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FRC Imposes N500m Penalty On NIMASA For Noncompliance With Financial Reporting Standards

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The Financial Reporting Council of Nigeria (FRC) has suspended the 2018 audited financial statement of the Nigerian Maritime Administration and Safety Agency (NIMASA) for non-compliance with financial reporting standards.

In a public notice on Thursday, the FRC management directed NIMASA to begin the process of restating its audited financial statement for the year ended December 31, 2022. The council also imposed a type six penalty of N500 million for the withdrawal of the financial statement.

The action, the council said, was in accordance with the FRC Act 2011 (as amended) and the council’s guidelines and regulations for the inspection and monitoring of reporting entities.

“The FRC registration numbers of certifiers of NIMASA’S Audited Financial Statement, Dr. Bashir Jamoh (FRC/2017/CIANG/00000016699) and Chudi Offodile (Unregistered), are hereby suspended,” the statement reads.

“This suspension renders them incapable of certifying any financial statements in Nigeria. The 2018 Audited Financial Statements of NIMASA are hereby withdrawn, and NIMASA is directed to restate its 2018 audited financial statements.

“NIMASA is required to publish, within seven (7) working days from the date of this notice, in at least two national newspapers (full page), that their 2018 financial statements and returns have been withdrawn for non-compliance with Financial Reporting Standards.”

The FRC said it would immediately post the information on its website and inform other regulatory agencies that the defective financial statements have been withdrawn.

Speaking on the restatement process and submission of financial statements, the council directed NIMASA “to begin the process of restating the 2018 audited financial statement in accordance with the FRC Act”.

According to FRC, the preparation and submission of the agency’s audited financial statements for the years ended December 31, 2019, 2020, 2021, and 2022 will be based on the restatement.

“NIMASA is required to file the restated financial statements for 2018, together with the management letters issued by their external auditors, with the Council within 60 days,” FRC said. “Penalty Imposed: The Council hereby imposes a Type 6 penalty of N500,000,000 (Five Hundred Million Naira) for the withdrawal of the 2018 financial statement, in line with Regulation 18 of the FRC Guidelines/Regulations 2014.”

The FRC said it is committed to maintaining financial reporting standards and ensuring the accuracy and reliability of financial statements. The action against NIMASA, the council said, serves as a reminder to all reporting entities of their responsibility to adhere to established guidelines and rules.

RIVERS: Group Gives INEC 14 Days Ultimatum to Conduct Bye-Elections To Replace 27 Vacant Constituencies

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The National Democratic Congress (NDC) has given the Independent National Electoral Commission (INEC) a 14 days ultimatum to conduct bye-elections to replace the 27 vacant constituencies in the Rivers State House of Assembly.

This followed the defection of 27 lawmakers from the People’s Democracy Party to the All Progressives Congress.

Speaking at a press conference on Tuesday, Daniel Okwa, the group’s convener said the recent happenings in Rivers portends multiple levels of evil for democracy in the country.

Okwa said according to the Constitution of the Federal Republic of Nigeria, the 27 members have forfeited their seats at the state assembly hence the need for a fresh election.

Quoting from the Constitution, Okwa stated: ” A member of a House of Assembly shall vacate his seat in the House if – being a person whose election to the House of Assembly was sponsored by a political party, he becomes a member of another political party before the expiration of the period for which that House was elected”.

He added: “The 27 controversial lawmakers must simply comply with the position of the law by vacating the Rivers State House of Assembly having breached Section 109 (g) of the Constitution that brought them into office. Under the law, these lawmakers cease to be elected representatives of the people and their offices must be declared vacant.

“We find it most unfortunate that the 27 former Rivers State House of Assembly members were misinformed and misled into defecting from the PDP to the APC without realizing that their action effectively means they have vacated their seats as elected lawmakers. It is an action that they have themselves to blame for.

“Had they properly consulted instead of taking orders from someone who has secured himself a long-term political meal ticket, they would not be in the current sorry pass where they will now have to take part in bye-elections, assuming they can clinch tickets in their new political party.

“It is on this note that the National Democratic Congress (NDC) notes with concern that what is playing out in Rivers State portends multiple levels of evil for democracy in Nigeria.

