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Editorial

Pass PIB, Now

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On September 30, the Petroleum Industry Bill (PIB) scaled first reading in the Ninth Senate.
The bill is expected to return to the floor of the Senate next Tuesday for second reading and formal debate. And the first reading comes barely 48 hours after it was re-transmitted to the National Assembly by President Muhammadu Buhari in a letter read by the Senate President, at the resumption of plenary on September 29.
But this is not the first time that the PIB has gone through extensive legislative interrogation in the National Assembly.
Indeed, almost 20 years after it was first introduced on the floor of the National Assembly, the PIB has passed through several alterations and debates without success, leading to it being split into different pieces of legislation, and passage of the Petroleum Industry Governance Bill (PIGB), for the first time in May, 2017, and its concurrence by the House of Representatives, later that year.
Unfortunately, Buhari withheld assent on the PIGB in July, 2018. By a presidential communication of July 29, 2018, addressed to the Senate and House of Representatives, the President referred to constitutional and legal reasons why he declined assent.
The Tide recalls that the PIGB was articulated to establish a framework for the creation of commercially-oriented and profit-driven petroleum entities that ensure value addition and internalisation of the petroleum industry while promoting transparency and accountability in the administration of petroleum resources as well as fostering conducive business environment for industry operations.
The PIGB was the first tranche of the PIB, which includes the Upstream Petroleum Licence and Lease Administration, Downstream Oil and Gas Administration, and Petroleum Industry Fiscals, and Petroleum Revenue Management, including Petroleum Host Community Fund.
However, on November 4, 2019, Buhari signed the amended Deep Offshore Act 2019, being part of the PIB that incorporates the Production Sharing Contracts, designed to ensure Nigeria gets fair and equitable share of income from natural resources for the first time since 2003.
With the reintroduction of the PIB, which comprises the Petroleum Industry Fiscal Bill (PIFB), Petroleum Industry Administration Bill (PIAB), Petroleum Host and Impacted Communities Development Bill (PHICDB), and renewed optimism in the National Assembly on its passage, The Tide feels particularly glad that the push to perfect the deregulation of all streams in the oil and gas sector is gathering momentum.
This feeling is even more satisfying when we reckon that the new bill has, in addition to the upstream and downstream portfolios in the earlier one, the recognition that the midstream (pipeline) sector holds the key to accelerating the diversification and competitiveness of the industry for increased benefits for the nation’s economy. We charge the NASS to pass the urgent legislation simultaneously.
While The Tide agrees that the oil and gas companies must play pivotal roles in the development of host communities where they make fortunes for shareholders, it is surprising that the Buhari administration has surreptitiously reduced the statutory contributions of the oil and gas firms from the initial 10 per cent in the bill presented to the Eighth NASS to 2.5 per cent in the current bill, thereby denying the region huge chunk of money that would have helped transform communities and empower millions of people.
Even as we note the statutory three per cent contribution from the annual budgets of oil and gas companies to the Niger Delta Development Commission (NDDC) and the 13 per cent derivation paid to the nine oil-producing states from the federation accounts, we insist that the cumulative allocation of about 26 per cent from oil revenue for the development of the difficult region is not too much.
We, therefore, urge NASS members from the region to lobby for increase in the contributable funds to 10 per cent to promote peace, development and progress in the host communities.
Interestingly, the quick passage of the PIB will not only accelerate development through the infusion of more funds into host communities, boosting youth employment and peace in the region, but will serve as a comprehensive instrument for the diversification of the oil and gas sector and the country’s economy.
Indeed, the PIB, when passed and assented to, will bring about more inclusive development away from crude oil to other product lines and by-products, just as it ensures robust engagement between international oil companies (IOCs) and the government in the area of investment and modifications in the Joint Venture Partnerships (JVPs)/cash call obligations.
Besides, the PIB will engender activation and extension of indigenous participation and local content development, just and fair engagement of the oil producing communities and transparency/accountability in an industry that would be more efficient and effective with clear and separate roles for governance and regulatory institutions in the petroleum industry.
It is not in doubt that the delay in the passage of the PIB has been holding down lots of Final Investment Decisions (FIDs) and critical investments in the oil and gas sector. The Tide, therefore, urges the NASS members to fast-track the passage of the PIB to send the signal to the world that Nigeria is serious about an oil sector reform that provides a win-win landscape for all players in the industry. Time is of the essence. There is no better time than now, especially as oil is being found everywhere around the globe.
Of course, with oil production capacity declining by between 10 per cent and 15 per cent annually, and Nigeria struggling to maintain two million barrels per day production quota, it is imperative to speed up the passage of the PIB so that investors can begin to splash the desperately needed $10 billion capital expenditure (CAPEX) annually in the country. This will also help attract the required $20 billion to $30 billion CAPEX yearly to grow Nigeria’s target daily production of three million barrels per day, going forward.
The timely conclusion of this reform process would guarantee legislative certainty and clarity, which the industry needs now more than ever before.
No nation yearning for development will allow various unfavourable fiscal and regulatory frameworks to impede the take-off of an estimated $100 billion worth of projects awaiting FDIs in Nigeria’s oil and gas sector.
We insist that the opportunity cost of this unwarranted delay in terms of industry growth, infrastructure and value addition to the economy and job creation is too high, for the country to continue to toy with the passage of the bill.
We believe that this time around, the Ninth National Assembly will break the jinx and holistically pass the PIB. The lawmakers must know that struggling to pass a bill for 20 years is a shame and a betrayal of the trust their constituents have bestowed on them as representatives.

