Business
Fubara Signs 2024 Appropriation Bill Into Law
Rivers State Governor, Siminalayi Fubara has signed into law the 2024 appropriation bill of N800 billion.
Speaking shortly after signing the bill at Government House, Port Harcourt yesterday, Fubara explained that with the budget providing framework for spending in 2024, his administration will undertake notable critical road projects that will connect more communities across several local governments to meet age long yearnings of Rivers people.
The governor said: “This budget shows that we have a plan for our dear State. One of the reasons why our budget is in the volume of N800bn is that we intend, not just by desiring, to ensure that one key request of our dear State is met.
“God being our helper, we will commence immediately, by next year, flaging off the actual and main Trans-Kalabari road project phase 2.
“We have also, in our budget, provided to take care of the Elele-Omoku road project; road that cuts through Ikwerre, Emohua and Ogba-Egbema-Ndoni Local Government Areas. We are also taking that project as one of our cardinal achievements of this administration. We are not going back on it.”
He assured that no efforts will be spared in implementing to the full the planned out quality projects and services itemised in the 2024 appropriation.
Fubara emphasised that the budget will be driven in a manner that will make a positive impact on the lives of all residents in Rivers State because they will see and feel development at their door steps.
The governor said: “I want to assure you that this administration has the best interest of our people. It is an administration that wants every one to have hope. We have keyed into the Renewed Hope Agenda of our dear President Bola Tinubu to continue to assure our people of hope. The best of us will be seen by everyone.
“We will continue to protect the interest of our people, do the best for everyone, not minding your position or class. Our government is a responsive and inclusive government. Our eyes and ears are open to the needs of our people. We will not disappoint you.”
He commended the legislature for their support to his administration and assured that God that has continued to make way out of the challenges will continue to embolden them.
In presenting the budget to Fubara for ascent, the leader of the Rivers State House of Assembly, Hon. Adolphus Orubienimigha, said members gave due diligence in deliberating on each item, giving careful consideration to pass the appropriation bill and urged the governor to remain resolute in discharging the duties of his office.
In his speech, Speaker of the House, Rt. Hon. Edison Ehie noted that the budget figures and items as articulated were in line with current realities and demonstrated the resolve of the governor to provide more infrastructure, strengthen sectors like education, health, and the economy to deliver optimal services including youth empowerment.
Ehie assured that the legislature will continue to stand with Governor Fubara, by providing the required support that will secure success for the administration.
The cryptocurrency market is stabilising after a turbulent start to the week, gaining nearly $89 billion and pushing the total market cap to $2.61 trillion.
Bitcoin rebounded above $80,000, with analysts suggesting a breakout past $82,761 could lead to $85,000, supported by strong investor confidence.
In the U.S., Speaker Mike Johnson urged patience, saying, “People need to be patient in waiting to see what President Trump was planning for the economy.”
White House Press Secretary Karoline Leavitt reassured investors, stating, “The recent market volatility was a transitory period, not a trend or a long-term one.”
Earlier in the week, crypto markets saw nearly $1 billion in liquidations as Bitcoin and Ethereum hit monthly lows.
However, stability returned, and in the past 24 hours, total liquidations reached $384.4 million—$138.2 million from long positions and $246.2 million from short positions.
Despite the recovery, analysts remain cautious. While reduced geopolitical risks and trade tensions have helped, inflation data, Federal Reserve policies, and ongoing global uncertainties could still impact markets.
The coming weeks will determine whether the market sustains its gains or faces renewed volatility.
In a move to support Nigeria’s transition to renewable energy, global technology giant Huawei has collaborated with the Office of the Head of the Civil Service and the Ministry of Power to equip Nigerian civil servants with essential skills in the green energy sector.
The two-day training programme theme “Green Energy and Solar Power Training” held in Abuja, targeted Directors of Engineering Departments across various ministries and agencies, aiming to enhance their knowledge of solar energy technologies and further champion its adoption in Nigeria. Participants were trained in making informed decisions on solar product selection, system maintenance, and ensuring energy efficiency in government operations.
Speaking at the opening of the training, Minister of Power Chief Adebayo Adelabu, represented by Permanent Secretary Alhaji Mahumuda Mamman, highlighted Huawei’s critical role in advancing renewable energy solutions.
“Huawei, as a global leader in technology and innovation, has been instrumental in making solar energy more efficient, scalable, and accessible,” Adelabu stated.
