Rivers N1.18trn 2025 budget: What the OPS wants done

The president of the Port Harcourt Chamber of Commerce, Industry, Mines, and Agriculture (PHCCIMA) is often regarded as the leader of the Organised Private Sector (OPS) in Rivers State and by extension the Niger Delta or South-South.

This is because the PHCCIMA leads other chambers of commerce in the state and the region. Other business groups also qualify to join it and this makes it large and influential.

PHCCIMA is now led for the first time by a female technocrat known as Chinyere Nwoga, a doctorate degree holder and a versatile manager of men and materials. Now, the body has chosen to play deeper in the economy and financials of Rivers State the largest economy after Lagos. For a start, the PHCCIMA has set up a think-tank that would review most economic policies to keep the government on their correct toes and give support in the most functional manner, according to the bookworm, Nwoga.

Read also: Port Harcourt City Chamber reviews Rivers 2025 budget, points to possible N500bn untapped tax haul

Recommendations:

So, the think-tank has come out with its position on the 2025 budget (N1.18trn) with recommendations.

The first is: “Re-enacting the Rivers State Statutory Savings Account (as proposed) but to ensure the assets do not deplete in value.

“Eradicate some social taxes on the poor. Expand the Under-declared and Undeclared Revenue Sources with corporates. We estimate an additional N100b;

“Expand the upcountry tax collections drive, especially in Lagos and Abuja. RSG should emphasise attracting new investments and unlocking value from existing assets. We believe the RSG can unlock over N500b in trapped or recovered assets.

“The RSG should continue to pursue clearing the backlog of pension liabilities and consider implementing a revised salary structure to motivate their workforce. This shall not drastically affect the CAPEX/OPEX ratio.

“With a revised wage structure, the RSG may pursue deepening the skills set and talent pool in government through prioritising recruitment of specialists into the public sector.

“In all, it is a well-researched and planned budget. Effective Implementation becomes key.”