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FG Proposed ₦15 Trillion Infrastructure Fund - Politics - Nairaland

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FG Proposed ₦15 Trillion Infrastructure Fund by adenigga(m): 8:15am On Jan 08
Against the backdrop of the dearth of critical infrastructure across the country, the plan by the Federal Government to float a N15 trillion infrastructure fund is ambitious but nonetheless a step in the right direction. Besides the need for a careful articulation and implementation of the proposal, it may very well be a good opportunity to formulate an infrastructure policy that can serve the rigour of time and institutionalise correction of the many flaws afflicting the country’s infrastructure system. The system, if it can be so-called, certainly deserves a new lease of life.

All over the world, no country attains great height without alluding to its infrastructure. Nigeria cannot be an exception of success without an infrastructural base; nor can she afford to keep losing opportunities due to lack of good roads, functional railway and metro system as well as efficient electricity power supply. The nation has no doubt wasted substantial human and material resources due to care-free and corrupt attitude embedded in the average citizen and public official. No doubt, the country needs critical infrastructure to boost the economy.

Government proposal regarding infrastructure fund is far from being concrete but it is gladdening all the same that the Federal Government reportedly commenced moves to create an Infrastructure Company (InfraCo) Fund, in collaboration with the Central Bank of Nigeria (CBN), Nigerian Sovereign Wealth Investment Authority (NSIA) and other stakeholders, to bridge the nation’s infrastructure gap. The presidency should walk its talk.

President Muhammadu Buhari disclosed this in a speech delivered virtually on his behalf by Vice President Yemi Osinbajo at the opening session of the 26th Nigerian Economic Summit Group (NESG) conference in Abuja. He stated: “I am pleased to inform you in this regard that we are working actively with CBN, Nigerian Sovereign Wealth Investment Authority and state governments under the auspices of the National Economic Council (NEC) to design and put in place a N15 trillion InfraCo Fund, which will be independently managed.”

It is expected that the InfraCo Fund will help to close the national infrastructure gap and “provide a firm basis for increasing national economic productivity growth.” For a start, the plan, laudable as it is, needs a workable framework followed by diligent and patriotic implementation devoid of selfish and political maneuvering. For decades, lack of critical infrastructure has caused a regression in the country’s development. A flawed structural and administrative arrangement, unfortunately, is partly responsible for the ugly situation.

Roads are left to depreciate no sooner than they are commissioned. The proposed system, if well implemented, can bring about a paradigm shift, whereby, roads would be managed like any other economic asset for value addition. That would improve the condition of the roads and enhance the national economy. A situation where the issue of maintenance is excluded from road development contracts is unhealthy for the country.

The country needs investment in infrastructure. Over the decades, the amount of investment on roads and railway projects is not commensurate to the boost in economic activities. There is lopsidedness in the so-called ownership of roads such that while only the Federal Government can maintain some roads, notwithstanding that the roads pass through states and are used mostly by locals, states have responsibilities for other roads. Sometimes, there is contention over who should maintain which roads, and these are all reflected in the national revenue allocation formula

Some states are compelled to rehabilitate dilapidated federal roads in their jurisdiction and then face herculean task to get a refund. There is therefore need to consider going back to history when the regions maintained their roads through the county councils while the Federal Government handled its trunk roads. That same system should be reinvented with some modifications.

The three tiers of government – federal, state and local councils, should have clearly defined role as far as roads are concerned; and the arrangement should attract mutual respect, particularly in terms of funding. That is one way that roads can be made to avoid gross dilapidation.

Being the cheapest form of transport, railway is needed to reduce road carnage. Bulk cargo is better hauled via the railway to save the roads. Rapid dilapidation of the country’s road network is largely a result of heavy trucking instead of through the railway. It is high time standard railway gauge is introduced on all routes, even if it is done gradually.

Perhaps, one way of handling these challenges is to decentralise the railways and allow states to invest in it, in collaboration with other states and the Federal Government. Not long ago, the Lagos State Government and O’dua Investment expressed interest in rail transport but were refused participation because of the extant NRC Act of 1955, which confers absolute monopoly right on the Federal Government and forbids private sector participation in railway service delivery.

A repeal of the Act would open the way for the private sector. There is always room for public-private partnership in this concept. For instance, government may retain ownership of the rail lines while the private sector provides the services. It is incumbent on the National Assembly to assume relevance in the proposed arrangement; repeal the colonial Railway Act and create room for a modern railway development as a way of boosting the country’s infrastructure and economy.

