It is an absurdity to expect that Jonathan and his team, who have failed to manage good times with unprecedented income from crude sale, are the same people some idiots are supporting to continue their failed/doomed transformation in hard times.

Should Jonathan win by hook or crook, please brace yourselves for long period of real suffering. The austerity measures that will be introduced will mostly affect ordinary Nigerians and not those spoilt overfed cohorts who are already addicted to extravagant living.

For those of you GEJites who are still somewhat reasonable, understand that a new economic management team spearheaded by GMB/Osinbajo ably supported by Fashola, Amaechi, Soludo, Pat Utomi and the likes is what Nigeria needs at this critical juncture.

TheOtherview:
So the same administration that is currently sharing our 'national cake' around like confetti, in its quest to be re-elected, actually owes contractors a whopping N230b? I hope the unconscionable morooons on NL, who cannot connect up the dots, are paying close attention.


Read more at: http://dailytimes.com.ng/fg-owes-contractors-n230b-says-works-minister/

They spent all resources bribing for elections.

Ngwakwe:




Obiagelli, what are you turning into?

From available records, the Federal Government has paid its counterpart fund for the bridge already.

It seen you are having nightmares by the continuation of this project.

I am not sure it is right to dismiss Obiagelli's grave concerns out of hand.

Works Ministry’s 2015 Budget drops to N11bn

March 10, 2015
...
...
... ...
Onolememen gave the budget details yesterday when he defended the ministry’s 2015 budget before the House of Representatives Committee on Works at the National Assembly. He hinted that of the N50 billion earmarked for the Second Niger Bridge, N10 billion has been so far made available for the project. The minister, who spoke passionately about the Second Niger Bridge, explained that piling, dredging and fabrication work on the project had been ongoing.

Source

We’ve spent N10bn on 2nd Niger Bridge so far — Jonathan
...
... ...
President Goodluck Jonathan said the Federal Government has spent N10 billion on construction of the 2nd Niger Bridge out of the N130 billion total cost of the project.

Source: http://www.premiumtimesng.com/regional/ssouth-east/175127-weve-spent-n10bn-2nd-niger-bridge-far-jonathan.html

Obiagelli:

Except that he doesn't own a 500 million naira farm and $700 million was not found in his bedroom

Stop institutions you cannot substantiate unless you want to be a gossip instead of political and current affairs analyst.

Third Niger brigde loading!!!




GEJ scamming SE since 2009.

TheOtherview:


I am not sure it is right to dismiss Obiagelli's grave concerns out of hand.


Source


Source: http://www.premiumtimesng.com/regional/ssouth-east/175127-weve-spent-n10bn-2nd-niger-bridge-far-jonathan.html

The current economic situation will not only affect FG projects, all state of the federation will surely feel the heat.

Our leaders at all levels needs to re-strategized, otherwise...

Firefire:


when you start using your own head then come back and ask me question...

well I never expected an answer from you. But you should have told us to seat tight for a bumpy ride in the train of austerity measurements... Btw tell your gej to complete the "lagos-ibadan road" for us before his tenure expires

Was the budget for " Asorock Feeding" slashed? I doubt it, stomach infrastructure is too important to be slashed

kastonkastrol:
well I never expected an answer from you. But you should have told us to seat tight for a bumpy ride in the train of austerity measurements... Btw tell your gej to complete the "lagos-ibadan road" for us before his tenure expires

What our own OBJ for 8 years could not achieve GEJ achieved with rooms to do more...

TheOtherview:


I am not sure it is right to dismiss Obiagelli's grave concerns out of hand.


Source


Source: http://www.premiumtimesng.com/regional/ssouth-east/175127-weve-spent-n10bn-2nd-niger-bridge-far-jonathan.html

You forgot that most works expenditures are from SURE-P which are partially captured in the budget and similarly the Central Bank at most times is called upon to service most projects from their coperate responsibility budget.

PassingShot:
Insanity is when you expect a government who failed in managing surplus to be able to manage lean purse.