“On one front, if the criminality playing out at the Rivers State House of Assembly is allowed to stand it will signal a dangerous phase in the descent into the one-party state that the NDC and other vigilant groups and individuals have been warning about. Had we been more strident and resolute in demanding that the right thing is done, perhaps we would not be in this dangerous situation.

“It is a matter of time before lawmakers in other states are induced, coerced, blackmailed, or railroaded into dumping the party on whose platform they were elected for the APC. When that begins to happen it would be too late to make any demands of those who will engage in such nefarious acts if we do not at this time correct those that have stood our democracy on its head.

“At a time when we now fear for our judiciary, this slap on the face of the law further undermines the judiciary if what the Supreme Court has been definite about in the past is again resurfaced. The Supreme Court had sacked lawmakers who became members of political parties that did not sponsor them into parliament even when their initial political parties were in crisis.

“To now repeat the same political brigandage and expect the Supreme Court to budge is insanity because the only other explanation would be that a plot has been perfected to undermine the judiciary in this matter, which is an even bigger threat to democracy.

“Our Congress is not unaware of the political connections at play here. It is common knowledge that the immediate past governor of Rivers State, Mr. Nyesom Wike is at loggerheads with the incumbent governor, Siminalayi Fubara.

“We have no qualms with Wike decamping from the PDP to APC – he currently holds no elected position, so the vacation of office does not apply to him. But since the 27 lawmakers, in their recognition of Wike as their godfather, decide to cross into the APC ahead of him, they are welcome to do so but that is to the extent that they comply with the law by vacating their position. The dangerous drama they are staging by breaching the Constitution is not acceptable.”

The group, however, warned that failure on the part of INEC to comply with the law will result in citizens’ actions against the electoral body.

“We urge President Bola Tinubu to come out in clear terms and condemn the criminality being attempted in the name of the political party he leads, the APC.

“The President should tell Wike and the former lawmakers in clear terms that he cannot be associated or seen to be encouraging this shenanigans.”

INEC swears in 9 news RECs

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Prof. Mahmood Yakubu, Chairman of the Independent National Electoral Commission, swore in nine new Resident Electoral Commissioners on Tuesday.

On November 1, 2023, the Senate approved the appointment of seven of President Bola Tinubu’s nominees to the Commission as RECs.

Tinubu requested approval of the nomination of the RECs for INEC in compliance with Section 154(1) of the Constitution.

Yakubu told the nine new RECs at the INEC headquarters in Abuja that conducting elections was not only a big burden but also a sacred obligation, encouraging them to be led by the electoral legislative framework, the REC code of conduct, and good conscience.
“Conducting elections is not only a huge responsibility, but also a sacred duty,” he remarked. As RECs, you will be the Commission’s representatives in the several states where you will be sent shortly.

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“I implore you not to get involved in a pointless debate that adds nothing to your work.” At the same time, you must not be impervious to valid criticism. You must continue the Commission’s practice of regular discussions with key stakeholders.

“You must always be firm in ensuring fairness and transparency to all.” Let me state unequivocally that you must always be led by the election legal framework, the REC code of conduct, and your good conscience.

Mahmood went on to say that this was the first time multiple INEC career officers had been selected as RECs, and he urged them to get started right away.

“Four of the nine new RECs are career officers of the Commission who have advanced to the rank of Director.” They have been involved in elections and electoral activities both in the field and at the headquarters.

on the part of any REC.”

The INEC chairman further stated that the 10th REC-designate would be sworn in next month, following the expiration of the mandate of the REC representing Akwa Ibom State, who is now deployed to Delta State.

“Today, nine out of the ten RECs screened and confirmed by the National Assembly were sworn in at this ceremony,” he stated.

“The tenth REC-designate will be sworn in next month, following the expiration of the tenure of the REC representing Akwa Ibom State, who is currently deployed to Delta State.” Because of the proactive decision made by the appointing authority, there will be no extended waiting period until the vacancy is filled.Similarly, I must caution you to recognize and work within the boundaries of your authorized authorities and obligations. Our state offices are an integral component of the Commission, and we will not hesitate to deal with acts of defiance, indiscretion, or transgression.

