Thandiubani:
On Friday while campaigning for the All Progressives Congress governorship candidate in Anambra state, Vice President Yemi Osinbajo made a bogus claim that the President Muhammadu Buhari-led government through Nigeria's Sovereign Wealth Fund paid a whopping $2billion for the Second Niger Bridge.

Here are the facts:
The Second Niger Bridge was awarded to Julius Berger in 2014 by former President Goodluck Jonathan at the cost of N177 billion. The contract was based on a Public-Private Partnership arrangement.

Julius Berger‎ is to work on the project on the basis of Design, Build, Finance, Operate and Transfer (DBFOT), at a total cost of N108 billion. The money was reduced from an initial cost of N138 billion down to N108 billion by the Bureau of Public Procurement (BPP).

The Federal Government is to contribute N30 billion (28%) of the project cost. The remaining 72% will be raised by Julius Berger.

The project, which is divided into three phases, will bypass Onitsha and Asaba to connect the Owerri-Onitsha Expressway at Nkwerre-Ezunaka, and then cross Atani to the Asaba-Benin Expressway at Okpanam with a total length of 44 kilometres.

Note that the entire Second Niger Bridge project is to cost N108 billion after the review by the BPP.

Osinbajo's claim
"In fact, I am being reminded that just two days ago, the Sovereign Wealth Fund paid$2billion for that same project [Second Niger Bridge ]. So we will definitely see our Second Niger Bridge. We will not make promises we cannot keep.” VP Osinbajo said on Friday in Anambra.

The claim by Osinbajo is not just false, but also very deceptive. It can best be described as a political statement meant to deceive those clamouring for the construction of a bridge that was awarded in 2014 which has now become a subject for political campaigns.

First and foremost, there is no way $2billion translating to N712 billion can be spent on a project that was awarded for N108 billion. If we are to go by Osinbajo's statement, it means that the project will gulp an additional N604 billion apart from the contracted amount.

It is either Osinbajo didn't know what he was saying or he intentionally decided to mislead Nigerians on national television to create the impression that the Buhari-led government has the interest of people from the region at heart.

Another fact:
As at September 2017, Nigeria’s Sovereign Wealth fund stood at $2billion, according to the Managing Director and Chief Executive Officer, CEO, of the Nigerian Sovereign Investment Authority, NSIA, Uche Orji in a report by Bloomberg.

So, it is preposterous to say that the government released $2billion for the Second Niger Bridge which is the exact amount in the SWF account.

In June 2017, the Chairman Committee on Media and Publicity in the House of Representatives, Rep. Abdulrazak Namdas revealed that the Minister of Works, Housing and Power, Mr. Babatunde Fashola refused to spend a Kobo out of N12 billion appropriated for the Second Niger Bridge in the 2016 budget.

Conclusion
It is clear that Osinbajo's statement is absolutely false. It should be disregarded. Three years since the contract was awarded by Jonathan's administration after boasting to complete the bridge in 48 months, the completion of the bridge seems far-fetched.

‎The reality at hand shows that the bridge may likely be completed in 2020, according to Orji.

-Alexander Thandi Ubani is an Editor at tori.ng
thandiubani@yahoo.com

Source: http://www.tori.ng/news/77615/fact-check-osinbajo-claims-2-billion-paid-for-seco.html

Thandiubani:
lalasticlala Seun ishilove

Thandiubani:
lalasticlala Seun ishilove

Jesusloveyou:
all this bloggers that don't know facts on ground.

The 108b paid by your ineffectual buffoon was for consultancy fees.

Thandiubani:
Seriously, you need to go back to primary school. You have a very low IQ.

Jesusloveyou:
this is what oshomole complaints about in 2015 when he attack okonjo iweala for paying 109b naira for consultancy alone

Thandiubani:


Please can you use google on your phone and quit embarrassing yourself here. The facts and figures I presented in the OP has nothing to do with Okonjo. Go back and read the post again to understand it before commenting off point. I don tire for your matter.

Thandiubani:


Please can you use google on your phone and quit embarrassing yourself here. The facts and figures I presented in the OP has nothing to do with Okonjo. Go back and read the post again to understand it before commenting off point. I don tire for your matter.

Jesusloveyou:
you are the one embarrassing yourself for posting inaccurate fact.
This 109b naira for consultancy fees by your ineffectual buffoon had be in public domain even before and during 2015 election campaign.
So how can 108b naira be a total sum?

Thandiubani:
Seriously, you need to go back to primary school. You have a very low IQ.

drnoel:


Well said. I had some respect for Osibanjo which I have slowly lost. I mean, when u make political statement, dont play with people's lives.
That he outrightly lied is preposterous but then our journalists will not question them. We really have junk journalism in naija.

Thandiubani:


Finally, Osinbajo has corrected himself after my fact check. Who is the goon now?

Announcing $2bn for 2nd Niger bridge, my mistake —Osinbajo

Vice President Yemi Osinbajo has admitted that he made a mistake in announcing the sum of $2 billion as the money released by the Sovereign Wealth Fund (SWF) for the implementation of the second Niger bridge.



He said in Abuja on Tuesday that he actually meant to say N2 billion while speaking during the flag off of the All Progressive Congress (APC) gubernatorial campaign in Anambra State recently.

According to a statement issued by his spokesman, Laolu Akande, the Vice President “misplaced the figures.”

The statement said: “During the APC Governorship campaign flag-off in Onitsha, Anambra State, on Friday, October 20, 2017, Vice President Yemi Osinbajo, SAN, had reiterated the Buhari administration’s commitment to keeping its promises to the Nigerian people.

“One of these promises is the construction of the second Niger Bridge.

ALSO READ: Effective border policing will promote Nigeria-made products —Osinbajo

“In the official press release I sent on the Vice President’s remarks during the campaign rally in Onitsha that same day, I did quote the VP as saying that ‘the Sovereign Wealth Fund paid N2 billion for that same project (Sum paid to the contractor: Julius Berger for early works). We will definitely see our second Niger Bridge, we will not make promises we cannot keep.’

“However, a short video clip from the event captured on the news segment of a television channel quoted Prof. Osinbajo as mentioning ‘$2bn’ and not ‘N2bn,’ which was what he had actually meant to say. Mentioning the dollar currency was inadvertent.



“As it happened, the excerpt from the video, which was shared online, was what was quoted in the headlines of some media houses, and in comments on social media.

“The figures were misplaced. Kindly set the records straight, from the speech I had sent.

“It is also pertinent to state that the highlight of the rally and Prof. Osinbajo’s remarks was the commitment of this administration to improve the country’s transportation network and economy.”

see the link to read it properly: http://www.tribuneonlineng.com/announcing-2bn-2nd-niger-bridge-mistake-osinbajo/

jodeci:
2b is still nothing compared to the total project sum,maybe the 2bNaira is for JB to buy tooth pick.

obailala:


Saying that $2billion had been released for a project which everyone knows doesnt even cost up to $300million, only an unsmart person would not instantly realise that it was just an error in his speech, but would rather go about masturbating over a non-issue.

Cc: Thandiubani