Gbam! And expecting a government that looted in surplus to now fight corruption is real insanity.

Ngwakwe:


Stop institutions you cannot substantiate unless you want to be a gossip instead of political and current affairs analyst.

No one but the courts can substantiate anything, i am only quoting what i read in the paper, i would have expected to say same to Firefire about Tinubu.

PassingShot:
It is an absurdity to expect that Jonathan and his team, who have failed to manage good times with unprecedented income from crude sale, are the same people some idiots are supporting to continue their failed/doomed transformation in hard times.

Should Jonathan win by hook or crook, please brace yourselves for long period of real suffering. The austerity measures that will be introduced will mostly affect ordinary Nigerians and not those spoilt overfed cohorts who are already addicted to extravagant living.

For those of you GEJites who are still somewhat reasonable, understand that a new economic management team spearheaded by GMB/Osinbajo ably supported by Fashola, Amaechi, Soludo, Pat Utomi and the likes is what Nigeria needs at this critical juncture.

bros, check your attachment, you will see that Buhari is already in RED, we shall never allow him near the seat of power. NEVER AGAIN!

egift:


Gbam! And expecting a government that looted in surplus to now fight corruption is real insanity.

Where are the reports of the loot? Just repeating it without credible proof is madness.

Substantiate your allegations with facts and not gossips.

- President's daughter is pregnant before marriage - egift

Obiagelli:

No one but the courts can substantiate anything, i am only quoting what i read in the paper, i would have expected to say same to Firefire about Tinubu.

You now want to compete with firefire?

You fall my hands.

Obiagelli:
Bye bye second niger bridge?

Please, add ". . . and its implication to the second Niger bridge."

Firefire:


bros, check your attachment, you will see that Buhari is already in RED, we shall never allow him near the seat of power. NEVER AGAIN!

It is beyond you and even Jonathan. It is Nigerians who will decide that come March 28.

#NeverAgainShallCluelessGEJRuleNigeria

#WeHaveDecided

#ThingsMustChange

Ngwakwe:


You forgot that most works expenditures are from SURE-P which are not captured in the budget and similarly the Central Bank at most times is called upon to service most projects from their coperate responsibility budget.

This system is so wrong and supports fraud

Ngwakwe:


You now want to compete with firefire?

You fall my hands.

No just throw back tantrums

Obiagelli:


Full payment? That's interesting. I must be missing something.

Anyways i only asked if this will affect the bridge

The second Niger bridge has alternative sources of fundings which include SURE-P, National budget, the Nigerian Sovereign Investment proceeds and probably the CBN Corporate Responsibilities projects




The Nigerian Sovereign Investment Authority (NSIA) managers of the nation’s sovereign fund, will today release funds as part of its equity stake in the second Niger bridge, even as it revealed that it earned N2.5 billion in profits at the end of the half year 2014 period.

“We are in the process of paying money to Julius Berger as part of early works for the bridge,” said Uche Orji, the managing director, NSIA, in a telephone interview with BusinessDay.

“The SWF made net profits of N2.5 billion as at June, 2014, while our expenses were flattish to down,” Orji said.

The profits are 370 percent higher than the N525 million profits realised by the NSIA in the 15 month period to December 2013.

Half of the profits are realised gains, while the rest are unrealised gains from the investment portfolio, based on the market’s performance, according to Orji.

The Julius Berger-NSIA Motorways Investment Company (JB-NMIC) Consortium is the preferred bidder for the development of the Second River Niger Bridge Project.

The NSIA invests with three funds which are the Future Generations Fund to which it allocates 40 percent of its assets; Nigerian Infrastructure Fund (40 percent) and Stabilisation Fund (20 percent).

The Nigeria Infrastructure Fund (NIF) focuses entirely on domestic investments in selected infrastructure sectors.

“The Nigeria Infrastructure Fund (NIF), NSIA is focused on investing in critical infrastructure that would attract and support Foreign Direct Investment, promote economic diversification and enhance growth,” The NSIA said in a statement in its 2013 FY financial report.

