₦airaland Forum

Ngwakwe:
The said article said PTF was transparent and corruption free.

Is this assertion not a lie to what we now know?

This publication is an attempt to cover the massive stealing and corruption that were rampant in the agency during the time.

Ngwakwe:
For posterity sake remove this paid publication and concocted lies out from Nairaland.

You think we weren't alive then. What sort of journalistic and political fraud of article is this?

For a valid news article, the names of the roads with their corresponding distances and types of work done should be listed and not this junk.

How does it sound to list the names of cities as project sites without further details?

Can't you differentiate between political talk and reality.

Can you imagine that corruption laden PTF was described as transparent and corruption free.

With what we now know about corruption and mismanagement of PTF funds and the recoverables, can this paid publication of a political fraud stand scrutiny?

Ngwakwe:
Have these people carried these lies to Nairaland?

A success story that kept Nigeria underdeveloped, impoverished, infrastructurally deficient and more also created tens of millions almajiris roaming the streets across Northern Nigeria when the opportunity to eradicate the menace called.

There is no length these repackaging machineries won't go to decorate a too-dented commodity.

It seems their target is Nigerians born after Buhari's infamous, sectional and corrupt laden PTF.

Youths and Nigerians done suffer. A season of grandstanding half-truth, deception and outright lies.

The PTF even claimed to rehabilitate roads more than total of what we have in Nigeria today.

rozayx5:
we have busted the refinery lie. find something else. the head of state signs and appropriates funds fir such. buhari did nothing as head of state
i challenge you to show me any reasonable project buhari completed of started as head of state


PTF was scrapped and probed only to find inflated contracts
governor of north eastern states. no legacy

LRNZH:

2.Federal Commisioner (Minister) of Petroleum (March 1976 – July 1978) when the Warri and Kaduna Refineries were built;[/color]

rozayx5:
any projects from.his days as head of state
or is ptf all he can cling to

By Jason, Pini
African Business , June 1998

The Petroleum Trust Fund, headed by former President, Gen. Buhari, has confounded all its critics. As a development agency, it has succeeded spectacularly where all others failed. Pini Jason has the details.

The one silver lining to emerge from the current heavy economic cloud must be the performance of the Petroleum (Special) Trust Fund (PTF). In October 1994, General Sani Abacha hiked the pump price of petrol from N3.25 to N11 per litre, promising, with Decree 25, to set up a Petroleum Trust Fund to distribute the gains from the increase on social and infrasturctural projects. The board of the fund, headed by former Head of State, Major-General Muhammadu Buhari, was eventually inaugurated on March 21, 1995.

The Fund began with an initial capital of about N60bn in 1996. Its all encompassing mandate includes the rehabilitation of roads and waterways, educational and health institutions, providing textbooks and stationary, procuring essential drugs and vaccines, providing water supply systems, reviving crumbling agricultural sectors, connecting outlying areas to the national electricity grid, extending railways and telecommunications and ensuring consistent food supply.

The huge budget and all-embracing mandate earned PTF some criticisms. Some dubbed it "the alternative government," accusing it of duplicating the responsibilities of other existing government agencies. There was for instance an initial conflict about who should be tarring which road, between PTF and the Federal Ministry of Works and Housing.

Yet, for once, other Nigerians began to hope that here was an agency that took its work seriously. The question was: could it carry out its entire mandate, or even a part of it? Everyone waited to see what would happen.

Initially PTF awarded contracts for the rehabilitation of 12,000km of federal highways (including drainages) nationwide, and between 25-100km of urban road in major cities such as Gusau, Benin, Funtua, Zaria, Enugu, Kaduna, Aba, Lagos, Lokoja, and Port Harcourt. A N27.3bn contract was awarded for road rehabilitation in the first quarter of 1996. The sum of N1.328bn was awarded to 53 pharmaceutical companies for the supply of drugs, while the importation of vaccines cost N229.9m. As at December 31, 1997, funds available to PTF stood at N115.1bn.

One thing even the most uncharitable critic of PTF will admit is that it has evolved a new way of doing things. This is true to its mission statement which is 'to establish and operate an open, modest and efficient organisation for the purpose of achieving the honest and timely execution of carefully designed socio-economic projects.'

Right from its inception, the Head of State directed the fund to operate a lean bureaucracy. It depends therefore largely on consultants supervised by Afri-Projects Consortium, the management consultant to PTF. This policy has created jobs and boosted the confidence of Nigerian professionals such as architects, engineers and quantity surveyors.

