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Nairaland Forum / Nairaland / General / Politics / N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others (21585 Views)
Buhari Inherited N600bn Oil Marketers’ Debt, Says FG / FG Borrows N600bn Annually To Augment Staff Salaries, Says SGF / N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others (2) (3) (4)
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Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Whynotthetruth(m): 11:57am On Sep 12, 2015 |
Bevista: Aren't you confused...In your bid to discredit the SE, you were busy confusing and contradicting yourself...Grow up plzzz... BTW check out those projects by their mileage/kilometres for you to see the equity and sense of justice in Jonathan ...thanks 1 Like |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by elampiro(m): 12:02pm On Sep 12, 2015 |
Nigeria borrows to pay salaries with cash crunch worsening May 06, 2015 A cash shortage caused by low oil prices has forced Nigeria to borrow heavily through the early part of 2015, with the government struggling to pay public workers, officials said Wednesday. “We have serious challenges. Things have been tough since the beginning of the year and they are likely to remain so till the end of the year,” said Finance Minister Ngozi Okonjo-Iweala. Nigeria, Africa’s top economy and largest oil producer, has been hammered by the 50 percent fall in oil prices, with crude sales accounting for more than 70 percent of government revenue. “As it stands today, most states of the federation have not been able to pay salaries and even the federal government has not paid (April) salary and that is very worrisome,” said Imo state Governor Rochas Okorocha. Okonjo-Iweala said the federal government had a projected borrowing allowance for 2015 of 882 billion naira ($4.4 billion/4 billion euros). But 473 billion naira had already been used up to meet recurrent expenditures, including public worker salaries. “We have front-loaded the borrowing programme to manage the cash crunch in the economy,” the minister told reporters. While Okonjo-Iweala said the severity of Nigeria’s cash crunch requires daily management, the problem will almost certainly be off her desk in less than a month. President-elect Muhammadu Buhari will be sworn in on May 29 and is not expected to retain any of the key ministers appointed by outgoing president Goodluck Jonathan. http://www.vanguardngr.com/2015/05/nigeria-borrows-to-pay-salaries-with-cash-crunch-worsening/ |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Whynotthetruth(m): 12:02pm On Sep 12, 2015 |
Guseh: So which projects had the over 700billion in 2015 budget |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Nobody: 12:03pm On Sep 12, 2015 |
DONMAYOR19: One of the best comment i have read in recent time |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by BUAR(m): 12:12pm On Sep 12, 2015 |
Aufbauh:ok till then na |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Nobody: 12:15pm On Sep 12, 2015 |
Bevista: Idiotic Bigot and Selfish Yoruba man, you are counting the number of projects in SS and SE that lay the golden egg, without putting into consideration that the terrain/weather do not allow roads to last compare to the North that the same road can last for 50 yrs due to solid soil and little rainfall.... Evil man like you will get ur reward in due time , meanwhile Nigeria money is not safe any where, its being shared every month by Buhari and his APC governors with NO Capital Projects going on, only body LANGUAGE IS WORKING 1 Like |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by mickey45: 12:23pm On Sep 12, 2015 |
Yinkalite: It's thought bro, I remember saying it to someone before now that we've just signed up for another four years of Experimentation, Every of our presidents does it the same way, they spend the first term trying out ideas and seeing. Which will work, then @ the end of first term, they'll have gathered enough mastery/knowledge of the scenario to become capable of setting things right, But unfortunately by then, the failures recorded in their "trial and error" period, coupled with the impatience of those who've been bidding their time to ascend to the same seat, and the noisy propaganda by the people who've been profiting from the extant Chaos... All of this will work together to make sure the "now wisened" office holder doesn't get the chance to "put things right" again. As it was with OBJ, so was it with GEJ, let's wait and see if it will be any better in the case of PMB. They hardly come with any roadmap/policy before the elections This instability in policy making is why we won't have many major FID coming in (except from investors who didn't do their background work well) until say a year/two from now. I would have supported a re-investigation into the conditions of the contract signed and a re-negotiation of unfair terms while the project continues but no, most of them'll be re-issued to party faithfuls who'll first remove their campaign donations before funding the projects with the remaining money. I'm hoping this will not be the case this time around but the same man has done so before, it's like expecting a leopard to change skin, let's see if it's possible/not. I pray the man proves all critics wrong at the end though.. |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Nobody: 12:34pm On Sep 12, 2015 |
oduastates:Then we should probe those involved |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by elampiro(m): 12:34pm On Sep 12, 2015 |
obailala: You are one of the few Nigerian youths who read. Only 10% of the budget goes to Capex. About half a trillion naira only. |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by elampiro(m): 12:39pm On Sep 12, 2015 |
