₦airaland Forum

The current administration of President Muhammadu Buhari reinvigorated the project by remobilizing the contractors back to site in June 2016.

After the previous administration awarded the contract in 2013 but failed to release funds for the project.

Recently, the Federal Executive Council approve additional N80bn for the rehabilitation of Section II of Lagos Ibadan Expressway from Sagamu to Ibadan.

The release of the N100 billion sukuk bond by the FG gave birth to the completion of the Oyo/ogbomoso road.

The N100 billion Sukuk Bond was oversubscribed to the tune of N105.87 billion based on confidence in the Buhari administration.

The previous administration failed to give the Oyo Ogbomoso road due attention

Buhari’s administration rendered N6bn for the successful completion of the oyo/ogbomoso road.

Reynolds Construction Company (RCC) completed the construction of the Oyo/ogbomoso road.

In 2017 the FG released the proceeds of the N100 billion sukuk bond to 25 key economic road projects

The non completion of the Oyo/Ogbomoso road was for 18 years before this administration
completed it.

At least 800 companies closed down in Nigeria between 2009 and 2011, due to the harsh operating business environment, the Nigerian Chambers of Commerce has said.

The companies that have survived are also having serious challenges as more than half of them have been classified as “ailing.’’

This was disclosed by the President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Herbert Ajayi, on Tuesday, in Asaba, in a paper he presented at a zonal workshop on economic diversification organised by the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC.

Mr. Ajayi said "the current situation of the “surviving” industries poses a great threat to the survival of the manufacturing industry.
He added that capacity utilisation in industries hovers around 30 percent and 45 per cent on the average, with 100 per cent overhead costs.

He blamed the continued decline in the manufacturing sectors on political and economic factors, citing poor infrastructure and epileptic power supply as key impediments to the industry.

The manufacturing industry as a whole operates on more than 70 per cent of energy it generates, using generators; and operating these generators greatly increases the cost of manufacturing goods.

The industrialist gave other reasons for the woes in the sector as incessant increase in the price of petroleum products used by industries, multiple taxation, unabated smuggling and inadequate access to finance, both local and abroad.

The widespread insecurity and the inability of government agencies in the ports to meet their 24 hour target, for cargo clearance, have contributed to the dwindling fortunes in the manufacturing sector".

The Buhari Administration has extended more than N1.9 Trillion to State Governments, to enable them meet their salary and pension obligations, especially in the face of dwindling oil revenues over the last two years.

The support has come in the form of the following:
o Budget Support Facility (Total of N606.55 billion extended to the States as of May 2018; in exchange for reforms in budgeting, IGR, debt management, overheads, etc.

o Paris Club Refunds

o Infrastructure Loans

o Loan Restructuring for Facilities with Commercial Banks: In 2015, the DMO restructured Commercial Bank loans with a total value of N575.516 billion for 23 States to reduce the debt service burden on the states.
In exchange for their loans to State Governments, the banks were issued 20-year FGN Bonds at a yield of 14.83% per annum. The Restructuring Exercise benefited the States through:

Reduction in the monthly debt service burden of States from between 55% to 97% for various States;
Interest rate savings for the States ranging from 3% to 9% per annum; Longer repayment period for the loans now converted into Bonds; and, Freeing up of needed cash to run the machinery of Government.

Atiku had a 13 years travel ban to the US over issues relating to corruption.

The US sent Obasanjo a letter in 2006, including Atiku’s name as one of the Nigerians needed to be investigated on corruption.

President Bush barred Atiku from being issued visa to the US.

While Atiku was the Vice President between 2000 and 2007, he used offshore companies through wire transfer to siphon millions of dollars to his 4th wife, Jennifer Douglas.

Atiku’s wife, Douglas helped her husband bring over $40 million in suspect funds into the US

Do you know that the Buhari Government has awarded 365 Roads since inception in 2015.

Out of this 365 Roads, 244 of them were awarded and commenced since 2001 but work has stopped on them due to lack of funding.

The PDP built an average of 16 roads per annum with a high rate of oil and revenue. while the APC government has built an average of 40 per annum with oil prices less below.

On Housing The buhari Government has under taken a National housing project. this is the second time Nigeria has done this the first was the Shagari government.

Federal Government Projects and cost

Central Ogbia Regional Water Project, in Bayelsa costs N5.9billion completed by the Buhari Government.

Sabke/Dutsi/Mashi Water Supply Project, in Katsina costs

Esan Water Project in Edo State costs N3.85billion completed by the Buhari Government

Afam Fast Power Project: Construction of US$186 million, 240MW expansion for the existing Afam Power Plant (commenced in 2016, almost completed)

Construction of 120 billion Naira Bonny-Bodo Road in Rivers State, jointly funded by the Federal Government and the Nigeria Liquified Natural Gas Company Limited (NLNG)(ongoing)

Completed the 60km Alesi–Ugep Road in Cross River State; contract awarded for 72km section from Odukpani Junction to Ugep.

