News

5% Nigerians Pocket N37.665 trn Of Nation’s Funds

Published

12 years ago

September 23, 2013

Less than 5 per cent of Nigeria’s estimated population of 170million consume close to 80 per cent of the country’s annual public finances of about N37.665trillion, according to a study by the International Society for Civil Liberties and the Rule of Law (Intersociety).
The group made the disclosure in Part Two of its public statement entitled: “ASUU Strike and Socio-economic Consequences of Industrial Disputes in Nigeria”, released yesterday from its Onitsha base in Anambra State.
This less than 5 per cent, according to Intersociety, is “made up of 17,500 top public office holders in Nigeria and public industrial unions and their members such as ASUU, NMA, NUT, TUC, NLC, etc.”
Intersociety said in yesterday’s statement signed by its board Chairman, Emeka Umeagbalasi and Head, Publicity Desk, Comrade Justus Uche Ijeoma, that “Our main concern is to expose and bring to the attention of the world how less than 5 per cent of Nigeria’s estimated population of 170million, made up of 17,500 top public office holders and public industrial unions and their members such as ASUU, NMA, NUT, TUC, NLC, etc, have continued to corner and pocket close to 80 per cent of the country’s annual public finances at the monumental expense of other 170million Nigerians. This, they do by allocating to themselves scandalous sums in the form of “allowances” and “overheads”, using the instruments of “Appropriation Acts of the Federation”, “Appropriation Laws of the States” and “Industrial Actions or Strikes.
“The socio-economic consequences of the foregoing are totally incalculable. Since 1997 when Nigeria recorded her last budget surplus, it had been budget deficits all through. Simply put, budget is in deficit when its expenditure is greater than its generated revenues and money is borrowed in cash or in kind to finance it…
“From the foregoing, therefore, Nigerian budgets since 1999 have been deeply debt-ridden and consumptive. They are also static and highly centralized. Between June 1999 and now (2013), the Federal Government had budgeted a total of N37.665trillion (about $221billion using N160.00 per $USD), out of which, N21.7trillion went for recurrent expenditures; N4,5trillion or about $28billion went for debts servicing; and only N11.3trillion or about $70billion went for capital expenditures.”
“Also, between June 1999 and December, 2012, a total of N80trillion or about $500billion was shared by Nigeria’s three tiers of government – federal, states and LGAs – from the country’s Federation Account,” the body said.
Intersociety also quoted former World Bank Vice President for Africa, Oby Ezekwesili’s remarks that, “Nigeria’s total domestic and external debts, including those owed by states, LGAs and government parastatals and ministries have skyrocketed since May 2007, from about $18 billion, including $6billion of foreign and N1.8trillion of domestic debts; to about $100billion or N16trillion in 2013 with a staggering difference of $88billion borrowed locally and internationally by relevant public borrowing establishments. In 2012 alone, Nigeria paid a whopping sum of N699billion or about $4.4billion to banks and other lending institutions within and outside the country in the form of “debts or loans’ interests.”
According to the body, “critical look at the foregoing clearly indicates that close to 80 per cent of such huge expenditures and loans were expended and borrowed to service 17,500 Nigerian top public office holders, and members and leaders of public industrial unions such as ASUU, under the guise of “allowances” and “overheads,” adding that, the major challenge facing the growth and development of the Nigerian economy is institutionalization, with reckless abandon, of spurious allowances and overheads.
“As we have earlier stated, out of N592billion spent annually to service the wage entitlements of 12,788 LGAs’ executives and councillors, N550billion goes into payment of allowances. Only N42billion is spent on their salaries. Out of N300billion spent on about 2,664 state executives in the 36 states, N272billion is spent on allowances and only N28billion is spent on salaries. Out of N60.4billion spent on 469 federal lawmakers annually, N54.2billion is spent on allowances and only N6.1billion is spent on salaries.
“Out of N92.3billion spent annually on 472 federal executives in the country, N89.7billion is for allowances and only N8.6billion is for their salaries. Out of N40.9billion spent on 1,152 state lawmakers, N35.8billion is spent on allowances and only N5.09billion is spent on their salaries. Out of N18.5billion spent on 792 state judges, N15.4billion is spent on allowances and only N3.1billion is spent on their salaries; and out of N14.8billion spent on 142 federal judges annually, N13.1billion is spent on allowances and only N1.7billion is spent on their salaries,” Intersociety said.
Intersociety added that “the forgoing does not capture spurious overheads and extraneous allowances annually smuggled into the Appropriation Acts of the Federation and the Appropriation Laws of the 36 states in the country.”

News

Ibas Inaugurates RSIEC, Service Commissions, Healthcare Board In Rivers …Charges Appointees To Embrace Principles Of Service

Published

14 hours ago

July 18, 2025

The Tide

The Administrator of Rivers State, Vice Admiral (Rtd) Ibok-Ete Ibas, has charged newly appointed Board members to uphold the highest standards of discipline, competence, integrity, and unwavering dedication in their service to the State.

He emphasized that such commitment is critical to stabilizing governance, restoring democratic institutions, and advancing the principles of good governance in the State.

This was contained in a statement by the Administrator’s Senior Special Adviser on Media, Hector Igbikiowubo on Monday.

Ibas issued the charge on Monday while inaugurating the reconstituted Rivers State Independent Electoral Commission (RSIEC), Rivers State Civil Service Commission, Rivers State Local Government Service Commission, and the Rivers State Primary Health Care Management Board at Government House, Port Harcourt.

The Administrator urged the new appointees to embrace their roles with diligence, patriotism, and a commitment to transforming Rivers State through excellent service.