In many other ways, PTF has thrown a lifeline to dying sectors of the economy. Most of Nigeria's pharmaceutical companies were failing, and the foreign multinationals were divesting. But through its drugs procurement programme, PTF has turned the balance sheet of most of them into profit. Equipment and car leasing companies are also benefitting from the multiplier effects of PTF operations.

Banks and insurance companies have also benefited. Nigeria has a history of contractors collecting mobilisation (advance) fees and not carrying out the contract. But not with PTF. Every advance payment up to N10m must be guaranteed by a PTF-approved bank, while other advance payments are covered by performance bonds issued by similarly approved insurance companies. This method, apart from increasing solvency through cash deposits, has created business for banks and insurance companies.

One of the insurance companies that has benefited from PTF as a provider of performance bonds is The United Nigeria Insurance Company (UNIC), a composite insurance company which provides both life and non-life insurance. The total assets of UNIC stood at N979m while it grossed premium income of N916m and settled claims of N263m in 1996. With a staff of 552 spread all over its nationwide branch network, UNIC is today one of the leading insurance company in Nigeria.

Another company that has done good business with PTF is IPWA plc, formerly International Paints (West Africa) Ltd. IPWA is today one of the biggest and most diversified paint manufacturers in Nigeria. The company product range spans automotive paints, building paints, industrial coatings and marine coatings. Others are packaging coatings, protective coatings and wood finishes.

Most PTF contractors, specialist advisers and consultants lease and use computers, fax machines, printers and photocopiers. This has provided a new market for computer companies like Leading Edge Ltd., headed by Mr Tony Edoro, the managing director. Leading Edge is foremost in cloning computers with parts from diverse companies such as US Micro-Generation, IBM Direct, Merisel and Gateway. According to Mr Edoro, a widely experienced computer systems engineer, the advent of PTF has been good for Leading Edge. The company's turnover has grown from N50m in 1995 to well over N100m in 1997.

Apart from energising several sectors of the economy, PTF is also setting the pace in another direction. In the words of Mr Salihijo Ahmad, of Afri-Projects Consortium, the twin objectives of PTF are to "rehabilitate infrastructures and reorientate the people." This the fund does through its insistence on transparency even though some critics still accuse it of lopsidedness in project execution and selection of consultants and contractors.

In a country dogged by lack of transparency, PTF is the first, and perhaps the only public institution in Nigeria to publish its annual accounts. Last year, when he presented the annual report and accounts of 1996, Gen. Buhari promised to present the 1997 accounts before the end of the first quarter of 1998. He fulfilled that promise.

The 1997 account of PTF shows that it disbursed N24.3bn on roads, N21.2bn on security, N7.8bn on health, and N3bn on other projects. Other disbursements include N2.2bn on water supply, N936m on food supply and N476m on education. It realised a total of N1.049bn from various investment activities.

Reviewing the success story of PTF, Gen. Buhari said: "We have consolidated our execution of the take-off projects for the previous year and increased our intervention within the sectors. There is no doubt that the years ahead will witness even more intervention, as reports of some of the studies commissioned are received and project execution commenced."

The fund has embarked on community education to sensitise and enlighten communities of its activities. The idea is to bring recipients closer to the objectives of the fund, so that they can participate in project identification and selection as well as eventual PTF projects in their areas.

One aspect of the overall project that the public has raised an eyebrow over is the Armed Forces PTF. According to Gen. Buhari, PTF is under instruction to allocate 20% of its funds to the armed forces, and another 1% to the Federal Capital Territory. The allocation to the Armed Forces is probably a continuation of a practice that started during Gen. Babangida's time when he used to allocate excess revenue from the projected price of crude directly to the commanding officers. But what worries critics of PTF is that the military is not accountable to anyone regarding its utilisation of funds. Moreover, critics question the wisdom of allocating such a huge chunk to the military (who also usually takes the lion's share of the budget) over and above food supply, education and health. Apart from roads, the allocation to all other sectors does not add up to the Armed Forces PTF allocation.

Nobody knows how long PTF, a purely intensive intervention agency, will last or whether there will be a place for such an agency under a democratic set up. That decision, Gen. Buhari said, will be up to Nigerians. For now Buhari's preoccupation is to rehabilitate infrastructure and reorientate the people towards a new, effective and efficient way of executing uninflated contracts without kickbacks and without consuming mobilisation fees.