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Editorial

No To Hike In Telecom Tariffs

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Nigerians are outraged by the Federal Government’s approval of a 50 per cent increase in telecommunications tariffs, with organised labour threatening to mobilise workers to boycott telecom services. The Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) have described the upcoming tariff as outrageous, lamenting that it will worsen the already harsh living conditions of workers and the masses.
Similarly, the Coalition of Northern Groups (CNG) rejected the hike, stating that it was ill-timed and did not take into consideration the struggles of Nigerians. The Human Rights Writers Association of Nigeria (HURIWA) also criticised the review, calling it an illegal, unconstitutional, and oppressive policy that undermines the fundamental rights and freedoms of Nigerians. It is a difficult moment for the industry.
Recall that the Nigerian Communications Commission (NCC) approved a 50 per cent increase in tariffs for telecom operators last Monday, instead of the 100 per cent raise that operators had requested. This decision quickly angered the consumers’ association, which criticised the government’s approval as not only punitive but also insensitive.
We wholeheartedly agree with the stance of labour and other groups on this very sensitive matter. We unequivocally condemn the 50 per cent increase in telecom tariffs. Though telecom operators cite higher operational costs and inflation as reasons for the hike, the timing and impact raise serious concerns in the current economic situation. It is a blatant attack on the well-being of the Nigerian worker and a betrayal of the people to corporate interests.
Telecommunication services are essential for daily communication, work, and access to information. However, the average Nigerian worker already spends approximately 10 per cent of their wages on telecom charges. For a worker earning the current minimum wage of N70,000, this means an increase from N7,000 to a staggering N10,500 per month or 15 per cent of their salary, a cost that is unsustainable.
This hike exemplifies the government’s apparent ease in prioritising corporate profits over citizens’ welfare. It is shocking that the government approved a 50 per cent tariff increase for telecom companies within a month, yet took nearly a year to approve the recent minimum wage for workers, despite the rising cost of living and inflation eroding purchasing power.
The questions are: When will the government stand up for the citizens it swore to protect? When will the National Assembly rise to its responsibility and hold the Executive accountable for policies that blatantly undermine the welfare of the majority? When will the common man finally heave a sigh of relief in Nigeria? We urge the government, the NCC, and the National Assembly to review the implementation of this ill-advised increase.
It is difficult to understand the state of mind of the managers of the nation’s economy. Sadly, these managers have alienated themselves from the reality of today. How can a government approve a 50 per cent hike in the tariff of telecom services when even the N70,000 minimum wage has been eroded by inflation, electricity tariff hikes, exorbitant fuel costs, transportation, and other social services?
Even if there is a need for an increase, why does it have to be 50 per cent? If, after dialogue, it is agreed that a raise is necessary, we should all consider a more reasonable increase rather than the 50 per cent hike. Fifty per cent is excessive and will only worsen the already harsh living conditions of workers, placing a heavier burden and more suffering on them and the general population.
The recognition of telecommunication services as essential components of modern society cannot be overstated. In an era characterised by rapid digital transformation, these services are fundamental not only for personal communication but also for facilitating broader socio-economic engagement. The proposed tariffs increase in the telecom sector raises critical concerns regarding equitable access to vital services that support communication, education, healthcare, and commerce.
In a democracy, the people should be the central focus of all government actions and policies. Every decision should aim to improve their quality of life. This plan must be carefully scrutinised with the welfare of citizens in mind. An increase in telecom tariffs will negatively impact many Nigerians, as the internet has become an essential tool for business, communication, and daily activities.
The Tide calls for the immediate suspension of the 50 per cent hike in tariffs. Instead, we recommend a more reasonable adjustment of a maximum of 10 per cent, which balances industry sustainability with the current economic realities in the country. We also demand that the NCC engages in genuine, inclusive consultations with consumer advocacy groups, civil society organisations, and other grassroots stakeholders before implementing any tariff adjustments.

