₦airaland Forum

mukina2:
chei

2 - 2


yee offside

shorrrry oh aieromon

Chimerase:
una go lose dis match

The government put the sum of N50 billion under the heading of “recoveries of other misappropriated funds.”

Still on recoveries (refunds/recoveries from Strategic Alliance contracts) N137.90 billion while NNPC/CBN N162.43 billion.
The total under the subhead of recoveries of misappropriated funds is therefore N350.33 billion.

Under the capital expenditure, Mr. Fayose said the proposed airport, Oja Oba Market and the Flyover would become realities in 2016, being part of his efforts to give Ekiti a befitting facelift.

idu1:

The House of Representatives adhoc committee investigating the alleged N1.69trillion Nigeria Railway Corporation (NRC) contract scam is set to summon the immediate past transport minister, Alhaji Umar Idris, and two former Peoples Democratic Party (PDP) chairmen, Alhaji Abubakar Baraje, and Bamanga Tukur, to explain their roles in the contract.

Also, the current management of the ministry of transport, Subsidy Re-Investment and Empowerment Programme (SURE-P), and the contractors are to appear before the adhoc committee at a public hearing at a yet-to-be announced date.

“The $841million loan secured from China Exim bank and SURE-P were not properly documented as there was no board for almost two years and the ministry single handedly spearheaded the award of all the major contracts.

“The adhoc committee will ask all the stakeholders how come a contract that was so heavily funded could not be completed in 2013 the contract due date,” a House member preferring anonymity and privy to the investigations and planned summon disclosed yesterday.

Last Wednesday, the House resolved to investigate rail project rehabilitation from 2010 to 2014.

The resolution by the House followed a motion titled: “Need to Investigate the Federal Ministry of Transport and the Nigeria Railway Corporation on the Award of Contracts for Rehabilitation of Railway Tracks, Maintenance of Bridges and Procurement / Rehabilitation of Coaches and Locomotives From 2010 – 2014,” sponsored by Hon. Solomon Ahwinahwi.

“The level of performance with respect to the 463km Port-Harcourt – Markurdi rail track rehabilitation of the eastern line with the total sum of N19, 963, 752, 330 and out of which the NRC has paid N4, 017, 054, 841, 00, while SURE-P paid N5, 594, 021, 377 and only about 3km of ballast has been done with 400km left undone and the total money released so far is N9, 611, 076, 218.

“The Abuja – Kaduna rail project had 841 million US dollars as the project cost, out of which the China EXIM Bank provided a loan of 500 million US dollars with about 25 per cent of the project completed when the entire project was envisaged to be have been completed in 2014,” Ahwinahwi (Delta/PDP) reported in lead debates.

The lawmaker also said that the Lagos to Jebba track rehabilitation project was awarded at a contract sum of N12, 293. 390. 000 with the payments made so far at N11, 699. 999, 218 without any tangible work done adding that the same also goes for Jebba to Kano track rehabilitation which had a contract sum of N12, 169. 237. 337 with payments made to the tune of N10, 337. 023. 111.

He said that the investigation is important because with the huge funds sunk to upgrade the railway transport system there has been little to show for it as the locomotives and coaches running on the country’s tracks are still a relic of modern railway transport.

Memoranda from various stakeholders have started pouring in before the House of Representatives Ad-hoc Committee set up to investigate contract awards for the Rehabilitation of Railway tracks and the procurement of Coaches and Locomotives between 2010-2014. “Nigerians would be shocked at the level of massive frauds committed by highly placed government functionaries when the findings of this committee are made public,” a source close to the committee told Vanguard, yesterday. According to the source, already, many good spirited members of the public have submitted detailed momeranda on how a few government functionaries literally stole several billions of Naira under the guise of rehabilitating the nation’s Railway network.

Sources said that a former Secretary to the Government of the Federation, SGF and two former National Chairmen of the Peoples Democratic Party, PDP, who held very key positions on the Board of the NRC were said to have been fingered as having taken decisions that were less than in public interest in the rehabilitation project.

It was learnt that while it would be difficult for top management of the corporation and the Federal Ministry of Transport to claim ignorance in what went wrong some of them who were not involved have come forward to volunteer information on how much of the infractions were carried out. It was learnt that there were cases were coaches and locomotives procured were way far from specifications for which public funds were paid and that in some cases, payments which had already been made through the regular budgetary provisions were repeated through the SURE-P window.

As learnt the worse method through which those involved fleeced the nation was complete refusal to do jobs after collecting money for them. Consequently, out of a total contract sum of N79.337 billion for various segments of the rehabilitation, N42. 086 billion had allegedly been paid to the contractors but with very little work done.

mukina2:
hi baebee

xynerise:
They should score so the game will be lively.

seunmsg:
That woman's case is something else. A finance minister who is claiming ignorance of how $2.1billion was frittered away under her watch. Any time Oshiomole calls her out to defend herself, she always respond with insults and cheap tirades. Hopefully, the PMB administration won't shy away from investigating and prosecuting her.

Second, my earlier article stated that the minimum forex reserves should have been at least $90 billion by now and you did not challenge it. Rather it is about $30 billion, meaning that gross mismanagement has denied the country some $60 billion or another N12.6 trillion.

Now add the ‘missing’ $20 billion from the NNPC. You promised a forensic audit report ‘soon’, and more than a year later the Report itself is still ‘missing’. This is over N4 trillion, and we don’t know how much more has ‘missed’ since Sanusi cried out. How many trillions of naira were paid for oil subsidy (unappropriated?).

How many trillions (in actual fact) have been ‘lost’ through customs duty waivers over the last four years? As coordinator of the economy, can you tell Nigerians why the price of automotive gas oil (AGO), popularly called diesel, has still not come down despite the crash in global crude oil prices, and how much is being appropriated by friends in the process? Be honest: do you really know (as coordinator and minister of finance) how many trillions of Naira, self- financing government agencies earn and spend? I have a long list but let me wait for now. I do not want to talk about other ‘black pots’ that impinge on national security.

My estimate, Madam, is that probably more than N30 trillion has either been stolen or lost or unaccounted for or simply mismanaged under your watchful eyes in the past four years. Since you claim to be in charge, Nigerians are right to ask you to account. Think about what this amount could mean for the 112 million poor Nigerians or for our schools, hospitals, roads, etc. Soon, you will start asking the citizens to pay this or that tax, while some faceless “thieves” were pocketing over $40 million per day from oil alone.

Boss13:
Emefiele was nominated by the President and not appointed. As CBN governor, he is autonomous and independent. He should not be a puppet to the puppeteer. His primary concern should be that of the country's welfare and not damage the very economy he is expected to protect. What will be his position when Bank's CEO squander shareholders and depositors funds? That is exactly what he has done and he should made to pay for it.

seunmsg:
This arms deal scandal may eventually sweep away Emefiele. He has so many questions to answer as his hands are heavily soiled in this matter. He should be officially questioned by EFCC and charged to court if found guilty.