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PORT HARCOURT INS i GHT The Voice of Development 2020 Vol.1

ANALYSING THE ₦530 BILLION BUDGET OF REASSURANCE WHAT’S INSIDE

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Managing Director

Okoroma C.G (Bob)

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R

ivers residents commend Chief. (Barr) Nyesom Wike (Mr. Project) for the huge capital expenditure budgeted to boost investors’ confidence in the state. Mr. Project signed the 2020 budget of ₦530,813,357,619 into law after being passed by the State House of Assembly last year. The budget of reassurance is aimed at sustaining the development of the state, with an appropriated recurrent expenditure of ₦156.6 billion and capital expenditure of ₦374.1 billion.

Managing Editor

Marvellous Lawrence

Editor

Nkpata Ibinabo

The capital expenditure will stimulate the economy and enhance development of the state, thereby, building on the current successes recorded in 2019.

Recurrent Expenditure is an expenditure that does not result in the creation or acquisition of fixed assets. It consists mainly of expenditure on wages, salaries and supplements. Capital Expenditure are funds used to acquire, upgrade, and maintain fixed assets such as roads, buildings, ports, airport and other infrastructure.

In the 2019 budget, government budgeted ₦480 billion towards ensuring that capital projects like the three (3) flyover bridges were awarded to boost economic activities of the state.

Content Developer

Justus Kenneth C.

GambetaNews.com African Infrastructure News, Events, Educative Materials, and Jobs

These infrastructure projects ensured that the economic activities within the state were sustained despite the nationwide economic hardship.

Production

Currency Ovie

Government spending through capital projects are important for boosting economic activities in the fight against recession. Contd. on next page

Adminsitration

Design

Agwulonu Ngozi

Obi Martins

GambetaNews

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editor@gambetanews.com

0704 300 2003


at the Ignatius Ajuru University; “only a collaboration between the government, private sector and civil society is capable of reducing the number of Nigerians living in abject poverty.” Mr. Project understands this fact, and has made commendable efforts in partnering with the private sector.

70.56%

₦374 billion Capital Expenditure

In November 2019, Governor Wike commissioned the new Alcon Nigeria Limited Low Voltage Panels Assembly Plant in Port Harcourt. An important partnership by the current administration in supporting private sector efforts in reviving the manufacturing sector of the state.

29.44% ₦156 billion Recurrent Expenditure CAPITAL EXPENDITURE RECURRENT EXPENDITURE

Allocating the Capital Expenditure In the 2020 budget, Mr. Project set aside the following capital expenditure for infrastructure within the state.

Ministry of Works Bureau for Special Projects Ministry of Transport

₦ 93,968,823,766.60 ₦26,087,783,322.35 ₦ 3,000,000,000.00

These allocations have been provided to fund strategic road development programme, complete key ongoing projects and rehabilitate key infrastructures within the purview of the ministries. The long list of projects to be completed is a commendable effort by the state government, seeing that each local government has at least one project. Thereby, ensuring that all 23 local governments feel the state government’s impact for inclusive growth. In the budget, the government hopes to invest in boosting the agricultural sector with ₦40 billion, which will be partly used to complete the Cassava Processing Plant in Afam. The Rivers State Government is making great strides in agriculture, but there is room for more improvement as the opportunities are bountiful.

Mr. Project also commissioned the Maiden NLNG DLPG Delivery to Stockgap Terminal in Port Harcourt. This was a landmark achievement brought about by government’s development of critical infrastructure. The developmental efforts in Rivers ports is drawing investor interest. Terminal operators and importers are making arrangement to commence importation at the ports in Rivers State, rather than going to Apapa or Tin Can Ports where port charges are very high. Port traffic in Rivers state improved in 2019 with 1,870,379 compared to 1,723,169 in 2018. This increment has been brought about by improved security on the waterways. According to Engr. Yunusa Ibrahim Anji, Port Manager, Rivers Port Complex; “We have patrol boats manned by the marine police and we have also deployed the services of the Navy to patrol our waterways and channels”

only a collaboration between the government, private sector and civil society is capable of reducing the number of Nigerians living in abject poverty. Prof. Oboada Uriah,

Economic Analyst and Lecturer at the Ignatius Ajuru University

In 2019, BUA Group completed their USD 400 million food industrial complex in Port Harcourt which contains the largest sugar refinery, flour milling and pasta processing plants in Nigeria. This huge investment in agriculture will boost the economy of the state, while positioning the region as the food basket of the South with the potential of raising billions of Naira in taxes.

