The Senate Committee on Aviation, which first announced the debts accruing from the remodelling of airport projects, has inflated such by N26 billion from the actual debts of N148 billion to N174 billion.


Since 2011, the federal government embarked on the rehabilitation, expansion and restructuring of airport terminals, the building of 14 fresh cargo terminals, provision of equipment for the Accident Investigation Bureau and the Nigeria Meteorological Agency (NIMET).
Documents made available to THISDAY from the Federal Airports Authority of Nigeria (FAAN) disclosed that the projects are in three phases and the contract value of phase one is N12.81 billion. Total amount already paid is N11.22 billion, with an outstanding balance of N1.58 billion.


The contract value of phase two of the projects is put at N93.43 billion, while the total amount disbursed to the contractors is N53.97 billion, leaving a balance of N39.50 billion.


The third phase of the projects, which is still at infant stage, has contract value of N63.02 billion, while total amount already paid is N4.21 billion and outstanding payments in this phase is N58.81 billion.


The sub-total of the debts therefore is N99.85 billion, which when added to the debts already approved by the Federal Executive Council (FEC) at N48.37 billion brings the total outstanding debts to N148.23 billion. This amount from FAAN differs from the N174 billion that was declared by the Senate Committee on aviation by about N26 billion.


Meanwhile, former Minister of Aviation, Stella Oduah, in collaboration with the Ministry of Finance, the Central Bank of Nigeria (CBN) and with the consent and endorsement of the Senate and House Committees on Aviation made fiscal provisions for the funding of these projects, which was later abandoned by the Ministry of Aviation, hence the accrual of the debts.


The projects were being funded from three sources: accruals from the Bilateral Air Service Agreement (BASA), appropriations and internally generated revenue and this year there was plan to introduce other sources of funding which include airport development levy and security surcharge.


THISDAY learnt that funding came from approval for presidential priority projects on February 21, 2011 for the utilisation of the sun of $60 million in the BASA fund. This was submitted to the National Assembly for appropriation to be supplemented by a sum of N14.6 billion from the internally generated revenue (IGR) of FAAN.

http://www.thisdaylive.com/articles/senate-inflates-remodelling-projects-debts-by-n26bn/182168/

So we basically have another phantom 26B right?

How much was borrowed and how much did they release to execute the projects?

Why must all these common stealing be in billions geeez

jay bee: So we basically have another phantom 26B right?

How much was borrowed and how much did they release to execute the projects?

Why must all these common stealing be in billions geeez

I think you need to read the article again. Funding arrangements were made and the sources of funding are detailed in the article. What went wrong was that the projects were abandoned by the Ministry of Aviation, probably after the exit of the Minister and the the unwillingness of anybody to be accused of wrongdoing.

.

More like them..

That David ehn!
One of the biggest thief in Nigeria.
Useless man.

.

wait ooooo since when did debts become ballons that can be inflated

The current minster of aviation needs to be fired. He is the root cause of all the confusion.

While my hoes doing magic, voodoo moulin rouge
That's a tactic that they use, Bleep 'em high then suck 'em dry

irun-obo:
THERE IS NOTHING BAD SINCE THEY ONLY STOLE 26BILLION

STEALING IS NOT CORRUPTION---------GEJ

So then what is corruption?

And yet some people believe nothing is wrong with Nigeria

Is it not the same senate that the beautiful Remi Tinubu accused of being partisan to the GJ's govt and was vilified for? After all he has clarified that stealing is not corruption so they are enjoying the fruits of a kleptocratic government.

Nigerians vote wisely next time.

manmustwac: So then what is corruption?

sense the tone dude. she was being sarcastic

Nigeria is one big joke

Milk me dry

manmustwac: So then what is corruption?

WAIT MAKE I HELP YOU ASK GEJ

Na dem sabi.nt my business

Vote wisely in 2015


Shikenan!

#singing in Fela's voice 'international thief thief'(ITT)

the real thieves are moving in to cash-in on the propaganda against Stella Oduah

isorait, so far say keke get park now for here we no get wahala wif HAIRpus sorry airport

I have heard

Is it not funny that the values quoted in the article have some discrepancies

Abiagirl777: #singing in Fela's voice 'international thief thief'(ITT)

#Stealing by government,all over africa.

Authority stealing.

one day will b one day.

jay bee:
Why must all these common stealing be in billions geeez

Obviously, millions can't buy houses for girlfriends in Western countries.


Also, not good enough for suites at The Dorchester

Ola one:

Some times one begins to wonder whether they are talking of zimbabwe kind of billions.

redsun:

Some times one begins to wonder whether they are talking of zimbabwe kind of billions.

The gap between these leaders and the common man is unimaginable. They are just toooooo rich. A Niger Delta politician once left a stately home, cars (including X6), in the UK without visiting for about a year.

5,000 pounds hotel suites are normal meeting venues

The mind boggles

Ola one:

The gap between these leaders and the common man is unimaginable. They are just toooooo rich. A Niger Delta politician once left a stately home, cars (including X6), in the UK without visiting for about a year.

The mind boggles

Nigerian populace is under unimaginable hypnotic spell,that is why they sitdownlook like zombies while their roofs are on fire.

Its ok since its stealing. They are lucky stealing is not corruption. If not eh, na prison straight for them. Mehn, they are lucky. And by d way, steal more all ye brethren but dnt be corrupt. Its allowed