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Editorial

Hurray, Siminalayi Fubara Is 50!

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Born on January 28, 1975, in Opobo Town, Mr. and Mrs. Joseph and Love Fubara welcomed their second of five children and first son. His father, a former soldier who completed an overseas training tour of duty, instilled in him a strong sense of discipline and dedication. His mother, a civil servant, taught him the importance of hard work and perseverance.
He received his primary education at Opobo Primary School and continued his studies at Comprehensive Secondary School in Opobo. His passion for numbers led him to pursue a degree in Accountancy at the then Rivers State University of Science and Technology, now known as Rivers State University.
Upon completion of his Bachelor’s degree, he pursued further education and obtained a Master of Business Administration (MBA) and a Master of Science (MSc) from the prestigious University of Port Harcourt in 2013 and 2016, respectively. Fubara’s dedication to his studies and his commitment to personal growth have shaped him into the accomplished individual he is today.
Sim, fondly called by his colleagues, started his career in 2003 as a principal accountant at the Rivers State Senior Secondary Schools Board. His dedication led to his promotion to Director of Finance and Accounts at the Government House in 2015. In March 2020, he was appointed Permanent Secretary and then became the Accountant-General of Rivers State on December 23, 2020.
His achievements are numerous, as he is a Knight of the St. Christopher (KSC) Order of the Church of Nigeria Anglican Communion. Additionally, he holds the prestigious traditional chieftaincy title of Amaopusenibo of Opobo Kingdom. The Governor’s commitment to family is evident through his marriage to Valerie Ibiere Fubara, with whom he shares three beautiful children.
Among Siminalayi’s other significant qualifications and accomplishments are his fellowship with the Nigerian Institute of Management and his fellowship with the Association of National Accountants of Nigeria (ANAN). He holds membership in the Chartered Institute of Forensic and Investigative Auditors. His impressive background has gained him the trust and support of the Peoples Democratic Party (PDP), leading to his victory in the party’s governorship primaries for the 2023 general elections.
Fubara embodies a leadership style defined by simplicity and compassion. He exhibits patience, confidence, and empathy in his interactions with those he serves. His humility and faith in God make him trustworthy. Representing the younger generation, Sim leads with the slogan “Consolidating and Continuing the New Rivers Vision,” focusing on developing infrastructure, healthcare, education, security, agriculture, and investment opportunities for Rivers State.
The bravery exhibited by His Excellency in resisting godfatherism has attracted respect from a wide array of Nigerians, Africans, and supporters of democracy around the world. He emphasises serving the interests of the people of Rivers over any godfather. His actions unify diverse groups in the state, promoting a sense of belonging among various ethnicities.
Our affable Governor exemplifies robust moral leadership rooted in his Christian beliefs. As a devoted Knight, he shows compassion and selflessness in his governance. He fosters an environment where all religions can peacefully coexist. Fubara sponsored Muslim pilgrims for the 2024 Hajj and personally wished them well, encouraging them to pray for the state and Nigeria. His religious tolerance has earned him respect among Nigerians who value coexistence.
Moreover, the Governor’s appealing physique and charming smile have garnered admiration from many Nigerians, who view physical beauty as a reflection of inner qualities. His tall stature has solidified his status as a revered figure, commanding respect across the nation. Fubara has shown dedication to women’s issues by initiating several programmes in collaboration with the Women Affairs Ministry and the Office of the First Lady, highlighting his strong commitment to women’s empowerment and gender equality.
Sir Fubara has focused on actively involving young people in his governance by launching entrepreneurship and training schemes, notably the Rivers State Youth Empowerment Scheme. His efforts to support youth have earned him the backing of many young Nigerians. Additionally, he provides scholarships and makes donations to orphanages, demonstrating his commitment to investing in education for the benefit of children in the state.
Known for his strong commitment to national unity, this Governor reaches out to Nigerians from various backgrounds. As a state Governor, he demonstrates great nationalism by supporting citizens from other states, especially in Rivers. He respects the rule of law and democratic values, which has enabled past local government chairmen to complete their terms without issues. His effective management of Rivers State’s resources promotes transparency and accountability.
Despite facing numerous distractions, the Rivers Chief Executive has made remarkable strides in steering the state’s affairs, reflecting his unwavering focus and commitment to delivering results. He has encountered challenges but remains dedicated to his vision for a better state. His peaceful and caring leadership style has made him popular, inspiring new leaders to emulate similar qualities. By being strong yet compassionate, he has redefined the concept of leadership. Fubara’s selfless nature prioritises the state’s needs above his own. This has earned him widespread support.
As he commemorates his Golden Jubilee birthday today, even the most ardent critics, adversaries, and accusers cannot overlook that he embodies a worthy precursor in every sense.
Happy Birthday, His Excellency!