Said Gen. Buhari to PTF contractors: "If you perform well, you get a hand shake. If you perform badly, you get a handcuff."

thekingsmen:
why do you need to know thw writers background. Am guessing you feel every Swesterner must reason the way you do right?

Mr Abimbola has raised salient questions as to the viability and workabilty of Buhari's manifesto. What are buhari sets of action plans to acheive this goals. How does he intend to go about fulfilling all this juicy promises? Does he have the ready answers to all Nigeria's ails and how does he wish to convince us that he is really abreast with the issues confronting the nation. All we see yet again in this exhumed manifesto are just the usual campaign promises without substance of action

blasterman:
See the people u are taking as example lol

Mugabe: toilet paper has more value than zim dollars, even though they remove 3 zeros from their currency , it still as worthless as shit

Bashir: Are u joking

Paul Biya: Modern day mobutu, he entered cameroun presidency in 1982 (when Buhari was coupplotting) how he is still there is baffling. Cameroun as you know beat nigeria on many occasions to be named the most corrupt country in the world under Paul Biya Leadership (32 yrs)

President of Eq Guinea (Obiang): Another mobutu, generatons unborn will be swearing for him. His daughter is the richest woman in that country, his son who Obiang made Vice President is the biggest theif in africa. Recently FBI seized 30 millions dollars from him. A mansion in malibu california, Micheal Jackson glove (which he bought for 500000$), mutliple ferraris and brand new gulf stream jets.

This guy is looting the country blind and all the money the country is making


Now Mandela: MAndela is south africas equivalent of Gani Fawehinnmi and he was in jail for over 27 years . It is an insult to compare Buhari to Mandela, you cannot even compare Obasanjo and Mandela..

Mandela was fighting an apartheid racist govt in SA and he was arrested for treason.

Ozedy:
i have posted this before, To be frank and sincere GEJ has not performed maximally well, but not a total failure. But my concerned is, if Nigeria is talking of Change in this 21st century, then not Buhari. Ask me why if you cares. stamping out corruption is not enough to move a nation forward but it's a part of it. Buhari does not fit into this modern computer age. Nigeria is too sophisticated interns of intellectual for an Old man like Bohari. Buhari is only vast when it comes to Sharia and Islam and Nigeria as a circular Nation is not good for a man like him to govern. Technologically, Buhari will take us back to stone age, i learnt that he just open facebook and tweeter account just a month ago, and am not sure he has computer set. Not because he cannot afford it but, it will be of no use to him.(old school). Fellow Nigerian, we need leaders with visions, leaders that can give selfless service. A man cannot give what he don't have, Buhari don't have vision. We need people like Fashola, Oshiomole, Ribadu, Tambuwa, akpabio ETC. if they are not available for now let make do of GEJ at least for the next 4 years. half bread is better than none.

chuka5000:
I'll be like mudafucka Wat?

Rendition:
d problem or d point u ppl dont get is d fact dat apc is actually planning of getting pdp out of wer dey are and d only person whom I fink can pull votes is buhari once buhari's tenure is don den d fresh younger heads in apc

ToyozzieTohBad:
Hmmmmm check the budget spent on china's power sector and check Nigeria..No, I will wait..

kobkid:
D just sworn-in Tunisian president is well over 70 yet he defeated the incumbent who is younger even in a run- off, the pple spoke.

If the incumbent had done well he would av been retained. Thats d country where d arab spring started.

I dont think age should b a barrier cos most aged try to correct the mistakes of their youth and always wants to leave a legacy.

Pataki:
Happy New Year Hauwa! Been a while dear. Hope you are doing great.

I have been a Buhari fanatic since 2011.....lol

seges:
Barth Nnaji was the only good Minister of Power Nigeria had,but Goodluck Jonathan kicked him out to continue the corruption in the sector. Vested interest that wanted the corruption and bribery to continue wanted Prof.Barth Nnaji out and Goodluck Jonathan gave them their wish,why do you think they donated N500 million for Goodluck Jonathan campaign for re-election in 2015.

babadee1:
This is a nonsensical statement. So we shouldn't vote Jonathan out because of your transitional gap theory? What if this was his second term? When will you GEJ supporters start to campaign for your man based on his achievements after six years of ruling and leave all these excuses alone? Hasn't he done enough to campaign on since all this time?

tswitch:
1. Power sector
2. Education
3. Revive/Develop/Revitalize the non oil sectors like solid minerals/mining and agriculture amongst others.

The sole purpose of having sector(s) reforms would be defeated if it is not free of dubious political agenda and tribalism.

If we could solve the bolded.