Whynotthetruth: Capital Expenditure was given only 10% of the total budget. Just about half a trillion naira from 1.4trillion the previous years. There is huge areas of unpaid debt owed contractors from previous years. 90% of our budget goes to payment of salaries, debt servicing, recurrent expenditure. |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Whynotthetruth(m): 12:50pm On Sep 12, 2015 |
elampiro: 1)Capital expenditure is over 700b of 4.4tri budget... 2)Lots of ongoing capital projects were already funded through loans from other areas and captured in previous years budget...eg 2nd Niger bridge, Airport remodeling etc http://thenationonlineng.net/fed-govt-borrows-n473b-to-pay-salaries-overheads-in-four-months/ |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by farem: 12:51pm On Sep 12, 2015 |
peter4d2: How I wish I have time to touch the germaine issues you have raised (you've actually granted me more grounds to hit with this response) Obj in my estimate is not a performer. I don't know how logic it is to say obj didn't do anything in Ogun state but certain project was done by bankole and another by amosun. This goes to show that you know too less! Obj work complete in Ogun by bankole? Obj was never a governor. Bankoke couldn't have completed or done any project in Ogun because he was in no constitutional position to achieve that. May be your understanding of someone commissioning a project means he executed it. Then it would be correct to say ibb help Amaechi to do some project in last 2 years since he too came to commission it. Awolowo didn't do anything in ikenne you alluded. It's clear today that all premier and novel projects in Nigeria are traced to him. And that is enough. Blessed ikemba referred to him in his best consciousness as the best president Nigeria failed to have. So also some sterling performances by Ahmau Bello and Zik of Africa. Before I let go, it's in public record that the revenue of abt 6 years of gej is more than from obj to yaradua- no body ever contradicted that! Tell me another thing! |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Nicepoker(m): 12:55pm On Sep 12, 2015 |
oluwafemi113:your grammar is pathetic. |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by VickJames(m): 1:04pm On Sep 12, 2015 |
DONMAYOR19:Baba God bless u plenty |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by citygarden(m): 1:42pm On Sep 12, 2015 |
CITY GARDEN ESTATES NOW AT IBEJU/LEKKI CALL 0 7 0 3 8 1 1 1 8 0 2 1 Share
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Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by elampiro(m): 1:52pm On Sep 12, 2015 |
Whynotthetruth: This is a wrong info. The approved budged. CAPEX IS 500 BILLLON. The budget was based on oil benchmark of $53. The ongoing budgets were not funded. Did not not read the contractors reports early this year? . ....... Jonathan signs N4.425tn 2015 budget MAY 19, 2015 Investigation by our correspondent on Monday revealed that Jonathan decided to sign the budget into law a couple of days back without fanfare. As of the time of filing this report, it could not be confirmed why the President had kept the development away from public knowledge. The Senate had passed the 2015 budget on April 28, following the passage of the same bill by the House of Representatives on April 23, with an expenditure outlay of N4.493tn, up from the N4.425tn proposed by the Executive. There have been concerns among Nigerians on whether Jonathan will sign the budget before May 29 when he will formally hand over to Muhammadu Buhari or he will leave it behind for the incoming administration which is believed may still prepare a supplementary budget. But a Presidency source told our correspondent that the President signed the budget about two weeks ago immediately after the document passed by the National Assembly was transmitted to him. The source, however, said he did not know why the President chose to sign the document without making it public. When contacted, the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, also confirmed that Jonathan had signed the budget. Although he also did not give any reason why the signing was not made public, Abati said the President signed the document “some weeks back.” The Senate, in passing the budget, slightly reduced the N2.607,601, 000,300 proposed by the Executive to N2.607,132,491,708 as recurrent expenditure and simultaneously scaled down the capital expenditure from N642,848,999,699 estimated in the proposal to N556,995,465,449. The Chairman, Joint Senate Committee on Appropriation and Finance, Mohammed Maccido, explained that the details of the figure approved by the Senate in the document were not different from the version passed by the House of Representatives. He added that the budget would be driven by $53 oil benchmark, an exchange rate of N190 to one US dollar; 2.2782m per barrel crude oil production per day; and a deficit gross domestic product of -1.12 per cent. http://www.punchng.com/news/jonathan-signs-n4-425tn-2015-budget/ |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Rexyl(m): 1:56pm On Sep 12, 2015 |
The project can't just be abandoned with the progress already made before new government took over. It's too late for any government to abandon it. Lagos - Ibadan road project among others can not be abandoned. |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by atlwireles: 2:04pm On Sep 12, 2015 |
"The North-Central Zone had 29 projects with a total length of 1,201.81km and a cost of N294bn; North-East had 26 projects, 1,219.65km long and cost N314bn; North-West had 20 projects, 1,040.22km long and cost N188bn; while the South-East had 45 projects stretching 1,251.4km with a worth of N357bn. The South-South had 33 ongoing projects, 739.57km long costing N245bn; while the number of ongoing projects in the South-West was put at 31, stretching 1,072.63km at a total cost of N365bn". Can you imagine the tribalist GEJ carrying out projects equally and simultaneously across all regions. |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by elampiro(m): 2:07pm On Sep 12, 2015 |
