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RIVERS STATE ASSEMBLY GIVES GOVERNOR FUBARA 48-HOUR ULTIMATUM TO PRESENT 2025 BUDGET

The Rivers State House of Assembly has given Governor Sim Fubara a 48-hour ultimatum to present the 2025 budget to the lawmakers. This directive was made during a plenary session in Port Harcourt on Monday, with Deputy Speaker Dumle Maol moving the motion. In a resolution signed by Speaker Martin Amaewhule, the lawmakers stated, “That pursuant to the order of the Supreme Court… you are requested to present the 2025 Appropriation Bill to the House in line with the provisions of the 1999 Constitution as amended.” They emphasized that the House expects the governor to present the budget within 48 hours. Amaewhule condemned Governor Fubara’s directive to the heads of Local Government Administration to take charge of the councils, saying it is illegal and against the Supreme Court’s decision. The lawmakers drew the governor’s attention to the provisions of the 1999 Constitution, the Rivers State Local Government (Amendment) Law, 2023, and the Judgement of the Supreme Court in Suit No.: SC/CV/343/2024. Interestingly, Governor Fubara had already signed a ₦1.1 trillion 2025 Budget into law on January 2nd, after presenting it to the Victor Oko-Jumbo-led lawmakers. However, the Supreme Court’s recent order for Amaewhule and his group of lawmakers to resume sitting as legitimate members of the Rivers State House of Assembly has added a new twist to the situation. The lawmakers also resolved to go on recess by Friday, citing their non-stop work for the past two years. The Supreme Court had mandated the Central Bank of Nigeria (CBN) to withhold allocations for Rivers until it purges itself of what the court described as flagrant disobedience to court orders. It also nullified the local government elections in Rivers State conducted last year. Following the verdict, Governor Fubara called for fresh council polls in the state, promising to obey the judgement of the apex court. He directed the Heads of Local Government Administration to take over the administration of the 23 local government councils pending the conduct of fresh elections.

PRESIDENT TINUBU SIGNS HISTORIC N54.99 TRILLION BUDGET, ASSURES NIGERIANS OF IMPROVED ECONOMY

President Bola Tinubu has signed the 2025 Budget of Restoration into law, reaffirming his administration’s commitment to economic recovery, stability, and growth. The N54.99 trillion budget is based on projected revenues and aims to secure the nation’s future, rebuild prosperity, and ensure that every Nigerian shares in the dividends of governance. The Special Adviser to the President, Bayo Onanuga, said in a statement that President Tinubu thanked the leadership and members of the National Assembly for their collaboration in giving the appropriation bill speedy attention and passage. “We have no dust on our faces or tears in our eyes. We walked together as brothers and sisters. Though the initial outlook was turbulent, we can now see signs of progress,” President Tinubu stated. President Tinubu noted that the uncertainty over the economy was gradually clearing as the reforms took shape, delivering a national GDP growth of 3.86% in the last quarter of 2024, the fastest in three years. He highlighted several key achievements, including increased revenue, reduced deficit, and restored investor confidence. The President emphasized that the budget prioritizes National Security, Infrastructure and energy, Human Capital Development, healthcare, education, and skills development. He also assured that the increased allocation for agriculture and food security will boost local food production and ensure that no Nigerian goes hungry. Onanuga stated that President Tinubu urged the legislators to extend the same support for implementing the budget, emphasizing that every government agency would be held accountable for prudent spending and value-for-money initiatives. “To ensure smooth budget implementation, we will work with the National Assembly to redefine corrigenda within the Appropriations Act,” President Tinubu added. The President of the Senate, Godswill Akpabio, assured President Tinubu of the full support of the National Assembly in implementing the budget. Akpabio noted that the President inherited a “foaming economy” that needed urgent economic measures to recover. The Senate President affirmed that President Tinubu’s experience from Lagos and versatility in managing men and resources enabled the economy’s ongoing reforms and turnaround. Onanuga stated that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the passing of the budget had been a collaborative effort based on consultation, negotiation, and analysis. “The National Assembly has all along been partners in progress with you, Mr President,” Edun added. Bayo Onanuga concluded by stating that President Tinubu’s administration remains committed to economic recovery, stability, and growth, and that the 2025 Budget of Restoration is a significant step towards achieving this goal.