“Let me therefore take this opportunity to thank the outgoing REC in Delta State, Reverend Dr Monday Udo Tom, for his selfless and dedicated service to the commission and the nation.” The same gratitude is extended to all the other RECs whose tenure ended after honorable service.”
“Their backgrounds included electoral operations, election and party monitoring, and electoral litigation.” This is the first time that multiple INEC career officers have been appointed as RECs. You’re not new to election administration. There is no learning curve for you.

“As a result, there are no excuses for failing to get off to a good start and making a significant difference in the quality and transparency of elections.” The other five RECs were sworn in today and have diverse experience in public service at both the national and state levels. We will hold you to the same standard as the Commission’s career officers.”

The new RECs have been deployed as follows: Abubakar Dambo Sarkin Pawa, Kebbi; Abubakar Ma’aji Ahmed, Borno; Dr. Anugbum Onuoha, Edo State; Ehimeakhe Shaka Isah, Akwa Ibom; Aminu Idris, Kaduna; Mohammed Sadiq Abubakar, Kwara; Barr. Oluwatoyin Babalola, Ondo; Olubunmi Omoseyindemi, Ekiti; and Shehu Wahab, Nasarawa.

Barr. Oluwatoyin Babalola, who addressed on behalf of the newly sworn-in RECs, committed to stay true to their duties while acknowledging their responsibilities as RECs in Nigeria.

Barr. Oluwatoyin Babalola of Ekiti State was the Director of Legal Services at the commission’s headquarters prior to her appointment.

Aminu Idris of Nasarawa state retired as the director of the Election and Political Parties Monitoring Department at the INEC headquarters.

Shehu Abdulwahab was the INEC’s administrative secretary in Benue State before being named a REC.

Bauchi court sentences two men to 35 years in jail for culpable homicide

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Adamu Abdulra’uf and Abdulkadir Wada have each been sentenced to 35 years in prison for causing serious harm and attempting culpable homicide on a six-year-old girl.

Abdulra’uf, 20, and Wada, 21, were convicted and punished by Justice Rabi Umar after pleading guilty to the charge.

Earlier, Mr Sabiu Gumba, the Prosecution Counsel, informed the court that the two defendants, Abdulrauf and Wada, were arrested on a three-count charge of criminal conspiracy, causing severe hurt, and attempting to commit culpable homicide on August 17, 2021.
The prosecution called four witnesses, including the victim’s father, while the defendants testified only for themselves and called no other witnesses.

Read Also: Rivers crisis: PDP moves to replace 27 pro-Wike Assembly defectors

Gumba displayed two of the blades used in the murder, as well as a vial containing the girl’s private parts and a chemical.

On December 30, 2020, the defendants are accused of strangling one Hauwa’u Ya’u in the state’s Jama’are Local Government Area.

Ya’u, who was six at the time, passed asleep before her private area was cut off for ritual purposes.

Bode George: Labour Party formed out of anger, PDP should woo Peter Obi to return

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The Labour Party (LP) was founded out of rage, according to Bode George, a prominent member of the Peoples Democratic Party (PDP).

According to George, LP lacks the necessary organization to win national elections.

Speaking to reporters, he urged Peter Obi, the 2023 LP presidential contender, to rejoin the PDP.

George claims that the Labour Party lacks a foundation. I have traveled to every state in the union; you will never be unaware of our party’s existence anywhere because it embodies Nigeria in its whole.

“There is no firm foundation for the LP; it was a trend. LP didn’t have the same roots as us; it was born out of rage. LP is a breeze. Obi was where? If he wants to, we can still speak with him.

Read Also: Rivers crisis: PDP moves to replace 27 pro-Wike Assembly defectors

“There is not a trace of tribalism in my lineage. In our country’s political process, and particularly within this party where some of us have suffered greatly for the cause of equality and justice for all, I stand to fight for inclusivity for all Nigerians.

“Since PDP is the only genuine national party, we as party leaders must not cater to ethnic affiliation.”

Customs begins investigation into viral video of customs official asking bribe

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The cop shown in a widely shared video asking for a N5,000 bribe at New Terminal, the departure area of Lagos’ Murtala Muhammed International Airport, is the subject of a thorough investigation, according to the Nigeria Customs Service.

NCS’s National Public Relations Officer, Abdullahi Maiwad, denounced the unprofessional behavior in a statement following the incident and promised to discipline the officer appropriately following a thorough investigation.

