News
Rivers Debt Profile Drops To N18bn
Contrary to claims in some quarters of rising borrowing by the Rivers State Government, the debt profile of Rivers State has come down to N18billion.
Commissioner for Finance, Dr. Chamberlain Peterside, told newsmen on Monday shortly after the Rivers State Governor, Chibuike Amaechi, signed the 2015 Appropriation Bill into law in Government House, Port Harcourt that the administration is planning not to leave any debt for the incoming administration.
According to him, the state pays between N8billion and N10 billion monthly for the past four years in order to reduce its debt burden.
“As I speak, our loan obligation is around N18billion. You have to realise that we pay, at least, N8billion to N10billion monthly in loan repayment, and this has been going on for quite a while. It is unfortunate that people go about accusing the government of borrowing between N200billion and N300billion; these people don’t realise that you don’t borrow and sit on it. So, you continuously pay down your debt,” the commissioner said.
Peterside explained that because of the quest to reduce the debt burden, government has resorted to deficit financing, which is totally based on realistic expectation since it is short term and can be repaid in quick succession.
Commenting on the 2015 budget, put at N338billion, the commissioner stated that, “there is no deficit financing because it is totally based on realistic expectation of internally generated revenue and federal allocation. And as we speak, government is on track to fully pay back its debt. We have had a high significance of our loans repaid,” he added.
He assured that the budget will be judiciously implemented, arguing that the most important aspect is to fund recurrent expenses, such as pensions, salaries with little of capital funding to complete ongoing projects.
Peterside emphasized that, “wherever we stop by the day of handover is where the next governor will continue.”
On his part, Chairman, House Committee on Finance, Hon. Josiah John Olu, expressed satisfaction with the way the Amaechi administration has prudently managed the state funds.
The lawmaker representing Eleme Constituency, stated that most of the budget will be funded with proceeds from internally generated revenue to the tune of N97billion, adding that this is why the House decided to strengthen the State Internal Revenue Board.
Olu further said, “2015 budget is 13 per cent lower than last year’s…We are mindful of the fact that the global outlook for oil price is on the decline, and that is why we decided to drop the budget at the state level as well”.
A breakdown of the budget indicates that N119billion is earmarked for recurrent budget, while N219billion was slated for capital expenses, thus bringing the total to N338billion.
News
RIFF 2026: RIFF Takes Film Tourism to Bonny Island
News
Soyinka Demands Accountability Over Extra-Judicial Killings
Nobel Laureate, Professor Wole Soyinka, has called on Nigerians to reject silence in the face of extrajudicial killings and other abuses of human rights.
Soyinka stressed that accountability and civic courage remain essential to rebuilding public confidence in the nation’s institutions.
He made the call during the 28th Wole Soyinka Lecture held in Port Harcourt, last Friday as part of activities marking his 92nd birthday.
The lecture, themed “Reclaiming the Nigerian State through Accountability, Justice and Civic Courage,” drew participants from different sectors of society.
The renowned playwright and human rights advocate said the country’s greatest tragedy was not only the unlawful killings carried out by state and non-state actors, but also the silence that often follows such incidents, allowing perpetrators to evade justice.
According to him, indifference by citizens to abuses of power and violations of fundamental human rights has contributed to the persistence of extrajudicial killings and other forms of injustice across the country.
Soyinka said he dedicated this year’s lecture to victims of unlawful killings, noting that the event was intended to honour individuals who had lost their lives as a result of failures within the justice system and society’s inability to protect the sanctity of human life.
He stressed that the lecture was dedicated to what he described as the basic unit of every society – the human being, and urged Nigerians to place greater value on human dignity irrespective of ethnicity, religion or social status.
The Nobel Laureate recalled several incidents of violence, including the fatal shooting and killing of a young man in Ugheli in Delta State by a police officer, and the mob killing of Deborah Yakubu in Sokoto State sometime ago, lamenting that many of those responsible are yet to face justice.
He expressed concern that some perpetrators of violent crimes had openly admitted their actions without fear of prosecution, describing such situations as evidence of serious failures within the nation’s justice system.
Soyinka maintained that when justice is delayed or denied, public confidence in state institutions continues to erode, thereby encouraging further violations of human rights.
Responding to critics who accuse him of promoting religious or ethnic divisions whenever he spoke on such issues, Soyinka dismissed the allegations and pointed out that his advocacy has always centred on the protection of human life and the rule of law.
He urged Nigerians to remain vigilant and continue demanding justice in cases of alleged extrajudicial killings, including the recent shooting of a young man by a police officer, stressing that every life deserves equal protection under the law.
The literary icon also recalled an earlier pledge by a past incoming president to make public the files relating to unresolved assassinations and extrajudicial killings, questioning the status of the promised investigations.
He challenged citizens to continue asking questions about unresolved cases, insisting that justice, accountability and respect for human dignity are indispensable to building a peaceful, democratic and inclusive Nigerian society.
News
FAAN Backtracks, Says No Fire Incident At Lagos Airport’s Terminal 2
The Federal Airports Authority of Nigeria (FAAN) has clarified that there was no fire at Terminal 2 of the Murtala Muhammed International Airport, Lagos, contrary to its earlier advisory.
Earlier yesterday, FAAN had announced that a fire incident had occurred at Terminal 2 of the nation’s busiest airport, and assured that its Aerodrome Rescue and Firefighting Service had been deployed to contain the situation.
There were also reports that activities were briefly disrupted at the airport yesterday after smoke was seen inside parts of the terminal.
Videos circulating online showed passengers kept standing outside the terminal while firefighters responded to the incident.
However, in an update issued less than two hours later by the Director of Public Affairs and Consumer Protection, Henry Agbebire, and posted on FAAN’s official X handle, the authority said preliminary findings showed that the smoke seen at the terminal was caused by the discharge of the facility’s FM-200 fire suppression system.
“Further to our earlier advisory regarding the incident at Terminal 2 of the Murtala Muhammed International Airport, Lagos, the Federal Airports Authority of Nigeria (FAAN) wishes to provide the following update,” the statement read.
“Preliminary findings indicate that there was no fire at the terminal. The smoke observed within the affected area resulted from the discharge of the terminal’s FM-200 fire suppression system. The reason for the activation of the fire suppression system is currently being investigated,” FAAN stated.
The authority said normal operations had resumed at the terminal while investigations were ongoing to determine the cause of the incident.
“Normal operations have since resumed at the terminal, while detailed investigations are ongoing to determine the exact cause of the incident,” the statement added.
The authority thanked passengers, airlines, airport users and other stakeholders for their understanding and cooperation.
FAAN appreciated the understanding and cooperation of passengers, airlines, airport users and all stakeholders, and reiterated its commitment to the safety and security of all airport operations.
-
News2 days agoSoldier, Police Officer Killed As Army Rescues Nine Abductees In Zamfara
-
News2 days agoFubara Reaffirms Commitment To Creating Conducive Environment For Business Growth …Commissions Paint Manufacturing Plant
-
Sports2 days agoFifa Scraps Controversial World Cup in Plan
-
News2 days agoPH NBA Election: Committee Uncovers Over 500 Padded Names On Voters’ Register
-
Business2 days agoFG Grants Customs Duty, VAT Exemptions On Imported Electric, Gas Vehicles
-
Politics2 days ago
COUNCIL BOSS RECEIVES RETURNING STAKEHOLDERS TO RAINBOW COALITION IN RIVERS LGA
-
Business2 days agoVet Doctors Vow Support To Check Rabies Spread In Rivers
-
Oil & Energy2 days agoRenewable Energy’s Indispensable To Nigeria’s Future – REAN