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Editorial

Fubara’s 2025 Budget Of Inclusive Growth

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On December 30, 2024, Rivers State Governor, Sir Siminalayi Fubara, unveiled an ambitious budget proposal amounting to N1.188 trillion for the year 2025. This proposed budget, aptly termed the “Inclusive Growth and Development Budget,” seeks to address the socio-economic needs of the state while simultaneously fostering sustainable growth and development. This marked the second budget cycle under Governor Fubara’s administration. Fubara signed the budget into law on January 2, 2025, after the House of Assembly had passed it.
The 2025 budget builds upon the framework established by the previous year’s appropriation, which was themed “Renewed Hope, Consolidation, and Continuity.” That 2024 budget projected a total revenue of N800.392 billion, aiming to perpetuate the administration’s agenda focused on economic recovery, infrastructure development, and the enhancement of social welfare programmes. Moreover, it sought to stimulate economic growth, uplift the quality of life for citizens, and facilitate the overall sustainable development of the state.
The 2024 budget was a resounding success, surpassing both its revenue and expenditure targets and achieving its objectives concerning performance, expectation management, and project delivery. Remarkably, this was accomplished in the face of macroeconomic challenges, including prevalent high inflation rates, the devaluation of the naira, and a backdrop of political instability. Notably, this budget was financed without resorting to loans, achieving full implementation with a success rate of 100%. The growth in the Internally Generated Revenue (IGR) was especially impressive; by the end of November 2024, the IGR surged to N282.557 billion, surpassing the projected figure of N231.057 billion by more than N51 billion.
However, the 2025 budget reveals a more refined and methodologically sound financial strategy that places emphasis on both immediate operational needs and forward-thinking long-term investments. The breakdown shows Recurrent Expenditure totalling N462,254,153,418.98 alongside a Capital Expenditure of N678,088,433,692.03. Additionally, the budget establishes a planning reserve of N35.688 billion and anticipates a closing balance of N12.931 billion. In this way, Fubara’s administration reaffirms its unyielding commitment to expedite the development of Rivers State.
An important element of this budget is the ratio of Recurrent to Capital Expenditure, which stands at a notable 44:56%. This metric illustrates the administration’s deliberate allocation of funds, directing a substantial portion towards capital projects — vital components for fostering infrastructure and facilitating developmental goals. This balanced approach indicates a strong recognition of the need for investment in both immediate operational efficiency and sustainable long-term growth strategies.
Considering the contemporary economic complexities and pressing policy priorities, the 2025 appropriation estimate is a carefully calculated reflection of the state’s economic landscape. The budget’s stable assumptions and its intrinsic flexibility are designed to address the various financial challenges the state faces, thereby ensuring its ongoing relevance to current and future economic scenarios. These elements demonstrate a realistic and reliable approach in the projections of the N1.188 trillion budget, thereby enhancing the effectiveness of its implementation.
The estimate further acknowledges the complicated dynamics of the current economic climate and adjusts strategic plans to navigate unforeseen disturbances. By incorporating a degree of flexibility, the budget is designed to anticipate and mitigate potential economic shocks stemming from an array of domestic and international influences. This proactive posture enables the state to respond efficiently to economic downturns and explore avenues for growth.
