…Ordinary people paying price for elite power struggles
…N1.85trn 2026 budget stalled, amid zero growth, devt
Ben Eguzozie
Rivers State, Nigeria’s high octane oil hub, is not yet done with dramatic political instability, whose consequences daily hurt the economy, this time even deeper. When Governor Siminalayi Fubara resumed from his 6 months emergency rule imposed suspension late last year, analysts were thinking that he (Fubara), perhaps the most harried governor in Nigeria, was coming out of his myriad of political tensions. But his godfather, Nyesom Wike, minister of the FCT Abuja began pulling more strings, this time, he aims at tightening the noose around the Opobo-born accountant.
Rivers people are left watching, confused and tired, as their lives remained unchanged, or even got harder. Governor Fubara’ new impeachment threat from the State House of Assembly, led by Speaker Martins Amaewhule has sent shockwaves through the state’s economy, with many economists wondering if the governor’s proposed 2026 budget of N1.854 trillion will take a backseat.
The budget, presented to the state Assembly has yet to be deliberated upon, as the Amaewhule-led Assembly preferred rather to go ahead with Fubara impeachment, than to consider a “budget of resilience, growth and development”, with a thrust on boosting “infrastructure, health, education, human capital development, youth empowerment, culture, tourism, and ICT.
According to Peter Medee, a professor of economics and special adviser on economic matters to the governor the 2026 budget is aimed at “recovery, restoration, reassurance, and inclusivity”.
The impeachment notice, initially signed by 26 lawmakers (four have backed out), alleges gross misconduct, including the demolition of the Assembly complex, extra-budgetary spending, and refusal to comply with a Supreme Court ruling on financial autonomy. The governor’s supporters argue that the move is politically motivated, while his critics say it is a necessary step to hold him accountable to his godfather, Wike.
By far, the timing could not be worse, as Rivers State struggles to recover from nearly a decade of economic challenges. The state’s N28 trillion economy is heavily reliant on oil. Any instability could deter investors and hinder growth.
Today, states across Nigeria are in quiet competition, whether they admit it or not. Those making progress, such as Lagos, Abia Akwa Ibom, Anambra, Jigawa and Niger, have found ways to manage their internal disagreements without allowing that to cripple governance or frighten investors. Rivers, on the contrary, seems to thrive on escalation.
Crisis has been taken to dangerous pinnacles, repeatedly and publicly, with little regard for cost. And these costs are swelling.
A 2025 Business A.M analysis on the economic impact of the state’s protracted political crisis (since 2007) indicated that Rivers had lost over N2 trillion in public sector investments, due to prolonged political spat by gladiators —mainly Rotimi Amaechi, Wike, and Fubara —with several personalities on each of the divides.
Some economists at the South-South chapter of Institute of Chartered Economists of Nigeria (ICEN), said, Rivers, with an estimated GDP of N28 trillion, losing roughly 30 per cent annually (due to political instability) translates to roughly N5.2 trillion wiped off the state’s economy each year the crisis lingers. Investors have been adopting a ‘wait-and-see’ attitude since then, or they have been quietly exiting the state.
Chinomso Momoh of the Development Diaries, said in a note: “the political crisis in Rivers State may no longer shock anyone, but its consequences are deeply troubling, as once again, ordinary people in the oil-rich state are paying the price for elite power struggles”.
Jobs that could have been created during this decade never came. Projects that could improve the lives have been put on hold. The state’s economy continues to totter. Rivers State is rich and full of potential, yet it keeps losing growth opportunities because politics is allowed to burn everything in its path. This situation affects the state’s socio-economic fabric directly. When investors leave, jobs disappear. When the government is distracted, hospitals lack attention, schools are neglected, and roads remain bad.
When public money is tied up in political battles, the people pay through higher hardship and fewer services. Many citizens only watch from the sidelines. Most of them fear being caught up in the political deadly missiles.
What’s next?
The situation is fluid, and it is unclear what the outcome will be. Will Fubara survive the fiery darts, or will he be forced to step down? Only time will tell.