The NSIA has funded three commitments in the infrastructure fund namely: the Nigeria Mortgage Refinancing Company, in which it holds 22.7 per cent stake, fund for agriculture finance and the second Niger Bridge.

Speaking on the future generations funds (FGF), Orji said four hedge fund managers were allocated 25 per cent of the agency’s assets, across various strategies including global, macro and long-short equities.

The FGF has an investment horizon of about 20 years.

Orji said the near term view is positive for the market in 2014, with 80 percent of the FGF asset allocation in growth assets, 15 percent in inflation hedge assets and 5 percent in deflation hedge assets.

Within the growth asset category, the NSIA has allocated 25 percent to equities, split 15 percent to emerging markets and 10 percent to developed markets.

‘‘We have also allocated 25 percent to absolute return funds, another 25 percent to private equity funds and 5 percent to other diversifiers. Within the inflation protection assets, we have allocated 10 percent to real assets and 5 percent to commodities. And finally we have retained 5 percent in cash as deflation protection for the portfolio,’’ he said.

The Private Equity (PE) fund would also be fully allocated by December, according to Orji.

While there was no direct exposure to Nigerian equities for the period, there was a little indirect exposure through investments in Emerging Markets (EM) fund managers with Nigerian assets in their portfolios.

‘’We are not considering direct exposure to Nigerian equities for now,’’ Orji said.
businessDay aug.11.2014


Source: Businessday News

Obiagelli:

This system is so wrong and supports fraud

Unsubstantiated allegation...

Firefire:



What our own OBJ for 8 years could not achieve GEJ achieved with rooms to do more...

I was thinking you are one intelligent dude before, but your comment gave you away as a not very intelligent person. As a gej fan that you are, I was expecting you to laud the budget slash because of the massive corruption that is going on in the works ministry, but you didn't even realize that or maybe you don't know about the corruption going on there. My first comment on this thread, I applauded the fg for slashing the ministry budget from 100billion to 11billion because even when the ministry was receiving more than 200billion there was absolutely nothing to show for it.......
But alas you couldn't even praise your gej for initiating a programme that will dwindle the corruption that is going on in the works ministry rather you jumped into calling names.. Chai gej really need to change you guys.... na wa oo

Firefire:


The current economic situation will not only affect FG projects, all state of the federation will surely feel the heat.

Our leaders at all levels needs to re-strategized, otherwise...

Not all states. In Rivers, for example, Rotimi Amaechi saves some money every month. I wonder how the Federal Government will survive this.

Ngwakwe:


The second Niger bridge has alternative sources of fundings which include the Nigerian Sovereign Investment proceeds




The Nigerian Sovereign Investment Authority (NSIA) managers of the nation’s sovereign fund, will today release funds as part of its equity stake in the second Niger bridge, even as it revealed that it earned N2.5 billion in profits at the end of the half year 2014 period.

“We are in the process of paying money to Julius Berger as part of early works for the bridge,” said Uche Orji, the managing director, NSIA, in a telephone interview with BusinessDay.

“The SWF made net profits of N2.5 billion as at June, 2014, while our expenses were flattish to down,” Orji said.

The profits are 370 percent higher than the N525 million profits realised by the NSIA in the 15 month period to December 2013.

Half of the profits are realised gains, while the rest are unrealised gains from the investment portfolio, based on the market’s performance, according to Orji.

The Julius Berger-NSIA Motorways Investment Company (JB-NMIC) Consortium is the preferred bidder for the development of the Second River Niger Bridge Project.

The NSIA invests with three funds which are the Future Generations Fund to which it allocates 40 percent of its assets; Nigerian Infrastructure Fund (40 percent) and Stabilisation Fund (20 percent).

The Nigeria Infrastructure Fund (NIF) focuses entirely on domestic investments in selected infrastructure sectors.

“The Nigeria Infrastructure Fund (NIF), NSIA is focused on investing in critical infrastructure that would attract and support Foreign Direct Investment, promote economic diversification and enhance growth,” The NSIA said in a statement in its 2013 FY financial report.