The Importance of SMEs in funding the Budget It is important to note that at the end of October 2019, total net revenue generated by the state in the year stood at ₦261,074,352,792.23;

FAAC 13% Oil Mineral Fund Taxes VAT Paris Club Refund Local Credit Exchange gain and Others

₦ 37,102,734,345.42 ₦ 79,794,256,970.19 ₦ 90,923,318,238.78 ₦ 14,666,472,353.79 ₦ 600,000,000.00 ₦ 25,000,000,000.00 ₦ 7,496,428,837.31

It is obvious from the figures that government needs to continue its effort in making it easier for residents to do business in Rivers State.

In essence, government needs to partner with the private sector to surpass the 2.1 per cent growth expected by World Bank, as stated in its January 2020 Global Economic Prospectus. So far, the National Bureau of Statistics continues to report growth in the nation's Gross Domestic Product (GDP); which in the third quarter of 2019, in real terms grew by 2.28 per cent (year-on-year). These statistics show that there is great potential for growth in the Nigerian economy. It is imperative, that Mr. Project continues in his efforts in positioning the state to reap maximum benefit from the next wave of economic activities as the economy recovers. Rivers residents need to support the government in these developmental efforts by kicking against corruption and taking responsibility for ensuring that these infrastructures are maintained. The idea of extorting construction companies building these infrastructures should be discouraged. More so, it is important that residents dispose refuse properly so that they don't end up blocking drains, thereby causing flash flooding that spoil our roads. Mr. Project has played his role by setting aside 70 per cent of the total budget for capital expenditure. Rivers residents should therefore play their own role in reassuring foreign investors! #OurStateOurResponsibility

According to Prof. Oboada Uriah, an economic analyst and lecturer

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PROJECT UPDATE: The Three Flyovers

GARRISON JUNCTION, NOVEMBER 26, 2019

W

hile some residents are complaining about the unbearable traffic and cost of transportation, business owners along the route are forced to relocate. The Rivers State Ministry of Works and Julius Berger Plc are currently marking and demolishing structures to give way for the proposed 21 billion Naira flyover bridges. According to the State Commissioner for Works, Hon. Austin Ben-Chioma, "Government is not responsible for relocating or compensating shop owners, we have dealings with their landlords and whatever is the value of property affected has been paid to landlords." Business owners watch in disbelieve as their source of livelihood is demolished after their landlords receive settlement from Government. Mobile phone resellers and petty traders watch officials of Julius Berger PLC use earth moving equipments to bring down structures. "Any structure beyond the beacon has to be demolished!" a Port Harcourt Resident spoke to us while accessing the progress of work at Rebisi Flyover (Former Garrison Roundabout).

REBISI UPDATE Port Harcourt Insight team visited the Rebisi flyover which had so many activities ongoing simultaneously - Column and Bridge Abutment. Bridge abutment is used to connect the deck, or surface of the bridge to the ground and help support its weight both horizontally and vertically. RUMUOGBA UPDATE On getting to the Rumuogba flyover construction site, the first thing visible to everyone is the demolition of various buildings as broken blocks were shattered all over the area. OKORO-NU-ODU UPDATE At this location, there were no notable construction activities; The Julius Berger Officials are just commencing work in this location with barricades and equipmenst to prepare the site for excavation.

Speaking to newsmen, Mr. Finn Drosdowski, Project Manager for Julius Berger thanked Port Harcourt residents for the support and cooperation in enabling them achieve their target. He said, "We have been working for two months and we have done 12 to 14 per cent of the work. At the beginning it was a little slow, but we are on track.� Nothing good comes easy! There are always challenges when something of this magnitude is happening. People are forced to change their normal lifestyle, which can be unbearable most times. Sadly, some will have to look for other locations to do business. As always, this situation of "who moved my cheese" will birth more resilient entrepreneurs who will reap the benefits of "sniffing" and "scurrying".

“

Any structure beyond the beacon has to be demolished.

REBISI FLYOVER, JAN. 15 2020

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The team and crew of

PORT HARCOURT INSIGHT and

GambetaNews.com heartily congratulate

ENGR. GEORGE CHUKWULEWA

OKOROMA

FNSE, FNICE, JP VACANCY! VACANCY!! VACANCY!!!

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