In order to prevent any misconduct or corruption, he urged the public and passengers to report it immediately.

“An officer was seen asking a passenger for a bribe of N5,000 at the Murtala Mohammed International Airport in Lagos, and the Nigeria Customs Service is actively looking into this incident.” People are concerned about this behavior, and we are determined to hold everyone fully accountable.

The event happened at Murtala Muhammed International Airport in Lagos’ New Terminal, and the concerned passenger recorded it on camera, according to the preliminary investigation. Inappropriately, N5000 is requested on the recording in exchange for quick customs processing.

In order to properly assign the accused officer to the Murtala Mohammed International Airport Area Command, we would like to verify that he is a member of the Nigeria Customs Service.

“This unprofessional behavior is strongly condemned by the NCS, which is committed to maintaining the highest standards of professionalism. All relevant measures will be implemented after a thorough investigation into the incident has been conducted.

The aforementioned conduct completely contradicts the fundamental principles of our organization, and we are committed to upholding an open and responsible customs process.

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The public and travelers are urged to report any wrongdoing or corruption as soon as possible. For our service to remain honest and for officers to follow the strictest moral guidelines, these reports are essential. Fostering an environment of accountability and transparency is something that the NCS will always be committed to doing. The public will be informed of the investigation’s findings as soon as feasible, according to the statement.

IDP housing project will cost N3 million each using direct labour – Minister, Edu

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On Tuesday, Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, visited the Internally Displaced Persons (IDPs) housing project in the FCT’s Idu district.

IDPs in states would be able to live in the one- and two-bedroom homes as part of the country’s attempts to combat multifaceted poverty, according to Edu.

The minister claims that each house will be built for N3 million using direct labor from the intended recipients.

“The Tinubu administration in Nigeria is dedicated to offering refuge to a minimum of five million displaced and vulnerable households.”

“Recall that the humanitarian trust fund, which has 70% contributions from individuals and donor organizations and 30% from the federal government, was recently approved by the federal government.”

According to the minister, Benue has started working on an initiative similar to this one for IDPs.

“This project had its groundbreaking in Benue, and as we speak, the clearing of roughly 10 hectares for the construction of 40 houses has been completed,” Edu stated.

She claimed that because the buildings are simple to erect, the process of providing IDPs in various parts of Nigeria—particularly Borno, Zamfara, Adamawa, Yobe, and other regions—with homes would be accelerated.

President Bola Tinubu pledges to win battle to keep Nigeria safe

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Monday in Maiduguri, Borno State, President Bola Tinubu said he will prevail in the fight to maintain Nigeria’s security.

Therefore, he gave his word that he would keep up his hard work and provide the military the backing it needed to keep the country’s troublemakers at bay.

While addressing the Chief of Army Staff Annual Conference 2023 in the capital of Borno State, the president declared that he would not be backing down or resting on his achievements in protecting Nigeria.
The Nigerian Army is committed to maintaining national security, and President Tinubu has acknowledged this. In a statement released by Special Advisor to the President (Media & Publicity), Ajuri Ngelale, the president urged the army to continue being nonpartisan but watchful in defending democratic principles, highlighting their role as a preserver of constitutional order during elections.

In his speech, he stated: “The Armed Forces’ professional behavior throughout the elections in the states of Bayelsa, Imo, and Kogi highlights your responsibility as a protector of our democratic principles and constitutional order. The Nigerian Army must continue to be rigorously pro-democracy while remaining impartial in this respect.

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“We take great pride in the numerous civilian-military initiatives that are underway throughout the nation, some of which will be put into service during this conference.”The practical goal of these programs is to improve people’s living conditions, in addition to fostering greater affinities and understanding between the military and civilian populace.

President Tinubu reaffirmed his administration’s commitment to advancing the military modernization process, with an emphasis on enhancing mobility, communications, and offensive striking capabilities. He cited the recent acquisition of new aircraft as evidence of his resolve to improve national defense capability.

While expressing the gratitude of the country for the sacrifice and service rendered by the armed forces, the President also mentioned that the government had previously approved N18 billion in benefits from Group Life Assurance for the families of heroes who had died in battle. Additionally, the President promised to continue supporting the welfare of serving personnel and their families.