The NSIA has funded three commitments in the infrastructure fund namely: the Nigeria Mortgage Refinancing Company, in which it holds 22.7 per cent stake, fund for agriculture finance and the second Niger Bridge.

Speaking on the future generations funds (FGF), Orji said four hedge fund managers were allocated 25 per cent of the agency’s assets, across various strategies including global, macro and long-short equities.

The FGF has an investment horizon of about 20 years.

Orji said the near term view is positive for the market in 2014, with 80 percent of the FGF asset allocation in growth assets, 15 percent in inflation hedge assets and 5 percent in deflation hedge assets.

Within the growth asset category, the NSIA has allocated 25 percent to equities, split 15 percent to emerging markets and 10 percent to developed markets.

‘‘We have also allocated 25 percent to absolute return funds, another 25 percent to private equity funds and 5 percent to other diversifiers. Within the inflation protection assets, we have allocated 10 percent to real assets and 5 percent to commodities. And finally we have retained 5 percent in cash as deflation protection for the portfolio,’’ he said.

The Private Equity (PE) fund would also be fully allocated by December, according to Orji.

While there was no direct exposure to Nigerian equities for the period, there was a little indirect exposure through investments in Emerging Markets (EM) fund managers with Nigerian assets in their portfolios.

‘’We are not considering direct exposure to Nigerian equities for now,’’ Orji said.
businessDay aug.11.2014


Source: Businessday News

Okay, this is interesting. Looks like there will definitely be a toll on that road, something i am not against.

kastonkastrol:
Btw tell your gej to complete the "lagos-ibadan road" for us before his tenure expires

He can't. He has just some nine weeks left. How I wish he had handed over the road to the South West governors who wanted to reconstruct it.

Please stop posting that graphic. You shouldn't hold Thief Obasanjo up as a benchmark for good governance.
He has done immense damage the country arguably worst than GEJ himself

PassingShot:
It is an absurdity to expect that Jonathan and his team, who have failed to manage good times with unprecedented income from crude sale, are the same people some idiots are supporting to continue their failed/doomed transformation in hard times.

Should Jonathan win by hook or crook, please brace yourselves for long period of real suffering. The austerity measures that will be introduced will mostly affect ordinary Nigerians and not those spoilt overfed cohorts who are already addicted to extravagant living.

For those of you GEJites who are still somewhat reasonable, understand that a new economic management team spearheaded by GMB/Osinbajo ably supported by Fashola, Amaechi, Soludo, Pat Utomi and the likes is what Nigeria needs at this critical juncture.

Obiagelli:

This system is so wrong and supports fraud

This is why the NASS needs to close all loopholes as Iweala is doing with respect to incomes generated by government ministries, agencies and departments.

If no law is against it, then it's legal and permissible.

GenBuhari:
Please stop posting that graphic. You shouldn't hold Thief Obasanjo up as a benchmark for good governance.
He has done immense damage the country arguably worst than GEJ himself

What is bad in comparing what Jonathan met with what we now have?

Is there any other democratic regime we have to compare him with?

Ngwakwe:


This is why the NASS needs to close all loopholes as Iweala is doing with respect to incomes generated by government ministries, agencies and departments.

If no law is against it, then it's legal and permissible.

I agree, but the government should also try do the right thing always.

This is capital TRANSFORMATION. Please tell those SURE-P guys at Ojota that right before the election, Jonathan has forgotten them. Tell the Igbos even before the election, that their 2nd, 3rd and other decorative projects are just pipe dreams. We need to ask the Finance Minister what happened to the N203bn the works Minister claimed didn't get to them. Maybe technology will help them trace the whereabouts of the money.

Ngozi told us we wouldn't feel the impact of the falling oil prices. She lied.
Ngozi told us we have money. She lied.
Ngozi told us Naira will bounce back. She lied.
Ngozi withheld money for road construction, yet she is dancing atilogwu all over the place and fooling us that all is well.

Oh wind of CHANGE, blow them away.
It is time to #MARCH4CHANGE.