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Fashola having grey hair because he handled three ministries, says Okorocha

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Rochas Okorocha, senator representing Imo west, says Babatunde Fashola started having grey hairs when he began to handle three large ministries.

Fashola, the immediate past minister of power, works and housing, was among the returning ministers nominated by President Muhammadu Buhari for his second tenure.

Speaking on Monday during the screening of ministerial nominees at the senate, Okorocha said the three ministries are too large to be handled by one person.

“I thought the three ministries are too large to be handled by one person. Look at my friend now. He is having grey hairs at a young age,” he said.

In his address, Fashola, who was governor of Lagos state between 2009 and 2015, said the ministry of power has been dealing with regulatory issues since the privatisation of the Power Holding Company of Nigeria (PHCN).

“Before the privatisation, the ministry of power had 50,000 staff,” he said.

“After privatisation, that number moved to 790 and at the last budget, we were accounting for 699 people.

“This is because we no longer own trucks or meters. We now face regulation. It’s just like the telecommunications sector where we have the NCC and the ministry.”

When asked how much fund the power sector required to ensure stable electricity, Fashola said: “I’ve already addressed the issue of funding as our major challenge. My suggestion is that we should raise an infrastructure fund where Nigerians can contribute their money.”

https://iso.keq.mybluehost.me/16bn-power-projects-we-will-get-our-money-back-buhari-hints-on-obasanjo-atiku-probe/

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Tinubu Swears in Ibas as Rivers Sole Administrator

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President Bola Tinubu has sworn in Vice Admiral Ibok-ete Ibas (rtd.) as the Sole Administrator of Rivers State, following a brief meeting at the Presidential Villa on Wednesday afternoon.

Ibas’ appointment comes a day after Tinubu, in a nationwide broadcast, declared a state of emergency in Rivers State and suspended Governor Siminalayi Fubara, Deputy Governor Ngozi Odu, and all members of the Rivers State House of Assembly.

The President cited Section 305 of the 1999 Constitution as the legal basis for his action, stating that he could no longer stand by as the political crisis in the state escalated.

However, the suspension of Fubara and other elected officials has sparked widespread condemnation. Former Vice President Atiku Abubakar, Labour Party’s Peter Obi, senior lawyer Femi Falana (SAN), the Peoples Democratic Party (PDP), the Nigerian Bar Association (NBA), and several civil society groups have rejected the move, describing it as unconstitutional and undemocratic.

In contrast, the pro-Nyesom Wike faction of the Rivers State Assembly, led by Martins Amaewhule, has praised Tinubu’s decision, accusing Fubara of disregarding a Supreme Court ruling related to the state’s political crisis.

Vice Admiral Ibas, a retired naval officer, previously served as Chief of Naval Staff from 2015 to 2021 under President Muhammadu Buhari. Born in Cross River State, he attended the Nigerian Defence Academy in 1979 and went on to have a distinguished military career, rising to the highest ranks in the Navy.

He is a member of the Nigerian Institute of International Affairs (NIIA) and the Nigerian Institute of Management. In 2022, Buhari conferred upon him the national honour of Commander of the Federal Republic (CFR) in recognition of his service.

Ibas now assumes leadership of Rivers State amid a deeply divided political landscape, with tensions running high over the legality and implications of the emergency rule.

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FAAC Disbursements Rise by 43% in 2024, Hit N15.26tn

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The Federation Accounts Allocation Committee (FAAC) disbursements to the federal, state, and local governments surged by 43 per cent in 2024, reflecting a major boost in government revenue inflows.

According to the latest FAAC Quarterly Review released in Abuja on Tuesday, the Nigerian Extractive Industry Transparency Initiative (NEITI) disclosed that a total of N15.26 trillion was allocated to the three tiers of government within the year under review.

NEITI’s Acting Director, Communication & Stakeholders Management, Obiageli Onuorah, described the disbursements as a historic high, noting that the allocations surpassed previous years by a remarkable margin.

Key Drivers of Revenue Growth

The report attributed the surge in FAAC disbursements to sustained fiscal reforms by the Federal Government, particularly the removal of fuel subsidies and foreign exchange rate adjustments. These policies have significantly boosted oil revenue remittances and overall government earnings.