The armed forces’ morale has significantly increased, according to Minister of Defense Mohammed Badaru Abubakar, as a result of the President’s new strategy for strengthening army cooperation and empowering the force.

You honor your commitments, Mr. President. The Nigerian people were promised advancements in the war against insecurity by your Renewed Hope initiative. More than ever, the men serving in the armed forces are dedicated. They view the advancement they are documenting. Their foes are aware of the harm they are causing. They are quite optimistic. Thanks to your leadership, our opponents do not. Gratitude, Mr. President,” said the minister.

Acknowledging the unwavering commitment of the Tinubu administration to significant investments aimed at improving the operational capabilities of the military, he promised to maintain his support for the Nigerian military in this regard.

Lieutenant General Taoreed Lagbaja, the Chief of Army Staff, told the President that ongoing military operations around the nation had stopped farmer-herder problems and considerably weakened criminal forces.

“Despite our accomplishments, we acknowledge the significance of ongoing assessment, and this meeting will be crucial in developing long-term plans to strengthen our capacity to fulfill our constitutional obligation in 2024,” the Army Chief stated.

Rivers crisis: PDP moves to replace 27 pro-Wike Assembly defectors

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Party leaders expressed disapproval of Wike’s alleged selection of Fubara, the state’s accountant general at the time, claiming that Fubara was not a politician and was not involved in the conflict.

However, when Wike-supporting MPs attempted to impeach the current governor, Fubara and his predecessor split apart a few months ago. A portion of the state House of Assembly was destroyed by fire in the midst of the crisis.

The House became divided over the governor’s impeachment efforts; Speaker Amaewhule led the majority, while House Leader Edison Ehie led the other party.

In response to the lawmakers’ defection, PDP National Publicity Secretary Debo Ologunagba stated in an interview on Monday that the party will investigate all possibilities to recover its seats in the state House of Assembly.

 

“We will write to INEC tomorrow (Tuesday) to make our position known,” stated Ologunagba, who characterized the PDP as a law-abiding party.

The PDP press secretary said, “You cannot pre-empt our steps and our party,” in response to a question about what the party would do if INEC denied its request. We comprehend and are aware of the law. We shall proceed one state at a time. You can count on the PDP to investigate every possibility.

In an earlier statement, Ologunagba claimed that the provisions of Section 109 (1) (g) of the 1999 Constitution as amended had rendered the seats of the corresponding 27 parliamentarians empty as a result of their departure from the PDP.

For the avoidance of doubt, a member of a House of Assembly shall resign from the House if, as a person whose election to the House of Assembly was sponsored by a political party, he joins another political party prior to the end of the term for which that House was elected, the party added, according to Section 109 (1) of the 1999 Constitution.

According to the Supreme Court’s understanding, Ologunagba said, the 27 defecting members had vacated their seats and lost all of their associated rights, benefits, recognition, and obligations as members of the Rivers State House of Assembly.

As the parliamentarians switched to the APC, the governor remained silent.

Regarding the lawmakers’ departure from his party, the governor, who chaired the state executive council meeting on Monday and oversaw the approval of the N800 billion budget estimate for 2024, remained silent.

When the state legislators decided to abstain on Monday, it was noted that the plenary meeting was held under tight police surveillance beginning at approximately eight in the morning.

Majority Jack, the House Leader and representative for the Akuku Toru Constituency, sponsored the Rivers State Local Government Law (Amendment) Bill, 2023, which was also given a second reading by the House during the session.

During the bill’s debate, all members agreed that certain parts of the main legislation, which were contrary to democratic principles, ought to be changed. This would guarantee that elected officials in local government were not subject to the whims and avarices of a single person.

The Speaker handed the measure to the House Committee on Local Government, directing them to have a public hearing and provide additional legislative suggestions in a fortnight.

Additionally, a motion to denounce the state governor’s refusal to turn over suspects who set fire to the Assembly’s hallowed chamber to security agencies and the seizure of funds for the Assembly’s management was adopted by the House, sponsored by 26 members and moved by Sylvanus Nwankwo, the member representing Omuma constituency in the House.

The House vigorously denounced the illegal attack on the members and the Rivers State Assembly as an organization after adopting the motion’s prayers.