LISTS OF ONGOING PROJECTS FUNDED FROM THE SUKOK BONDS

Construction of Oju/Loko-Oweto bridge over River Benue to link Loko (Nasarawa state) and Oweto (Benue state) along route F238 costs 4.1billion.

Dualisation of Abuja-Abaji-Lokoja road section I (international airport link road junction – Sheda village costs 3 Billion

Dualisation of Suleja-Minna road in Niger state phase II (km 40+000-km101+000) costs 3.5Billion

Dualisation of Abuja-Abaji-Lokoja road: Section IV Koton Karfe-Lokoja in Kogi state costs 3.5Billion

Dualisation of Lokoja-Benin road: Obajana-Okene in Kogi state costs 2.5Billion

Dualisation of Kano-Maiduguri road linking Kano-jigawa-Bauchi-Yobe costs 4.1Billion

Dualisation of Kano-Maiduguri road linking Kano-Jigawa-Bauchi-Yobe and Borno states. Section III (Azare-Potiskum) in Bauchi 3.5 Billion

Dualisation of Kano-Maiduguri road linking Kano-Jigawa-Bauchi-Yobe and Borno states. Section IV (Potiskum-Damaturu road) in Yobe costs 4 Billion

Dualisation of Kano-Maiduguri road linking Kano-Jigawa-Bauchi-Yobe and Borno states. Section V (Damaturu-Maiduguri) costs 5 Billion

Dualisation of Kano-Katsina road phase I, Kano town at Dawanau roundabout to Katsina border in Kano costs 3 Billion

Construction of Kano western bypass as an extension of dualisation of Kano-Maiduguri road section I costs 4 Billion

Construction of Kaduna eastern bypass costs 4.6Billion

Rehabilitation of outstanding section of Onitsha-Enugu expressway: Amansea-Enugu border costs 5.1 Billion

Rehabilitation of Enugu-Port Harcourt dual carriage section I: Lokpanta-Umuahia in Abia costs 4 Billion

Rehabilitation of Enugu-Port Harcourt dual carriage sectionII Umuahia tower-Aba township rail costs 3.7Billion

Rehabilitation of Enugu-Port Harcourt road section III: Enugu-Lokpanta costs 3.7 Billion

Rehabilitation of Enugu-Port Harcourt road section IV: Aba-Port Harcourt in Rivers costs 3.5Billion

Dualisation of Yenegwe road junction-Kolo-Otuoke-Bayelsa palm in Bayelsa costs 3.5 Billion

Dualisation of Lokoja-Benin road: Obajana junction-Benin section II phase I: Okene-Auchi, Kogi/Edo states costts 3 Billion

Dualisation of Lokoja-Benin road: Obajana junction-Benin section III phase I: Auchi-Ehor in Edo costs 3.1 Billion

Dualisation of Lokoja-Benin road: Obajana junction-Benin section IV phase I: Ehor-Benin city, Edo state costs 3.5 Billion

Reconstruction and asphalt overlay of Benin-Ofosu-Ore-Ajebandele-Shagamu dual carriageway phase IV costs 6 Billion

Reconstruction of outstanding section of sections of Benin-Ofusu-Ore-Ajebandele-Shagamu dual carriageway phase III costs 5Billion

Dualisation of Ibadan-Ilorin road. Section II: Oyo -Ogbomosho road in Oyo costs 5.6 Billion

As part of Buhari's commitment to Budget Reforms, he issued a Presidential Order directing Govt Agencies to prepare their budgets in line with International Public Sector Accounting Standards (IPSAS), using a purpose-specific budget template.

To show embrace of Digital tech by Buhari, the 2017 Budget was collated using a web based app developed by the Budget Office of the Federation. For the first time, MDA's were asked to upload their proposals to the new budget preparation portal.

Audit-able and trackable online system strengthened the 2017 budget preparation process against internal/external manipulation. All MDA budget proposals were uploaded to the new system, for review and final collation.

More than 4,000 staff of the MDAs were specially trained to use the new application, across multiple locations nationwide. Also, the Budget Office set up a Helpdesk, accessible by telephone/email, for authorised users

Rev Father Ejike Mbaka says A President that is fighting corruption needs to be supported & that Nigerians would be making a wise choice by voting Buhari in the forthcoming general elections.

The Clergy man said the Catholic Church supports Buhari and his anti-corruption war because the Church supports the fight against corruption hence the creation of “Prayers against bribery and corruption.”