Ogun West) observed that the Chairman of NDDC Committee was silent on the performance on 2023 upon which the 2024 was predicated.
Senator Adeola who was the first to pick holes in the report and queried how the budget performance of the agency for 2023 was not properly assessed before approving the 2024 budget in line with the legislative tradition, said that it amounts to process abuse for a proposal to be adopted without finding how the previous year budget was executed to justify fresh proposal, adding, “There is no mention of the performance of 2023 budget, so on what is the proposal for 2024 predicated?”
The President of the Senate, Godswill Akpabio had to contend with complaints on observed lapses by Senators who made contributions on the bill.
Speaking in the same vein, Senator Adamu Aliero, PDP, Kebbi Central who explained that NDDC has proposed to borrow N1 trillion in the budget proposal which he observed was not in the borrowing plan of the Federal Government, however admonished NDDC, as a child of necessity that must use the money appropriated to it to serve the interest of the people, adding that NDDC’s budget is more than two states put together without the impact been felt.
He said, “NDDC is a child of necessity and the money must be used in the interest of the people, even as its budget is more than two states and we have not seen much”.
On his part, Senator Seriake Dickson, PDP, Bayelsa West called for support of NDDC having gone through forensic audit so that request for borrowing could be brought later by President Bola Tinubu.
In his contribution, Senator Adams Oshiomhole, APC, Edo North maintained that things have improved in the NDDC and explained that the President could write to the Senate for borrowing after the budget might have been passed into law, urging lawmakers not to “judge the NDDC by its dirty past”.
He recalled how the South South governors called for forensic audit of accounts of the NDDC. “Mr. President, you recalled that we as governors agreed that forensic audit of NDDC be carried out. This was done and jobs done were paid and those not done were separated.”
After contributions, the President of the Senate, Akpabio called for vote and the budget was passed into law.

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

Published

5 days 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

5 days 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

2 weeks 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.