Speaking at the official release of the report in Abuja, NEITI’s Executive Secretary, Dr Orji Ogbonnaya Orji, highlighted the impact of these reforms on national and subnational finances. He noted that the withdrawal of fuel subsidies in mid-2023 reshaped revenue distribution and affected debt repayment deductions from state allocations.

Dr Orji stated that the objective of the report was to assess the sustainability of government borrowing, the fiscal implications of resource dependence, and the economic realities confronting states benefitting from the 13% derivation revenue from oil, gas, and solid minerals.

“The analysis focused on crude oil revenue derivation states, as solid minerals continue to underperform despite their significant potential,” he added.

Breakdown of FAAC Allocations

According to the NEITI report, FAAC disbursements in 2024 were as follows:

Federal Government: N4.95 trillion

State Governments: N5.81 trillion

Local Governments: N3.77 trillion

Total FAAC Disbursement (Including Derivation Revenue): N15.26 trillion

State governments recorded the highest percentage increase in allocations, jumping by 62% from N3.58 trillion in 2023 to N5.81 trillion in 2024. Local government councils saw a 47% increase, while the federal government’s share rose by 24% from N3.99 trillion in 2023.

The report highlighted that FAAC allocations grew by 66.2% over three years, rising from N9.18 trillion in 2022 to N10.9 trillion in 2023 and N15.26 trillion in 2024, with the most significant leap occurring between 2023 and 2024.

Economic Risks and Challenges

Despite the revenue boost, NEITI cautioned that economic risks associated with fiscal reforms must be managed effectively. Key risks identified include:

Inflationary pressures

Possible rise in debt servicing costs

Fiscal uncertainty for oil-dependent states

The agency urged governments at all levels to adopt innovative measures to cushion the impact of these economic challenges.

State-by-State Allocation Analysis

Lagos received the highest FAAC allocation in 2024, with N531.1 billion, followed by:

Delta State: N450.4 billion

Rivers State: N349.9 billion

Conversely, the least allocations went to:

Nasarawa State: N108.3 billion

Ebonyi State: N110 billion

Ekiti State: N111.9 billion

The report also showed that six states—Lagos, Rivers, Bayelsa, Akwa Ibom, Delta, and Kano—each received over N200 billion, collectively accounting for 33% of total state allocations. Meanwhile, the six lowest-receiving states—Yobe, Gombe, Kwara, Ekiti, Ebonyi, and Nasarawa—received only 11.5% of total allocations.

Debt Deductions Raise Fiscal Concerns

A total of N800 billion was deducted from states’ allocations for foreign debt servicing and contractual obligations, representing 12.3% of total state allocations.

Lagos State had the highest debt deduction, with N164.7 billion, followed by:

Kaduna State: N51.2 billion

Rivers State: N38.6 billion

Bauchi State: N37.2 billion

NEITI warned that many states with high debt burdens were among the lower FAAC recipients, raising concerns about debt sustainability and overall fiscal health.

With the federal and state governments increasingly reliant on oil revenue, the report emphasized the need for economic diversification, stronger financial management, and sustainable debt practices to ensure long-term fiscal stability.

 

 

 

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Ido LG APC Hails Oseni on FNSE Conferment

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Ido Local Government chapter of the All Progressives Congress (APC), Oyo State has congratulated the lawmaker representing Ibarapa East/Ido Federal Constituency, Engr. Aderemi Oseni, on his conferment as a Fellow of the Nigerian Society of Engineers (FNSE).

In a statement signed by the APC Ido LG Secretary, Engr. Ebenezer Olatiilu, the party described the recognition as a pivotal milestone in the lawmaker’s professional journey, acknowledging his contributions to engineering excellence and community development.

“This noble recognition is a testament to your unwavering dedication to the advancement of engineering practices, your exemplary leadership, and your commitment to the moral, spiritual, and political upliftment of our communities,” the statement read.

The party also highlighted Oseni’s influence in politics, noting his strategic insight and deep understanding of governance, which have earned him widespread admiration within Oyo State and beyond.

It further commended his role as Chairman of the House Committee on the Federal Roads Maintenance Agency (FERMA), stating that his leadership continues to shape progressive governance in Ido LG, his federal constituency, and Oyo State.

The party described the FNSE conferment as a blessing to the local government and Oyo State’s political landscape, praying for wisdom, good health, and strength for Oseni to continue his service with excellence.

“May this new chapter bring greater achievements and divine favour,” the statement concluded.

 

 

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