Did you feel the impact of N1.3 tn FG spent on capital projects in 2016?” NOTE: Missing from last week’s narrative was the FDI graph for 2016 to 2017. Here it is below. THIS article could have been titled FRIENDS OFBUHARI, PLEASE TELL HIM THE TRUTH.




Last week, a few names were disclosed of people regarded as Buhari’s close confidantes. I repeat that it is normal for Presidents to have such people. They generally serve the President well if they tell him the truths which his Ministers and appointees refuse to disclose out of self-interest. The boast, recently, by the Vice President, that N1.3tn was spent in 2016 on capital projects is a case in point and serves as the starting point for this week’s article. According to the narrative, it was the highest in history – as long as you make no attempt to reduce N1.3tn to dollars and don’t factor inflation into the equation. Once you do, the figure loses much of its propaganda value.




That was question posed by PUNCH to five people in its August 30, 2017 edition. Let us leave for now the answers each of them gave to the question. President Buhari should have asked the first question most Chief Executive Officers with minimum knowledge of economic or finance would have asked those thumping their chests. “What was the budget for Capital Appropriation in 2016?” The Capital appropriation in the 2016 Budget was N1.58tn; but only N1.3tn or 76 per cent was allocated to various projects and most of them received some of the votes in 2017 when the Accountant General of the Federation allowed expenditures for 2016 to continue until April 2017. Without that, actual performance might have been less than 60 per cent.




The next question the CEO would have asked is: “why the shortfall in Capital appropriation?” The correct answer would have been that a day dreamer had assumed that 2.2 million barrels per day of crude oil would be exported when the actual performance in the last five years was far from that figure. The day dreamer was cautioned by people who had followed the Nigerian economy for more than twenty years about that figure, but he was adamant. Failure followed. But, nobody took responsibility for it. Social Welfare Programme is another project which would serve as example of how top government officials deceive Buhari.




The largest single vote of N500bn was allocated to this programme expected to, among other things, feed 5 million Nigerian kids. About 40 per cent or N200bn was supposed to go into hiring 500,000 teachers and provide food for the kids in 2016. Let me quickly summarise what happened to the promises made with respect to the Social Welfare Programme. By December 2016 only about N80bn had been released out of N500bn or 16 per cent. Recruitment and posting of 200,000 teachers which the VP announced would take place by December 1, 2016 was postponed indefinitely. In July 2017, it was announced that the Federal Government had spent a mere N6bn to feed 2.8 million kids who cannot be located by anybody else but government officials. That is less than 5 per cent funds allocation claiming to have served 56 per cent of the kids targeted. Obviously, somebody is lying.




Nowhere do you spend 5 per cent of budget and achieve 56 per cent of results. Who will tell Baba that his legacy project – the Social Intervention Programme received only about 20 per cent of the budget allocation and the number of kids claimed to be fed is probably fraudulent – especially when Kaduna State alone accounts for 29 per cent of the fictitious kids? Lagos-Ibadan road had been in the news for the wrong reasons. Contractors stopped work when money stopped flowing their way. But, everybody knows that. What everybody, including Buhari, does not know is that Lagos-Ibadan road is one of the smoothest in Nigeria – terrible as it is.




Most Federal Roads are more deplorable. And to dampen any hope that things will look up soon, Mr. Babatunde Fashola, Minister for Power, Works and Housing had this to say. “We had made some plans to forestall these kinds of things [death traps called roads]. We have identified 61 critical intervention spots across the country following my tour in the first quarter but we did not get the budgetary support to make the intervention.” This was on the last day of August 2017. Should Baba’s friends still want more, let me end with power generation. On September 1, 2017, it was reported that “the total quantum of electricity lost by the 16 stations during the review period was put at 248MW as the country generated 3,411MW electricity on August 30, 2017, down from 3,659MW the preceding day”. In other words, in August 2017, more than two years after Buhari came to power, Nigeria is still generating the same quantum of power as we did on May 29, 2015. Can any honest person call that “looking up”

Source-https://naijastoryz..com.ng/2017/09/who-we-tell-buhari-truth-by-dele.html?m=1

Source-https://naijastoryz..com.ng/2017/09/who-we-tell-buhari-truth-by-dele.html?m=1
Cc-lalasticlala,seun,mynd44

Dunno why almost every politics related threads always sounds like Gov. Ortom spent N50bn taking care of Benue State flood victims!

Lies upon lies! Excuses upon excuses!

Sarrki come and see ooo

over 68 percent of the 1.3trillion went into payment of Contractors Owed by GEJ for them to revive the abandoned Projects and start new ones.

PointZerom:
Sarrki come and see ooo

u wicked walai

That is the government of "Change".So fear "Change" people.

naijastoryz:
u wicked walai

Big bros, these awa polithiefcians na dem wicked pass.

Useless government

It's a good development that people are questioning the integrity of government's statements

diegwu01:
over 68 percent of the 1.3trillion went into payment of Contractors Owed by GEJ for them to revive the abandoned Projects and start new ones.

Hmmm so GEJ had a lot of WIPs I taught he only stole all the monies! Small small truth shall prevail!

diegwu01:
over 68 percent of the 1.3trillion went into payment of Contractors Owed by GEJ for them to revive the abandoned Projects and start new ones.

please give us a link to this propaganda and also tell us how 6.8billion naira was spent on feeding imaginary kids

diegwu01:
over 68 percent of the 1.3trillion went into payment of Contractors Owed by GEJ for them to revive the abandoned Projects and start new ones.

Make Una fear God oooo....Hahahahaha what a brazen lie

Nukualofa:
please give us a link to this propaganda and also tell us how 6.8billion naira was spent on feeding imaginary kids

I concur!