SENATE RESHUFFLES COMMITTEES, APPOINTS NEW CHAIRS AFTER 2025 BUDGET DEFENCE SESSIONS

The Senate President, Godswill Akpabio, has commended senators for their dedication during the 2025 budget defence sessions. Akpabio emphasized the importance of ensuring the year’s budget plan is feasible. He made these remarks on Tuesday as he presided over the Senate’s resumption following a two-week recess. The Senate has made minor changes after President Bola Tinubu approved measures creating development commissions in different regions. These changes include the appointment of new chairs and deputy chairmen to lead the commissions. Akpabio announced the new appointments, saying, “Senator Babangida Hussaini and Senator Muntari Dandutse will serve as Chairman and Deputy Chairman of the Senate Committee on the North West Development Commission.” Other appointments include Senator Orji Uzor Kalu and Senator Kenneth Eze as Chairman and Deputy Chairman of the Senate Committee on the South East Development Commission, while Senator Titus Zam and Senator Isa Jibrin will head the Senate Committee on the North Central Development Commission. The Senate also reshuffled some standing committees. Abdul Ningi will now chair the Senate Committee on FERMA, while Natasha Akpoti Uduaghan will lead the Committee on Diaspora and Non-Governmental Organisations. Other appointments include Senator Garba Maidoki as Chairman of the Senate Committee on Sports Development and Joel Thomas as the new Chairman of the Senate Committee on Local Content. The Senate extended condolences to the Speaker of the House of Representatives over the passing of former Deputy Majority Whip, Oriyomi Onanuga, on January 15. Akpabio led lawmakers in observing a minute of silence in her honour before adjourning plenary. The group stressed that the time for deception and economic waste is over, calling on President Tinubu to act decisively and end fuel importation. “We urge the President to support local refining, protect Nigeria’s economic interests, and ensure transparency in the oil and gas sector,” Dan concluded.

NIGERIA’S 2025 BUDGET RAISES CONCERNS OVER DEBT SERVICING AND UNDERDEVELOPMENT

The 2025 Nigerian budget, totaling 49 trillion naira, has raised concerns about the country’s ability to achieve meaningful development. In a statement, the National Secretary of the Coalition of United Political Parties (CUPP), Peter Ameh, expressed concerns about the allocation of resources in the budget. Peter Ameh noted that the significant allocation of 16 trillion naira, roughly 32% of the total budget, towards debt servicing raises questions about the government’s priorities and its ability to drive economic growth. “The significant amount dedicated to debt servicing suggests that a substantial portion of Nigeria’s revenue will be spent on paying off debts rather than investing in critical sectors like education, healthcare, and infrastructure,” he said. The allocation of funds is particularly concerning given the Minister of Finance’s revelation that the last budget performed poorly, with capital budget implementation standing at only 25% for the 2024 year period. This underperformance raises questions about the government’s ability to effectively implement its budget and drive economic growth. Ameh emphasized that the recurrent expenses, which account for approximately 29% of the total budget, may not have a direct impact on the country’s development. On the other hand, capital projects, which account for around 26% of the total budget, have the potential to drive economic growth and development. However, Ameh noted that the allocation of 13 trillion naira may not be sufficient to address the country’s infrastructure deficits and other development challenges. The budget proposal presented by President Bola Ahmed Tinubu highlights key priorities, including defense and security, infrastructure, health, and education. While these allocations are crucial for the country’s development, they may not be sufficient to address the scale of challenges facing Nigeria. The budget also raises concerns about the country’s debt sustainability, with Nigeria’s debt-to-GDP ratio increasing in recent years.