In the allocation of funding, Governor Fubara emphasizes critical sectors such as infrastructure, health, education, agriculture, and social development, showcasing an understanding of the core challenges faced by Rivers State. The largest portion of the budget, amounting to N195.074 billion, has been specifically earmarked for infrastructure development, followed closely by allocations for health (N97.750 billion), education (N63.275 billion), agriculture (N30.954 billion), and social development (N15.477 billion).
The government’s commitment to infrastructure development is particularly commendable. Key projects such as the Port Harcourt Ring Road and the Trans-Kalabari Road remain essential drivers for economic expansion. The allocation dedicated to social development is a commendable move towards empowering the youth population. Investments in youth initiatives are integral for laying the groundwork for a more inclusive and equitable society.
Recognising that food security is a non-negotiable priority, the administration’s substantial commitment to the agricultural sector deserves praise. By supporting interventions aimed at agricultural development, the government is creating employment opportunities, fostering economic growth, and achieving necessary diversification and rural development. Moreover, the initiative to roll out a comprehensive agriculture transformation support programme geared towards youth in the upcoming fiscal year stands to tackle the challenges of youth unemployment, poverty, and food insecurity effectively.
In parallel, the budget emphasizes the administration’s intent to fortify health and educational institutions. It is paramount that primary healthcare systems and general hospitals receive the necessary investments to drive transformative outcomes, alongside substantial renovations of public schools. The government must remain focused on bolstering foundational sectors within the education system. Furthermore, the planned establishment of a college of education in Opobo is a welcome initiative that aligns perfectly with the need to enhance educational opportunities in the area.
In recognition of these concerted efforts, the Opposition Coalition, alongside the All Progressive Congress (APP) and the Human Rights Writers Association of Nigeria (HURIWA), has lauded Governor Fubara as an astute economic tactician whose leadership has seen Rivers State’s IGR increase by N100 billion. They further commended his administration for achieving the 2024 budget’s objectives without incurring debt, despite the ongoing attempts by various disgruntled elements to disrupt governance in the state.
A statement from the opposition emphasized, “This remarkable achievement is a testament to the economic acumen of Governor Fubara, who, despite distractions and provocations, has maintained his focus on the economic rejuvenation of the state following years of mismanagement. It is both reassuring and inspiring that even while the Federal Government grapples with domestic and foreign borrowings to fund its operations, the Rivers State Government has succeeded in financing the 2024 budget without resorting to borrowing.”
Governor Fubara’s pragmatic approach to fiscal management presents a remarkable opportunity to transform governance at the state level in Nigeria. If effectively executed, the 2025 budget could serve as a model for leveraging state governance to propel economic growth and enhance the quality of life for Rivers people. The successful implementation of the budget could redefine the role of state governments in Nigeria’s overall development trajectory, thereby paving the way for a more prosperous and inclusive future for all.
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