RomeSankara:


Make Una fear God oooo....Hahahahaha what a brazen lie

Why dont you prove me wrong with facts and figures

Nukualofa:
please give us a link to this propaganda and also tell us how 6.8billion naira was spent on feeding imaginary kids

Waste of time and energy proving anything to a biased mind.

To be frank PDP was corrupt, but we at least felt the effect of yearly spending, even if its at 40% budget performance.

However under this govt, no one can prove where all the monies went.

As in ehnnn!, like magic, Na so so Figure we just dey hear, Abeg, where them spend all the Trillions?

#codedCORRUPTION
#silentlyStealing.
#abracadabragovt.

Oga show us the Facts on how 1.3trln was Spent on Gej Abandoned Projects or Kip Kwayet

diegwu01:
Waste of time and energy proving anything to a biased mind.

Post a link and stop being lazy

diegwu01:
over 68 percent of the 1.3trillion went into payment of Contractors Owed by GEJ for them to revive the abandoned Projects and start new ones.

That is debt servicing and not capital expenditure

Illiterate!

gbagaun@headline

FeloniousFelon:


That is debt servicing and not capital expenditure

Illiterate!

olodo, focus on passing your NECO first, your ignorance is embarrassing

diegwu01:
olodo, focus on passing your NECO first, your ignorance is embarrassing

You an illiterate to consider debt servicing as part of capital projects.

FeloniousFelon:


You an illiterate to consider debt servicing as part of capital projects.

"irredeemable"
Your type perish for lack of knowledge and still refuse to seek knowledge. Its only when a loan is collected that the debt is serviced over time. Mumu! Learn.
Capital Expenditure covers payment for Project Executed which includes Monies for Materials and Labour. If the screws and nuts in your brain are rusty, apply engine oil so it could be opened to let it knowledge

diegwu01:
"irredeemable"
Your type perish for lack of knowledge and still refuse to seek knowledge. Its only when a loan is collected that the debt is serviced over time. Mumu! Learn.
Capital Expenditure covers payment for Project Executed which includes Monies for Materials and Labour. If the screws and nuts in your brain are rusty, apply engine oil so it could be opened to let it knowledge

You are so daft.

Capital projects are funded in stages and come to halt when funding taps out. This is the reason for abandoned projects.

No contractor finances any govt contract with his money for risk of being owed indifinitely.

No the difference between Capital project funding and debt servicing!

FeloniousFelon:


You are so daft.

Capital projects are funded in stages and come to halt when funding taps out. This is the reason for abandoned projects.

No contractor finances any govt contract with his money for risk of being owed indifinitely.

No the difference between Capital project funding and debt servicing!

So its the duty of the FG to service a contractors debt with a bank irrespective of the agreement the contractor reached with the bank?
No mumu.

diegwu01:

So its the duty of the FG to service a contractors debt with a bank irrespective of the agreement the contractor reached with the bank?
No mumu.

Your ode is only comparable to your lack of comprehension.

Should I use google translate to post in Yoruba for you?

Daft.

Capital Projects are funded by govt releasing funds to them. No right minded contractor takes a loan to build a govt road or builidng.

It is only contratcors who purchase and supply the govt with inventory and what not that get paid on sighting of the products by a store manager who issues a certificate for payment.

Capital Projects require take off grants before they even mobolize to site and funding is done on the agreed timetable for completion of the job which is broken down in several stages.

You obviously dont know a single thing

dunce

FeloniousFelon:


Your ode is only comparable to your lack of comprehension.

Should I use google translate to post in Yoruba for you?

Daft.

Capital Projects are funded by govt releasing funds to them. No right minded contractor takes a loan to build a govt road or builidng.

It is only contratcors who purchase and supply the govt with inventory and what not that get paid on sighting of the products by a store manager who issues a certificate for payment.

Capital Projects require take off grants before they even mobolize to site and funding is done on the agreed timetable for completion of the job which is broken down in several stages.

You obviously dont know a single thing

dunce

see U-turn
Mr Debt Servicer

PatriotTemidayo:
To be frank PDP was corrupt, but we at least felt the effect of yearly spending, even if its at 40% budget performance.

However under this govt, no one can prove where all the monies went.

As in ehnnn!, like magic, Na so so Figure we just dey hear, Abeg, where them spend all the Trillions?

#codedCORRUPTION
#silentlyStealing.
#abracadabragovt.

very true

Hiss.

Useless apc government.

Isoko1stSon:
Oga show us the Facts on how 1.3trln was Spent on Gej Abandoned Projects or Kip Kwayet

Everyone should note that the person behind this moniker is NOT an Isoko person. He is an impersonator (definitely Igbo) using the Isoko name to score cheap points in his BIAfra propaganda war. Isoko people have made their points clear on the Biafran Struggle several times already. Little does he know that he is further causing more damage between Igbos and Isokos by his blatant disrespect for a people via impersonation.

Besides, no true Isoko person would use such despicable username (you need not spell it out for people to know who you are, except there is an ulterior motive).

Everyone should treat this account as that of an IMPERSONATOR! Do not take anything he says using the Isoko tag seriously. I challenge him to come out and prove me wrong in the full view of all.

I apologise, on behalf of myself and all Isokos, for any damage he may have caused in the course of his impersonation on Nairaland. Isokos are NOT Biafrans, never were, and never would be! The only authorised platform to say ANYTHING definite on Isoko people is the Isoko Development Union.

diegwu01:
see U-turn
Mr Debt Servicer

[color=#990000][/color] Please stop displaying your ignorance in public... If you want to learn ask and knowledge will fall on you...@feloniousfelon i hope the guy you schooled learns, so that next time he doesn't spew outright thrash.