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Senate Inflates Remodelling Projects Debts By N26bn - Politics - Nairaland

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Senate Inflates Remodelling Projects Debts By N26bn by FrankC3: 12:38pm On Jun 29, 2014
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/

1 Like

Re: Senate Inflates Remodelling Projects Debts By N26bn by jaybee3(m): 12:43pm On Jun 29, 2014
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

8 Likes

Re: Senate Inflates Remodelling Projects Debts By N26bn by FrankC3: 12:51pm On Jun 29, 2014
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.

8 Likes

Re: Senate Inflates Remodelling Projects Debts By N26bn by Nobody: 1:28pm On Jun 29, 2014
THERE IS NOTHING BAD SINCE THEY ONLY STOLE 26BILLION cool

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

43 Likes

Re: Senate Inflates Remodelling Projects Debts By N26bn by Nobody: 1:29pm On Jun 29, 2014
.
Re: Senate Inflates Remodelling Projects Debts By N26bn by justi4jesu(f): 1:30pm On Jun 29, 2014
More like them..
Re: Senate Inflates Remodelling Projects Debts By N26bn by 1stola: 1:32pm On Jun 29, 2014
That David ehn!
One of the biggest thief in Nigeria.
Useless man.

4 Likes

Re: Senate Inflates Remodelling Projects Debts By N26bn by Cecediva(f): 1:32pm On Jun 29, 2014
.
Re: Senate Inflates Remodelling Projects Debts By N26bn by Onlinebizexpert(m): 1:32pm On Jun 29, 2014
wait ooooo since when did debts become ballons that can be inflated shocked shocked shocked shocked

1 Like

Re: Senate Inflates Remodelling Projects Debts By N26bn by atlwireles: 1:33pm On Jun 29, 2014
The current minster of aviation needs to be fired. He is the root cause of all the confusion. angry
Re: Senate Inflates Remodelling Projects Debts By N26bn by Nobody: 1:34pm On Jun 29, 2014
While my hoes doing magic, voodoo moulin rouge
That's a tactic that they use, Bleep 'em high then suck 'em dry angry
Re: Senate Inflates Remodelling Projects Debts By N26bn by manmustwac(m): 1:35pm On Jun 29, 2014
irun-obo:
THERE IS NOTHING BAD SINCE THEY ONLY STOLE 26BILLION cool

STEALING IS NOT CORRUPTION---------GEJ
So then what is corruption?
Re: Senate Inflates Remodelling Projects Debts By N26bn by Nobody: 1:35pm On Jun 29, 2014
And yet some people believe nothing is wrong with Nigeria

1 Like

Re: Senate Inflates Remodelling Projects Debts By N26bn by prophetone(m): 1:36pm On Jun 29, 2014
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.

7 Likes

Re: Senate Inflates Remodelling Projects Debts By N26bn by Akshow: 1:38pm On Jun 29, 2014
manmustwac: So then what is corruption?
sense the tone dude. she was being sarcastic

9 Likes

Re: Senate Inflates Remodelling Projects Debts By N26bn by Akshow: 1:39pm On Jun 29, 2014
Nigeria is one big joke
Re: Senate Inflates Remodelling Projects Debts By N26bn by LajaLaba: 1:40pm On Jun 29, 2014
Milk me dry lipsrsealed
Re: Senate Inflates Remodelling Projects Debts By N26bn by Nobody: 1:40pm On Jun 29, 2014
manmustwac: So then what is corruption?


WAIT MAKE I HELP YOU ASK GEJ grin

13 Likes

Re: Senate Inflates Remodelling Projects Debts By N26bn by john1632(m): 1:41pm On Jun 29, 2014
Na dem sabi.nt my business
Re: Senate Inflates Remodelling Projects Debts By N26bn by lacasa: 1:42pm On Jun 29, 2014
Vote wisely in 2015


Shikenan!

4 Likes

Re: Senate Inflates Remodelling Projects Debts By N26bn by Abiagirl777(f): 1:42pm On Jun 29, 2014
#singing in Fela's voice 'international thief thief'(ITT)
Re: Senate Inflates Remodelling Projects Debts By N26bn by Nobody: 1:43pm On Jun 29, 2014
the real thieves are moving in to cash-in on the propaganda against Stella Oduah

3 Likes

Re: Senate Inflates Remodelling Projects Debts By N26bn by poiZon: 1:43pm On Jun 29, 2014
isorait, so far say keke get park now for here we no get wahala wif HAIRpus sorry airport
Re: Senate Inflates Remodelling Projects Debts By N26bn by biomedixexcel(m): 1:45pm On Jun 29, 2014
I have heard
Re: Senate Inflates Remodelling Projects Debts By N26bn by agrovick(m): 1:49pm On Jun 29, 2014
Is it not funny that the values quoted in the article have some discrepancies
Re: Senate Inflates Remodelling Projects Debts By N26bn by redsun(m): 1:52pm On Jun 29, 2014
Abiagirl777: #singing in Fela's voice 'international thief thief'(ITT)

#Stealing by government,all over africa.

Authority stealing.
Re: Senate Inflates Remodelling Projects Debts By N26bn by Segadem(m): 1:53pm On Jun 29, 2014
one day will b one day.
Re: Senate Inflates Remodelling Projects Debts By N26bn by Olaone1: 1:55pm On Jun 29, 2014
jay bee:
Why must all these common stealing be in billions geeez

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


Also, not good enough for suites at The Dorchester

1 Like

Re: Senate Inflates Remodelling Projects Debts By N26bn by redsun(m): 1:57pm On Jun 29, 2014
Ola one:

grin grin grin

Some times one begins to wonder whether they are talking of zimbabwe kind of billions.
Re: Senate Inflates Remodelling Projects Debts By N26bn by Olaone1: 2:03pm On Jun 29, 2014
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

3 Likes

Re: Senate Inflates Remodelling Projects Debts By N26bn by redsun(m): 2:06pm On Jun 29, 2014
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.

4 Likes

Re: Senate Inflates Remodelling Projects Debts By N26bn by miccheck58: 2:07pm On Jun 29, 2014
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

5 Likes

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