They demanded that the factional Speaker, Edison Ehie, Chijioke Ihunwo, and other people they believed to be suspects in the explosion in the Assembly be turned over to the state governor right now.

In addition to demanding that the governor release funds intended for the management of the Assembly for November 2023 immediately, they emphasized that the House would no longer grant Fubara’s requests for approval because his actions were no longer compliant with the state’s current laws and the 1999 Constitution as amended.

The defection of the PDP lawmakers, according to Darlington Nwauju, the spokesman for the disbanded APC Executive Council in Rivers State, justified the party.

Nwauju said that the five APC executive members who sued to have the now-dissolved party suspended, together with the party’s legal counsel, did so in order to undermine the party and turn it over to Wike, in an interview with one of our journalists on Monday.

“Now when we also said that everything that was happening was illegal and was planned just to destabilize the APC in Rivers State and ultimately turn it over to the Minister of the Federal Capital Territory, people said it was a lie,” the speaker remarked.

CSOs alert cops

Olatunji Disu, the state commissioner of police, has been cautioned by the coalition of Rivers Civil Society Groups not to favor any one actor in the political crisis that the state is currently experiencing.

In an interview with reporters, the group’s spokesperson, Solomon Lenu, implored Disu to avoid going the way of a former CP member who had allegedly sided with acts of anarchy in the state in 2013.

He declared: “In this case, the Commissioner of Police and his officers should maintain their objectivity and follow the court’s directives by preventing either of the two sides from entering the Assembly complex.

“Instead of chaos, we desire calm in Rivers State. We stress that Mr. President ought to advise his ministry to prioritize peace and let Governor Fubara focus on his duties as an officially elected governor of the Rivers people.

“We might relocate to Abuja and take over Wike’s office in protest as a result of his actions. To him and his state legislators, this ought to serve as a warning.Lenu said that the FCT minister was determined to use the territory’s unruly MPs to plunge the state into chaos.

 

APC praises the lawmakers

However, the APC welcomed the departure of 27 members of the state’s 32-member House of Assembly from the PDP, which is currently in power.

A few hours after the 27 new converts were accepted at the party secretariat by the APC Caretaker Executive Committee in Rivers, there was cheering.

The APC’s national director of publicity, Bala Ibrahim, gave The PUNCH an exclusive phone conversation in which he ascribed the action to the party’s national chairman, Dr. Abdullahi Ganduje, having an open door policy and the political revolution occurring in Rivers.

It’s a state matter, he declared. On a national scale, however, we are keeping an eye. Dr. Abdullahi Ganduje, the APC’s National Chairman, has made it plain to everyone who will listen that he is bringing an open door policy to the organization.

“It is also his goal to expand the APC’s base of influence in a way that will allow new members and solidify the existing ones.

“Ganduje’s goal is to reach out and invite anyone who may still harbor resentment toward the party’s operations to join Mr. President’s agenda of Renewed Hope.

This suggests that what is taking place in Rivers State is, in my opinion, an acknowledgement or gratitude for the offer made by the national chairman. Additionally, I believe that attending the party will be the start of something better.

But this is a state matter, as was already indicated. The APC, a progressive party, will accept new members as long as they are willing to contribute to the advancement of Nigerian democracy, regardless of the motivation behind the defection.

One of our correspondents was informed by Edwin Olofu, Ganduje’s media assistant, that this was evidence of the revolution and changes his principal had implemented within the party.

“We welcome new members at all times as a political party. The President and the national chairman of the APC have been doing wonderful things since they took office, and it is clear that people have noticed this, he stated.

Acting Rivers APC State Chairman Tony Okocha pledged the party would treat the 27 legislators with the same decency and respect as each and every person of the state during his acceptance address at the secretariat in Port Harcourt.

The Federal Capital Territory Minister Nyesom Wike and his supporters were urged by the Ijaw National Congress to cease their efforts to remove Rivers State Governor Siminialayi Fubara from office by President Bola Tinubu.

The INC made this statement in response to what it described as the open support shown by security services to the Wike-supporting section of state lawmakers led by Martins Amaewhule.

The INC claimed that in defiance of an ongoing court order directing all parties to preserve the status quo and refrain from taking any official action until further notice, the police protected Wike loyalists in their attempt to have a sitting.