“Their involvement in this programme reflects their commitment not only to technological advancement but also to the education and empowerment of Nigeria’s energy leaders.”
Adelabu expressed confidence that the training would equip participants with valuable skills that would benefit their careers and contribute to Nigeria’s goal of energy independence and sustainability.
“The success of our energy transition depends on collaboration—between government, industry, and the technology sector,” he added.
“By working together, we can develop the infrastructure, policies, and human capital needed to accelerate Nigeria’s shift to a green energy economy.”
In his welcome remarks,Huawei Board Director Jim Zhang underscored the company’s longstanding presence in Nigeria, emphasising its contributions to the country’s digital and energy sectors.
“A lot of people know Huawei for our equipment, headsets, and laptops. However, we also provide digital power solutions, smart photovoltaic (PV) systems, and energy storage solutions (ESS) in Nigeria,” Zhang said.
He noted that Huawei has been in Nigeria for 26 years, operating two headquarters in Lagos and Abuja, alongside a training centre, an operations centre, and an innovation hub.
“We have already supplied nearly 100 megawatts of power through our smart PV and ESS systems in Nigeria,” Zhang revealed.
“We also collaborate with several universities, offering training programmes for students and professionals.”
Zhang reaffirmed Huawei’s commitment to working closely with the Nigerian government and businesses to address electricity challenges and enhance energy efficiency.
Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, represented by Permanent Secretary Dr Danjuma Usman Kalba, commended Huawei’s efforts in training civil servants. She stressed the importance of institutionalising such initiatives to ensure continuous capacity building in the public sector.
“We cannot thank Huawei enough for making itself available and organising this training,” Walson-Jack said.
“We hope this will become a continuous initiative within the civil service.”
She further emphasised the economic and environmental benefits of renewable energy, urging ministries and agencies to align their strategies with global sustainability policies.
“The world is increasingly focusing on climate change and its impact. It is essential that Nigeria aligns with global renewable energy policies,” she said.
“I encourage participants to seize this opportunity to understand solar energy systems, particularly their maintenance and practical applications.”
The 2-day training program features technical sessions tailored to enhance participants knowledge and capabilities in solar power, as well as site visits to Huawei-implemented project sites as part of the effort to equip participants with practical knowledge and drive the nation towards a sustainable and energy-efficient future.
By Abubakar Yunusa
Oil marketers have cried out about the negative impacts of unstable prices of Premium Motor Spirit or petrol in the country on their businesses.
President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gilly-Harris raised concern during Channels Television’s Business Morning on Tuesday.
According to him, fluctuating petrol prices in the last few weeks are constituting potential threats to the survival of businesses of its members.
Gilly-Harris’ concern comes on the heels of ongoign price war between the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).
Following the announcement of a price cut by the Dangote Refinery by N65 at the ex-depot price, the retail price at filling stations affiliated with Dangote dropped from N925-N930 to N860.
No sooner after, the NNPCL also reduced its price at its retail stations, further deepening rivalry between the two dominant players.
Billy-Harris said “In our consistently weekly reviews, we discovered that the size of loss, and the possibility of most of us getting out of business is glaring at us in the face. Because in today’s Nigeria, we have collaborative efforts being made between all the stakeholders, and we reach out to one another to know how the businesses are doing.
“As much as we are making efforts to make sure that Nigerians have product affordability from our end as the last mile in the industry, we also want to stay afloat and liquid.
“The challenge we have is that we buy products at a price today, and before the close of business, the price has reduced. We thought there should be a mechanism by which prices are analysed and ensure it doesn’t impact negatively on the industry.
“I have always said that every business can only survive by making some minimal profits that are commensurate to the price of paying the cost of doing business.
“We are fully aware that the international prices of crude oil and other related expenses are also being reduced. But when we invest to buy products at say N880, we are not going to sell at that price. And if such products become reduced to N840, N850, N860 or even N870 per litre, it becomes challenging how we will be able to recover our costs.”
Commenting on price monopoly in the downstream sector, Gilly-Harris said its members can either import products or buy from local refineries, however, it would not sell products at the expense of the survival of PETROAN members’ businesses.
He said “Yes, we have been in the forefront of always implementing what stakeholders agree. We have the capacity to import our products. We also have the capacity to buy locally refined products. But we see that prices consistently shift up or down, and there is no clear business consultation on how this should be done. That is why we said the NMDPRA and the consumer protection agency should swing into action and be able to work together with other stakeholders so that we can be able to have a stable market and a stable price.”