On Friday while campaigning for the All ProgressivesCongress governorship candidate in Anambra state, Vice President Yemi Osinbajo made a bogus claim that the President Muhammadu Buhari-led government through Nigeria’s Sovereign Wealth Fund paid a whopping $2billion for the Second Niger Bridge.Here are the facts:The Second Niger Bridge was awarded to Julius Berger in 2014 by former President Goodluck Jonathan at the cost of N177 billion.

The contract was based on a Public-Private Partnership arrangement.Julius Berger‎ is to work on the project on the basis of Design, Build, Finance, Operate and Transfer (DBFOT), at a total cost of N108 billion.

The money was reduced from an initial cost of N138 billion downto N108 billion by the Bureau of Public Procurement (BPP).The Federal Government is to contribute N30 billion (28%) of the project cost. The remaining 72% will be raised by Julius Berger.

The project, which is divided into three phases, will bypass Onitsha and Asaba to connect the Owerri-Onitsha Expressway at Nkwerre-Ezunaka, and then cross Atani to the Asaba-Benin Expressway at Okpanam with a total length of 44 kilometres.

Note that the entire Second Niger Bridge project is tocost N108 billion after the review by the BPP.

Osinbajo’s claim“In fact, I am being reminded that just two days ago, the Sovereign Wealth Fund paid$2billion for that same project [Second Niger Bridge ]. So we will definitely see our Second Niger Bridge. We will not make promises we cannot keep.” VP Osinbajo said on Friday in Anambra.

The claim by Osinbajo is not just false, but also very deceptive. It can best be described as a political statement meant to deceive those clamouring for the construction of a bridge that was awarded in 2014 which has now become a subject for political campaigns.

First and foremost, there is no way $2billion translating to N712 billion can be spent on a project that was awarded for N108 billion. If we are to go by Osinbajo’s statement, it means that the project will gulp an additional N604 billion apart from the contracted amount.

It is either Osinbajo didn’t know what he was saying or he intentionally decided to mislead Nigerians on national television to create the impression that the Buhari-led government has the interest of people from the region at heart.

Another fact:
As at September 2017, Nigeria’s Sovereign Wealth fund stood at $2billion, according to the Managing Director and Chief Executive Officer, CEO, of the Nigerian Sovereign Investment Authority, NSIA, Uche Orji in a report by Bloomberg.

So, it is preposterous to say that the government released $2billion for the Second Niger Bridge which is the exact amount in the SWF account.

In June 2017, the Chairman Committee on Media and Publicity in the House of Representatives, Rep. Abdulrazak Namdas revealed that the Minister of Works, Housing and Power, Mr. Babatunde Fashola refused to spend a Kobo out of N12 billion appropriated for the Second Niger Bridge in the 2016budget.

Conclusion
It is clear that Osinbajo’s statement is absolutely false. It should be disregarded. Three years since the contract was awarded by Jonathan’s administration after boasting to complete the bridge in 48 months, the completion of the bridge seems far-fetched.‎The reality at hand shows that the bridge may likelybe completed in 2020, according to Orji.-Alexander Thandi Ubani is an Editor at tori.ngthandiubani@yahoo.com

http://www.thebreakingtimes.com/fact-check-osinbajo-claims-2-billion-paid-for-second-niger-bridge/

someone said, when we lie, we tell more lies to justify it.


let's wait for more cover up lies from the presidency biko

bloodmoneyspita:
On Friday while campaigning for the All ProgressivesCongress governorship candidate in Anambra state, Vice President Yemi Osinbajo made a bogus claim that the President Muhammadu Buhari-led government through Nigeria’s Sovereign Wealth Fund paid a whopping $2billion for the Second Niger Bridge.Here are the facts:The Second Niger Bridge was awarded to Julius Berger in 2014 by former President Goodluck Jonathan at the cost of N177 billion.

The contract was based on a Public-Private Partnership arrangement.Julius Berger‎ is to work on the project on the basis of Design, Build, Finance, Operate and Transfer (DBFOT), at a total cost of N108 billion.