Source:
https://m.guardian.ng/Editorial/The-proposed-N15-trillion-infrastructure-fund

6 Likes

Re: FG Proposed ₦15 Trillion Infrastructure Fund by agwom(m): 8:18am On Jan 08
Story

9 Likes

Re: FG Proposed ₦15 Trillion Infrastructure Fund by gaius01(m): 8:19am On Jan 08
Arrrrrrrh

They don start !! embarassed

Na so 56 billion go buy Biro. undecided

36 Likes

Re: FG Proposed ₦15 Trillion Infrastructure Fund by adenigga(m): 8:21am On Jan 08
gaius01:
Arrrrrrrh

They don start !! embarassed

Na so 56 billion go buy Biro. undecided

Ha, Ha!!!....

36 Likes 1 Share

Re: FG Proposed ₦15 Trillion Infrastructure Fund by RapistOnBail: 8:30am On Jan 08
China’s Money

2 Likes

Re: FG Proposed ₦15 Trillion Infrastructure Fund by EkelediliBuhari: 8:30am On Jan 08
$37.6billon

Na wha o
Make them share this money to each state na 1billion per state

3 Likes

Re: FG Proposed ₦15 Trillion Infrastructure Fund by Eriggs: 8:30am On Jan 08
God bless President Buhari.
When it comes to infrastructures, give it to Baba PMB.
No President in the history of Nigeria has done half of what he is doing during his tenure.
And the good thing is that Baba is doing all these all over the country, even in the states of the people that curse him day and night with their smelly stupid mouths. grin

If my post pain ur papa, go jump inside lagoon,
I know say some people wey dey answer d name pig, go soon dey wail on top my genuine and true comment now.

24 Likes 6 Shares

Re: FG Proposed ₦15 Trillion Infrastructure Fund by iampeterben(m): 8:31am On Jan 08
Them don come again, money wan begin miss.

3 Likes

Re: FG Proposed ₦15 Trillion Infrastructure Fund by alexisben(m): 8:31am On Jan 08
He no get wetin we no go hear

1 Like

Re: FG Proposed ₦15 Trillion Infrastructure Fund by Bolujacob: 8:31am On Jan 08
Thieves

4 Likes

Re: FG Proposed ₦15 Trillion Infrastructure Fund by paulolee(m): 8:31am On Jan 08
na just moni wey de always hear but we no dey see am...it started with seeing millions, it moved to billions and now its trillions..
with the way the naira is going down like old woman boobs, I think they would still start using Zillions ot they just move to dollars to avoid using big figures...its all about time

1 Like

Re: FG Proposed ₦15 Trillion Infrastructure Fund by talk2hb1(m): 8:31am On Jan 08
Am in
Re: FG Proposed ₦15 Trillion Infrastructure Fund by maynia: 8:31am On Jan 08
Shameless LOOTERS

3 Likes

Re: FG Proposed ₦15 Trillion Infrastructure Fund by TopPro538: 8:32am On Jan 08
We don hear

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Re: FG Proposed ₦15 Trillion Infrastructure Fund by maynia: 8:32am On Jan 08
Buhari is a FAILURE

7 Likes

Re: FG Proposed ₦15 Trillion Infrastructure Fund by nickvanilla(m): 8:32am On Jan 08
It is expected that the InfraCo Fund will help to close the national infrastructure gap and “provide a firm basis for increasing national economic productivity growth.”

I can swear this is at least the 1500th time I'm hearing this exact statement. Why does it always seem like deja vu reading anything that concerns Nigerian government? undecided

10 Likes

Re: FG Proposed ₦15 Trillion Infrastructure Fund by GreatPro9092: 8:32am On Jan 08
It is well
Re: FG Proposed ₦15 Trillion Infrastructure Fund by abullpantii2345: 8:32am On Jan 08
All The Fifa World Cup Winners From 1930 To 2018






https://www.youtube.com/watch?v=HvpJy4D9iMs
Re: FG Proposed ₦15 Trillion Infrastructure Fund by psychologist(m): 8:32am On Jan 08
This people no rate us atall angry
Re: FG Proposed ₦15 Trillion Infrastructure Fund by Igyeseh(m): 8:32am On Jan 08
Hope the money will be used as planned.

