Account for $500b oil proceeds, Fashola tells FG .
Thursday, 03 March 2011 00:00 By Kamal Tayo Oropo Business Services - Business News   

THE ongoing campaign may have assumed a new dimension, as accountability crept in, with Governor Babatunde Raji Fashola of Lagos State, calling on the Peoples Democratic Party (PDP) controlled Federal Government to account for $500 billion (N75 trillion) realised from crude oil sales in the last five years.

Describing the phenomenal parlous state of infrastructure in the country as indefensible, given the resources within the economy, Fashola said nothing short of detailed account of the federal expenditure would assuage the feelings of Nigerians.

The governor, who accused the PDP-led Federal Government of inflicting more pains on Nigerians through poor formulation and implementation of policies in the last 12 years, said the time has come for Nigerians to be liberated from lingering maladministration of the economy.

He made the declaration call yesterday before the mammoth crowd of party supporters at the flag-off of Action Congress of Nigeria (ACN) senatorial districts campaign held in Gbagada play ground, East Senatorial District and Agege Stadium, West Senatorial Districts ahead of April general elections.

Fashola lamented that despite the huge income made yearly by federal government, the roads are still in deplorable conditions across the country without any tangible move for rehabilitation, with state of insecurity, high rate of unemployment and epileptic power supply compromising the well-being of Nigerians.

He urged the people to ensure that the six million registered voters recorded by Independent National Electoral Commission, INEC in the last registration exercise in the state vote massively for the ACN to ensure continuity in the transformation of Lagos State.

The governor flayed PDP presidential campaign convoy for shutting down traffic along Third Mainland Bridge and environs in the state for several hours without any consideration to the negative economic implications.

He stressed that Nigeria is making more money through the crisis in Libya, Egypt which are oil producing countries, saying that the current cost of oil per barrel is $119 as against the estimated $65 per barrel and that the profit would be squandered if PDP was allowed to continue to be in power. This is the time to liberate yourselves.”

Fashola added: “Nigerians should ask the PDP-led Federal Government on what it did with the $500 billion profits made from the sales of crude oil in the last five years. Federal roads are in bad state, Nigeria is still in darkness through irregular power supply, there is high rate of unemployment.

“The PDP is inflicting discomfort on the people. It has destroyed all the roads without any answer. Look at the International Airport Road. It is still in a mess and they keep on postponing the rehabilitation, even the Apapa, Oshodi, Oworonsoki, Tincan Island port express road, which leads to Isolo, Ilupeju, Amuwo-Odofin, Matori and Apapa industrial estates.
“That is one of the reasons why your children are unemployed and Lagos is the one creating jobs for the people through various initiatives.

“This is the time PDP must go or do you want to wait for another eight years to get good governance.
Fashola, therefore urged Nigerians, especially Lagos residents to vote for the duo of Nuhu Ribadu and Mr Fola Adeola Presidential ticket for their liberation through realisation of generational change.

He said the two successful men, who were chosen through extensive research work, have the answers to fix all the problems created by PDP in Nigeria. Ribadu want to work like me to re-fix Nigeria

Fashola, who noted that his administration recorded 81 per cent budget performance in 2010, while the PDP-led Federal Government was yet to fully implement 2010 budget, which performance could not record over 30 per cent performance. So, the government that cannot operate beyond 30 per cent

PapaBrowne:

$500 billion? Now who is deceiving who?? Pls do the maths and tell me how that figure came about!!
Sometimes we should just swallow hook line and sinker what politicians say!! I like Fashola with a passion, but I wouldn't fall for this!!

Asides, Fashola failed to answer the question posed by Dosunmu on what he did with 2 trillion Naira in just 4 years!! He failed to explain how a 2km road cost 7,7 billion naira! Or how the renovation of city hall cost 5.2 billion.

buzugee:

ok lets do the math.
2 million barrels per day * 365 * 80 * 5 is $292 billion. i think fashola is exaggerating  eko oni baje oooooooooooooooooooooooooo 

buzugee:

ok lets do the math.
2 million barrels per day * 365 * 80 * 5 is $292 billion. i think fashola is exaggerating eko oni baje oooooooooooooooooooooooooo

seanet02:

Is the Gas industry not monitored by NNPC? how come you left out the Revenue of Gas? Fashola is not Exaggeratiing, The same oil that sold for almost $160 for almost Two Years before crashing, you Know Nada

Beaf:

lol

lagerwhenindoubt:

Why do we even bother to reflect on comments from politicians, we know they are only mud-slinging,    Fashola should not expect that every is asides the fact the we already know who the real Voice of Lagos is   "LAGOS HAS SPOKEN" from the cross-eyed crackhead on Bourdillion

buzugee:

ok lets do the math.
2 million barrels per day * 365 * 80 * 5 is $292 billion. i think fashola is exaggerating   eko oni baje oooooooooooooooooooooooooo  

nastydamus:

But $292bn is mind-boggling enough, yes?

nastydamus:

But $292bn is mind-boggling enough, yes?

Kobojunkie:

You are absolutely right about that. Even $1 billion to any state in Nigeria is a huge deal and a request for account is in order. We need to stop pretending there is no money and making silly excuses for why our politicians can continue to get away with the thievery. I am with Fashola -- Let the FG account for all the money it has gotten and spent "on our behalf".

Kobojunkie:

Are you implying that as adults, we can not demand records from the one government without requiring, at the same time, from the other? What is this to you? Kindergarten? 

[size=13pt]This is just as the federal government has attributed the boost in Nigeria’s average earnings which currently stand at over $282 million per day from crude oil based on the combined daily production figure of crude and condensate to the success of the Amnesty Programme[/size].

Kobojunkie:

^^^ Why? He is about one of the most performing of the state Governors we have. Why can he not question the Federal Government?

Pharoh:

Every concerned citizen can question the FG and you don't have to be a performing governor to do that and moreover performance is subjective to me as it depends from what angle you are trying to base your judgment.

Pharoh:

Fashola is high on something, he should focus on lagos state and stop attacking the FG.

Pharoh:

He is asking the FG to account for it like he doesn't know where to go if he wants the answers to his questions. The FG has been using that money to run the nation and the state/local government also receive a part of this money so he should also account for his part first.

Kobojunkie:

^^^ Where is the assumption made? READ THE DARN ARTICLE

[size=13pt]This is just as the federal government has attributed the boost in Nigeria’s average earnings which currently stand at over $282 million per day from crude oil  based on the combined daily production figure of crude and condensate to the success of the Amnesty Programme[/size].


$282 million  * 365 =  $ 102,930,000,000  per annum. That is approximately $500 billion in five years.

Kobojunkie:

How sure are you that he has access to the information? The fact that we have no FOI in Nigeria, still, probably implies that states do not have access to FG data, or are you suggesting it is not the case? You say the FG has been using that money to run the Nation? $500 Billion in the past 5 years and the Nation still looks like it has barely spent $2 Billion to develop infrastructure in all that time? Federal infrastructure is still nothing to write home about, not to talk of the hundreds of lives lost each year as a result  

Kobojunkie:

I thought you said as long as he is a concerned citizen, he can request this data? So why are you back to requesting he accounts for his part in all this when this is not about him but about the FG at the moment. By the way, are you also suggesting that Nigerian States, and Local Governments have been the ones receiving and spending the bulk of the Oil money in that time as well?