The money was reduced from an initial cost of N138 billion downto N108 billion by the Bureau of Public Procurement (BPP).The Federal Government is to contribute N30 billion (28%) of the project cost. The remaining 72% will be raised by Julius Berger.

The project, which is divided into three phases, will bypass Onitsha and Asaba to connect the Owerri-Onitsha Expressway at Nkwerre-Ezunaka, and then cross Atani to the Asaba-Benin Expressway at Okpanam with a total length of 44 kilometres.

Note that the entire Second Niger Bridge project is tocost N108 billion after the review by the BPP.

Osinbajo’s claim“In fact, I am being reminded that just two days ago, the Sovereign Wealth Fund paid$2billion for that same project [Second Niger Bridge ]. So we will definitely see our Second Niger Bridge. We will not make promises we cannot keep.” VP Osinbajo said on Friday in Anambra.

The claim by Osinbajo is not just false, but also very deceptive. It can best be described as a political statement meant to deceive those clamouring for the construction of a bridge that was awarded in 2014 which has now become a subject for political campaigns.

First and foremost, there is no way $2billion translating to N712 billion can be spent on a project that was awarded for N108 billion. If we are to go by Osinbajo’s statement, it means that the project will gulp an additional N604 billion apart from the contracted amount.

It is either Osinbajo didn’t know what he was saying or he intentionally decided to mislead Nigerians on national television to create the impression that the Buhari-led government has the interest of people from the region at heart.

Another fact:
As at September 2017, Nigeria’s Sovereign Wealth fund stood at $2billion, according to the Managing Director and Chief Executive Officer, CEO, of the Nigerian Sovereign Investment Authority, NSIA, Uche Orji in a report by Bloomberg.

So, it is preposterous to say that the government released $2billion for the Second Niger Bridge which is the exact amount in the SWF account.

In June 2017, the Chairman Committee on Media and Publicity in the House of Representatives, Rep. Abdulrazak Namdas revealed that the Minister of Works, Housing and Power, Mr. Babatunde Fashola refused to spend a Kobo out of N12 billion appropriated for the Second Niger Bridge in the 2016budget.

Conclusion
It is clear that Osinbajo’s statement is absolutely false. It should be disregarded. Three years since the contract was awarded by Jonathan’s administration after boasting to complete the bridge in 48 months, the completion of the bridge seems far-fetched.‎The reality at hand shows that the bridge may likelybe completed in 2020, according to Orji.-Alexander Thandi Ubani is an Editor at tori.ngthandiubani@yahoo.com

http://www.thebreakingtimes.com/fact-check-osinbajo-claims-2-billion-paid-for-second-niger-bridge/

You just typed rubbish and shows you want to Impress your gullible.

VP said 2b was paid two days ago for the construction. What we expect you to prove is that No money has been paid for that purpose at the time VP claimed it was paid.

Show us your verification from the contractor that the money was never being paid. Just save us all these useless anylisis without any meaning.

You are cry Islamization and still do everything possible to bring down the few Christians in Power.

Hypocrite People

phemmyutd:


You just typed rubbish and shows you want to Impress your gullible.

VP said 2b was paid two days ago for the construction. What we expect you to prove is that No money has been paid for that purpose at the time VP claimed it was paid.

Show us your verification from the contractor that the money was never being paid. Just save us all these useless anylisis without any meaning.

You are cry Islamization and still do everything possible to bring down the few Christians in Power.

Hypocrite People

Believe me your IQ is affecting your comprehension..I noticed Nigerians find it hard to comprehend most times ..
Okay let me help you , the op is not asking when the 2 billion dollars was paid he is only asking why the cost of the contract has gone up almost 5 places from 108 billion dollars to 770 billion naira having in mind the govt was to only bear 30 billion naira in counter part funding

phemmyutd:


You just typed rubbish and shows you want to Impress your gullible.

VP said 2b was paid two days ago for the construction. What we expect you to prove is that No money has been paid for that purpose at the time VP claimed it was paid.

Show us your verification from the contractor that the money was never being paid. Just save us all these useless anylisis without any meaning.

You are cry Islamization and still do everything possible to bring down the few Christians in Power.

Hypocrite People

guy abeg didn't you see breaking times website there, I didn't write the story so don't crucify me

great.