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Location is Benue State.

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Re: FG Proposed ₦15 Trillion Infrastructure Fund by motherlode: 8:33am On Jan 08
grin

#15 trillion is still a meager sum when you take a critical look at the current state of infrastructural deficit the country is experiencing. However, it is somewhat a good step in the right direction...

I hope this will not just be another good initiative that will be forgotten in the long run.

1 Like

Re: FG Proposed ₦15 Trillion Infrastructure Fund by DirtyGold: 8:33am On Jan 08
Story story
This current arrangement is not working. Let's go back to the confederation system so each region can grow and set it's own priorities.

15 trillion even if judiciously utilized can't do squat to the dearth of infrastructure in this country as it is right now.

What's tha business?

3 Likes

Re: FG Proposed ₦15 Trillion Infrastructure Fund by Gwebmaster: 8:33am On Jan 08
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Re: FG Proposed ₦15 Trillion Infrastructure Fund by specialmati(m): 8:33am On Jan 08
cool my country people,any hope for our country?

1 Like 1 Share

Re: FG Proposed ₦15 Trillion Infrastructure Fund by nams77: 8:33am On Jan 08
FG and story.


For Land and properties in Delta/Edo.

Talk to us
Re: FG Proposed ₦15 Trillion Infrastructure Fund by addexx: 8:34am On Jan 08
sad
Another proposed looting spree

1 Like

Re: FG Proposed ₦15 Trillion Infrastructure Fund by MANNABBQGRILLS: 8:34am On Jan 08
To close the first page of this thread.
Let's chip in our input.
All we want and pray for everyday is a better Nigeria....


Slow and steady we will get to the kind of country we deserve.

Kudos to our darling Daddy for all the good works he and his Vice president have been doing all over our darling nation.

Slow and steady, Nigeria will be great in our lifetime.

I HATE TRAINS.
I HATE BRIDGES.
I HATE RICE.
I HATE TALLEST BUILDING EAST OF THE NIGER



Let me give the background to this piece. I was reading some comments on Twitter early in the week, when I ran into this one by one Dr Ben Gbenro: “Why are some people allergic to good news about Nigeria? You are angry about the test-run of Lagos-Ibadan rail, you are angry about the development in Onne Port, but will eagerly amplify any negative news even if it’s not true. Something is wrong with you and I am here to tell you.”

Of course, that comment generated responses, both positive and negative. But the one that caught my fancy specially was by Ayekooto, who declared: “We have got to a stage when GMB achievements can no longer be denied but hated. I hate trains. I hate bridges. I hate rice.”

Very profound. A lot of people can no longer deny the many achievements of President Muhammadu Buhari, particularly in the area of infrastructure, building a new Nigeria, and so, they have decided to hate it. Sad. Very sad.

Nobody can deny that there are very serious challenges in the country, particularly in the areas of security, the economy, and standard of living generally. But that is not all there is to Nigeria of today, and those challenges are being addressed very robustly. That hymn says “behind a frowning providence, He hides a smiling face. His purposes will ripen fast, unfolding every hour.” We will surely see an end to the challenges, if we all work together, and eschew hate speeches.

Why then do some people choose to see and amplify only negative things? Why do they choose to remain willfully blind and deaf to positive things? And surrounded and confronted by salutary developments, they keep repeating; what has the Buhari administration achieved? Show us.

You tell them that just last weekend, there was a test run of the Lagos-Ibadan rail project, with brand new coaches that will begin commercial operation before the end of the year.That is happening in a country where we were told we couldn’t afford new coaches when our oil was selling at over 100 dollars per barrel. Now, at about 40 dollars per barrel, we are launching new coaches. Instead of giving credit to a prudent government, they just say; I hate trains.

Okay, if you hate trains, what of brand new airports in Abuja, Port Harcourt, Kano, Enugu, and others in the works? There was a time we were said to parade the worst airports in the world. But not any longer. Buhari reversed it in his four years. What do they say about that? They look up, look down, scratch their heads, and say; I hate airports. I’ve never even boarded a plane in my life, and I don’t want to board. Will I ever enter a plane if I’d been killed by bandits?