Addressing the Chairman and members of RSIEC, Ibas underscored their pivotal role in ensuring credible local government elections that reflect the will of the people.

“Your task is clear but demanding: to conduct free, fair, transparent, and credible elections at the grassroots level. You must resist bias, favoritism, and external interference while restoring public confidence in the electoral process,” he stated.

“The independence of your actions is crucial to sustaining peace, stability, and grassroots governance. I urge you to act with fairness, impartiality, and professionalism—even in the face of difficult choices,” Ibas added.

The Sole Administrator also charged the Rivers State Civil Service Commission on the need to eliminate mediocrity and foster a culture of excellence through merit-based recruitment, training, and promotions.

“The civil service must transition from favoritism to competence, integrity, and accountability. Your commission will lead reforms, including digital transformation and standardized practices across ministries, departments, and agencies,” he said.

He disclosed that extensive training programmes are underway, with a committee set up to overhaul the public service framework for greater efficiency.

Meanwhile, Ibas urged the Rivers State Local Government Service Commission to ensure professionalism and discipline in local government administration.

“As the closest tier of government to the people, you must drive reforms that insulate the system from politics and mediocrity. Your mandate includes merit-based recruitment, training, and enforcing standards for effective service delivery,” he stated.

In the same vein, the Administrator charged the Rivers State Primary Health Care Management Board with revitalizing healthcare delivery across the state’s 23 local government areas.

“Primary healthcare is the foundation of a sustainable health system. Your board must ensure facilities are adequately staffed, equipped, and operational focusing on maternal health, immunization, malaria control, and community health services,” he said.

He emphasized data-driven operations, incentives for rural health workers, and restoring the referral system to improve healthcare access.

He also assured the Board of sustained government support, including funding, for the effective discharge of their mandates but warned that board members would be held accountable for their performance.

The newly inaugurated members include: RSIEC: Dr. Michael Ekpai Odey (Chairman) with Prof. Arthur Nwafor, Prof. Joyce Akaninwor, and others as members.

Civil Service Commission: Dr. Livinus Bariki (Chairman), Amb. Lot Egopija, Mrs. Maeve Bestman, and others.

Local Govt. Service Commission: Mr. Isreal Amadi (Chairman), Rear Adm. Emmanuel Ofik (Rtd), Dr. Tonye Pepple, and others.

Primary Health Care Board: Dr. Dawari George (Chairman), Dr. Chituru Adiele (Executive Director), Prof. Kaladada Korubo, and representatives from key ministries.

News

Rivers PDP Debunks Sale Of LGA Election Forms

Published

15 hours ago

July 18, 2025

The Tide

The Publicity Secretary of the Peoples Democratic Party (PDP) in Rivers State, Dr. Kenneth Yowika, has debunked claims that the party has commenced sale of forms for chairmanship and councillorship elections across the 23 local government areas of the state.

Yowika made the rebuttal in a statement made available to newsmen on Wednesday, describing the publication on the social media as baseless and untrue.

He urged members of the PDP to disregard the claim, saying that official communication regarding the sale of forms would be disclosed through the appropriate channels.

“With reference to information trending on social media, it has been falsely claimed that the sale of forms for Chairmanship and Councillorship elections in the 23 Local Government Areas (LGAs) of Rivers State will begin soon.

“However, the party has firmly denied these rumours, stating that they are baseless and untrue.

“The party has its own established methods of reaching out to its numerous supporters.

“The People’s Democratic Party, a law-abiding organisation, will patiently await the release of guidelines from the recently inaugurated Rivers State Independent Electoral Commission (RSIEC) before considering any sale of election forms.

“The PDP is urging its members to remain calm as official communication regarding the sale of forms will be disclosed through appropriate channels,” the statement read.

Enoch Epelle

News

South-South contributes N34trn to Nigeria’s economy in 2024 – Institute

Published

16 hours ago

July 18, 2025

The Tide

Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-South region contributes N34 trillion to country’s economy in 2024.

He made the remark at the South-South Zonal Banking and Finance Conference in Calabar, yesterday.

He spoke on the theme, ‘’Building An Inclusive South-South: Economic Diversification as a Catalyst For Development.’’

Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).

The president described the growth as ‘’ impressive,’’ saying that it was not driven by oil alone but significant expansions in trade, services, and the creative industries.

According to him, to fully harness this potential, coordinated financial, technological, and policy support is essential.

“As we work to reposition the South-South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation, and inclusive economic growth.

“This conference, therefore, provides a strategic opportunity for stakeholders to reimagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises.”

Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South-South region, where financial institutions and stakeholder collaborate to diversify the economy for shared prosperity.

He, however, commended Gov. Bassey Otu for his pledge of land for CIBN Secretariat in Cross River and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.

On his part, Gov. Otu said that the conference discussion on the economic diversification in South-South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.

Represented by his deputy, Mr Peter Odey, Otu said the South-South region must now act with urgency to diversify its economy while leveraging its shared natural endowment in agriculture and extractive resources.

“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River in the south-south.

“Diversification should be evidence-based and must be backed not just by financial advice but project focused financing and real investment support,” he noted.

He said that Cross River had taken the bold step to invest in its agricultural sector by launching an Agro processing hub.

Otu further said that the state had invested in aviation by acquiring more aircrafts for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.

Similarly, Mr Tolefe Jibunoh, Cross River Branch Controller of the Central Bank of Nigeria (CBN) said that the region was blessed with natural resources, cultural diversities and immense human potentials.

Jibunoh, who was represented by Mr Segun Shittu, Head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.

He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.