According to a Monday statement from INC and signed by Prof. Benjamin Okaba, the organization’s president, it was odd that Wike was determined to see that Fubara was impeached despite earlier interventions from Tinubu and other important parties.We humbly want you, Mr. President Asiwaju Bola Tinubu, to summon Mr. Wike and the Federal Government agencies and agents who are endangering Rivers State by allowing chaos to break out. These factors eventually pose a threat to Nigeria’s stability, according to Okaba.

A budget estimate of N800 billion that the government would spend in the 2024 fiscal year was discussed and approved by the Rivers State Executive Council on Monday.

Fubara chaired the meeting, which took place in the Executive Chamber of Government House in Port Harcourt. The council decided to rename the budget the “Budget of Renewed Hope, Consolidation, and Continuity.”

Following the meeting, state commissioner for information and communications Joseph Johnson told reporters that capital spending was expected to total N412 billion, while recurrent spending was estimated to be N361 billion.

“We had the fifth Rivers State council meeting,” he said. We discussed the Medium Term Expenditure Framework, which is often done before talking about the budget.

The budget estimate was also provided in an 83-page paper. The projected 2024 budget is worth N800 billion and is titled “Budget of Renewed Hope, Consolidation, and Continuity.”

According to a spokesman for the Rivers State Government, “the budget is essentially focused on some key areas with infrastructure taking the lead with N128 billion of the budget followed by education, health, and security.”

Dr. Tammy Danagogo, the secretary to the Rivers State Government, stated that the approved budget estimate aims to instill hope in the people of Rivers State, ensuring the ongoing development of human capital and projects.

The public would be able to view and comprehend all the forecasts and principles by the time it reaches the state House of Assembly, according to Danagogo, who stated that an anticipated budget of N800,392,485,433.33 kobo was approved.

“Providing the people and residents of Rivers State with the “Renewed Hope” and ensuring a consolidation and continuity in the harvest of projects we have been having in the State and of course other areas, particularly in human capital development, security, investment drive, and ease of doing business, is basically the essence of the budget.”

FG to resubmit N27.5trn Appropriation Bill for 2024 to the NASS for increase

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The Federal Government informed the Senate that, should revenue rise, it will think about bringing the N27.5 trillion 2024 Appropriations Bill back to the National Assembly for revision.

Speaking yesterday in Abuja, the Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun, stated that the Federal Government would have no choice but to go back to the National Assembly to appropriate the additional revenue due to the significant improvement in the economy and if the revenue increases. Senator Sani Musa (APC, Niger East) led the Committee on Finance for budget defense.

“The revenue performance was encouraging, and it is expected to continue to be encouraging,” stated the minister. A committee dedicated to tax reform and fiscal policy is currently in operation. Along with digitization, it is intended to bring about fundamental change and boost collection efficiency because it generates revenue from debt, which may allow us to raise this budget even further.

“We will return and, I’m confident, Mr. President will approve the procedure to bring the National Assembly back to allocate additional revenue if we have a strong revenue performance. It is a scenario that we are all anticipating.

Recall that on Wednesday, the penultimate, President Tinubu announced to the National Assembly the N27.5 trillion 2024 Appropriations Bill. He also outlined his administration’s intention to grow the economy by at least 3.76 percent above the projected global average by adopting the “revised 2024-2026 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP” as the framework for the 2024 budget.

In addition, Edun mentioned that to boost capital investment in the 2024 budget, the Federal Government was investigating ways to expedite the procurement process.

“When we look at actual budget performance, expenditure as of the third quarter of the year, which is September, was 32 percent below the budget estimate. Revenue was up five percent, which is an encouraging revenue performance. Debt service was up eighteen percent due to an exchange rate change, a depreciation of the currency, and the fact that we have approximately $46 billion in outstanding foreign debt.”

Capital expenditures substantially underperformed their budget. We are examining issues related to the procurement process and strategies for expediting capital expenditure to maintain the overall budget balance.

The fiscal deficit is anticipated to decrease from N13.7 trillion to N9.2 trillion. More significantly, the deficit reduces the amount of the budget that must be financed by borrowing from 6.1 percent to 3.9 percent of GDP, while capital expenditures stay at 32 percent of GDP. This is how the budget is structured.