Okay. You hate airports and planes. What of bridges being built over rivers in different parts of the country, most especially the Second River Niger Bridge, which the People’s Democratic Party (PDP) built with mouth for 16 years. You tell them that the bridge is almost 50% done, and should be completed in the first quarter of 2022. There’s also the Loko-Oweto Bridge, linking Benue and Nasarawa States. It was started by a previous administration, but almost completed now. Like a cornered rat, their eyes dart furtively from corner to corner, seeking a hole to enter. Finding none, they tell you deadpan: I hate bridges.

Okay. All those are physical structures. So they want stomach infrastructure. You then tell them of the rice revolution, which has freed us from being a net importer of the product in the world. You point out that if Buhari hadn’t put his money where his mouth was, and encouraged us to go back to the land, causing rice farmers to rise from six to 12 million, we would have been in serious trouble when COVID-19 struck. How would we have imported rice, with all international borders closed, and no foreign exchange to even place orders? They pat their tummies gingerly, belch after a hearty meal, and then declare: I hate rice.

A Cancer Centre has been built and commissioned by President Buhari at the Lagos University Teaching Hospital (LUTH). An ultra-modern diagnostic center also built and commissioned in Kano. And just this week, another diagnostic centre built at a cost of $5.5 million, was commissioned at the Federal Medical Centre, Umuahia, in Abia State. What do they say of all these? “I hate hospitals. May I never need to use any diagnostic centre. It is not my portion.”

You join them to say amen, since you don’t have a hateful heart. And you remind them that the largest ever vessel in the country, Maerskline Stadelhorn, with a length of 300 meters and width of 48 meters, berthed few days ago at Onne Port, in Rivers State. That is the biggest ever container vessel to berth in any part of Nigeria. Onne people were delirious with joy, and praised the government to high heavens, because no vessel had come to their port for 12 years, till August last year, under Buhari. You tell the naysayers the positive economic implications, but they refuse to listen. They dive under water, shouting as they go: We hate container vessels.

You then take them to Yenagoa, in Bayelsa State. Just last week, the skyline of South-south and South-East was transformed, as President Buhari commissioned the tallest Federal Government structure in the region, the 17-story Nigerian Content Tower, Headquarters of Nigerian Content Development and Monitoring Board (NCDMB).

The architectural masterpiece occupies an area equivalent to four football fields, and has a 1,000 seater conference centre plus a 10 MW power plant. Started in late 2015, now completed, all under Buhari. Engineer Simbi Wabote, Executive Secretary of the agency paid tribute to the resolve, determination and encouragement of the President, that saw the structure to completion in record time. And Wabote, third E.S of NCDMB in its 10 years history, has written his name in gold. Just because he has a supportive President.

Minister of State for Petroleum, Chief Timipre Sylvia, under whose tenure as Bayelsa State Governor the land was allocated for the project, declared: “The commissioning of this building is symbolic in many ways. It shows that Mr President is keen to see infrastructural development in every part of the country...It shows that skyscrapers and other laudable infrastructure can be built in the Niger Delta.”

But they say Buhari hasn’t achieved anything. You show them the 17-story building, and as they gaze skyward, their caps and headgear fall off. You pick the cap and headgear, dust and hand them back. And you ask, brothers and sisters, how now? Rather than admit defeat, they pull the caps and headgear over their eyes, and grumbled: We hate skyscrapers. They make us dizzy.

At that point, you pity them.
You realize that they need prayers.
They hate everything good.
They hate anything uplifting.
They hate development.
They hate their country.
They even hate themselves.


To the enemies of the country,
Children of hate, Frustrations and perdition,
Lovers of bad news,
The anointing wey all of us @MANNABBQGRILLS carry,
No be una Papa mate!

No Cap!

MAY BUHARI SUCCEED.

supereagle:
May PMB live long.
Amen and God bless you real good.
Happy New Year.

honor4me:
Ameen What a wonderful piece. A keen observant. We appreciate you as we appreciate the PMB and his team. Leave the children of hate alone. No prophet is ever liked in his time. They will come back to praise him and his good works when he has left the stage. For the present let’s just bear their cries and wailings
God bless you and God bless your parents for giving us a wise man like you.
You are one of the few sane people we have here.
Keep it up and Happy New Year! kiss

We moveeeee.....

4 Likes 4 Shares

Re: FG Proposed ₦15 Trillion Infrastructure Fund by NaijaOlosho(f): 8:35am On Jan 08
grin

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