Whynotthetruth: How? When in about 5 months ago Onolememen told us only 33 out of 210 ongoing projects would be continued in 2015? When contractors and Jonathan govt both agreed hundreds of billions were owed contractors? When tens of thousands of construction workers were sacked since January? |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by juman(m): 2:28pm On Sep 12, 2015 |
elampiro: Hmmmm. PDP was a curse to nigeria. 16 years of senselessness. 1 Like |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by baralatie(m): 2:37pm On Sep 12, 2015 |
Rexyl:Lagos - Ibadan is public private contract(I think). so it is safe! and I think the same goes to the 2nd river Niger bridge contract |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by adekaz777: 2:54pm On Sep 12, 2015 |
I hope Buhari will not repeat his record of abandoning of projects, the same way he did has head of state. 2.5 million voters that gave change victory against transformation ,as put Nigeria in a confusion state; "body language system of government". Bunch of fools are speculating that body language has repaired the refineries, generated electricity megawatts and orientational/attitudinal change by a common "hiring and firing of personnel" that is synonymous with every government. They should come to their senses, body language doesn't execute projects. 183 federal roads and other inherited projects must not be abandoned. |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by tonychristopher: 5:05pm On Sep 12, 2015 |
That's an APC road and that should be attended tob |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Nobody: 5:40pm On Sep 12, 2015 |
The dullard is not smart. He shuttling African nations without any plan to develop the country! |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Whynotthetruth(m): 6:10pm On Sep 12, 2015 |
elampiro: I gave you a link that quoted NOI directly and you abandoned it without reading to give me Punch speculation based on what they heard from Senate... smh...Capital expenditure is 722.2billion for 2015... I gave examples of projects like 2nd Nigeria bridge, airport remodeling etc which are ongoing and already funded...thankz http://thenationonlineng.net/fed-govt-borrows-n473b-to-pay-salaries-overheads-in-four-months/ |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Whynotthetruth(m): 6:13pm On Sep 12, 2015 |
elampiro: Nawa for una...I gave examples such as 2nd Niger bridge, Airport remodeling etc as already funded and ongoing presently... but weren't captured in 2015budget...Such projects as East/West road are funded from Sure-P support fund...etc and we have room for supplementary budget still ....So what are you saying again bro? |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by elampiro(m): 6:29pm On Sep 12, 2015 |
Whynotthetruth: Your link is undated. So how do we know when NOI said all that? My link has a date of May 19th and said Jonathan had approved the budget. |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by elampiro(m): 6:33pm On Sep 12, 2015 |
Whynotthetruth: Supplentary budget when Jonathan borrowed to fund part of this budget, and NOI said they had been borrowing trillions of naira. to pay salary since January? Onolememen said their were no fund to continue projects. I don't get you. |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Whynotthetruth(m): 6:46pm On Sep 12, 2015 |
elampiro:.. Yes no date that's format of that news agency... Reading the content...what did u see them discuss? NOI was the one addressing journalists directly on the economy vis a vis 2015 budget... so what again do you wanna see or hear? |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Whynotthetruth(m): 6:53pm On Sep 12, 2015 |
elampiro: Nawa... Does any rule stop borrowing or supplementary budget? BTW Only 473b was taken to augment salaries for 4months... No funds to continue ALL projects at a time ...Does it mean projects won't be done placing them on a scale of preference |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by ruberths: 8:18pm On Sep 12, 2015 |
All in all, I trust the current administration will investigate the OVER inflated contracts the past administration awarded to his cronies and allies. we all need to READ READ READ as U aspire in your careers... not to end up as the DAFT first citizen we recently kicked out. |
Re: N600bn Debt: Contractors Abandon Lagos-Ibadan Expressway, 183 Others by Tbest20(m): 8:44pm On Sep 12, 2015 |
Buhari does he award any project since he became president? His bad luck that u people called jonathan use it 2 campaign and nothing is on ground God we not 4give mumu jonathan himq uote author=DONMAYOR19 post=37923657]Continuity of project, the problem of Nigeria politician. Obj the thief awarded the project then, but nothing happen, the thief just award contract for paper, and all this yoruba newspaper never one day reported bad thing about this thief obj. GEJ came and re awarded the contract together with Benin-Ore road, today u can leave from Lagos to Benin without tress of that Benin-Ore traffic that obj use to kill Nigerians then. Lagos-Ibadan road was ongoing well before dullapo came with his body movement and everything has been stopped. Funny enough, some blind people will say GEJ is the problem of Nigeria, obj them no see, babagida them no see, dullard buhari them no see. Shabi nigeria started in 2009 abi? Bias will kill some people no be small.[/quote] |
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