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FG Slashes Lagos-Ibadan Expressway Budget to N50bn

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Fashola

The Federal Government has cut its budget for the Lagos-Ibadan Expressway from N66bn to N50bn in the 2016 Appropriation Bill, representing a drop of 24 per cent.

Currently undergoing reconstruction, the two contractors handling the project, Julius Berger Plc and Reynolds Construction Company (Nigeria) Limited, are being owed several billions of naira for the job executed.

They have vacated the road following the unpaid debts and a recent court injunction obtained by Bi-Courtney Highway Services Limited, setting aside a concession agreement granted Motorway Assets Limited to finance the project and manage it.

Not more than N50bn has been raised by the government for the N167bn road project, which is expected to be completed next year.

In the initial budget for 2016 presented to the National Assembly by President Muhammad Buhari, N66bn was voted for the highway among other road projects.

But in the reviewed copy obtained on Friday, the appropriation for the Lagos-Ibadan Expressway had come down to N50bn.

Although no reasons were officially offered for the slash, it was learnt that this was to ensure judicious distribution of funds that would be available for the year in view of the dwindling revenue from the oil.

A total of N244.123bn has been earmarked for the construction and provision of road facilities across the country in the reviewed 2016 Appropriation Bill.

This also showed some adjustments when compared with what was contained in the former proposal earlier sighted by one of our correspondents.

For instance, an analysis of appropriations for the Federal Ministry of Works, Power and Housing showed a series of adjustments in the section that captured construction, provision and repair of roads across the country.

The latest report showed that N244.123bn was budgeted for the construction and provision of roads while the government earmarked N277.95m for the rehabilitation and repairs of other items aside from roads.

From the latest bill, it was clear that the government raised the appropriation for road construction/provision by N45.73bn when compared with the N198.39bn initially appropriated for the construction/provision and rehabilitation/repairs of roads in the first bill earlier presented by the President.

Under the construction/provision section in the latest bill for the Ministry of Power, Works and Housing, the highest allocation was appropriated for the construction and provision of roads.

Out of a total of N326.886bn appropriated for the construction and provision of fixed assets in the ministry, the road sector alone received N244.123bn, representing 74.68 per cent of the total.

The remaining N82.763bn or 25.32 per cent was shared among other sectors such as housing and electricity.

Indeed, the construction/provision of housing got N49.53bn; the construction/provision of electricity received N25.1bn, while the vote for the construction/provision of office buildings was put at N6.16bn.

Others are the construction/provision of infrastructure, N1.1bn; water facilities, N686.95m; rehabilitation/repairs of public schools, N42m; and rehabilitation of office buildings, N171.25m, amongst others.

Senior government officials at the works ministry told one of our correspondents that the Minister of Works, Power and Housing, Babatunde Fashola, would soon give directives on the commencement of work on selected federal roads.

According to them, the minister is presently working out ways to settle some of the debts owed contractors in order to encouraged them to move to the project sites.

An official, who spoke on condition of anonymity, said, “Work will commence on our roads soon. The minister has been on tour for some weeks now, and he is trying to see how the government can settle some of the debts owed contractors so that they can return to project sites when called upon.

“So, on whether the government is ready to fulfil its pledge concerning road construction, I can assure you that very soon many contractors will resume work on these roads.”

While unveiling the Federal Government’s blueprint on infrastructural development in December last year, Fashola had stated that the present administration would give priority attention to the completion of major highways.

Fashola had said, “Our short-term strategy will be to start with roads that have made some progress and can be quickly completed to facilitate connectivity. We will prioritise within this strategy by choosing first the roads that connect states together, and from that grouping, we will start with those that bear the heaviest traffic.”

Punch

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Atiku Blasts Tinubu, Says President’s Haphazard Approach to Fuel Subsidy Caused Current Economic Crisis

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atiku-abubakar

Former Vice President Atiku Abubakar has slammed President Bola Tinubu’s handling of the fuel subsidy crisis, referring to him as “TPain.”

Atiku attributed the current economic challenges facing Nigeria to what he described as the “haphazard and disingenuous approach” of the Tinubu administration to fuel subsidy management.

In his statement posted on X on Thursday, Atiku bemoaned the escalating inflation rate, stating that it is severely impacting the lives of Nigerians.

He lamented that despite the growing hardships, Tinubu appears unfazed by the plight of the citizens.

According to him, the haphazard and disingenuous approach of the current administration to fuel subsidy management has been the reason the nation is witnessing current economic crisis.

He said as things stand, there will be no let up in the escalating inflation rate, which is drowning the material well-being of Nigerian populace.

The former VP said it is even more worrying that Tinubu, whom he referred as “T-pain”, is undisturbed by the hardship in the country.

The nickname ‘TPain’ for Tinubu emerged as a play on the first letter of his name and the name of American rapper and producer T-Pain, sparked by frustrations over the rising cost of living under his administration.

The earliest mention of the term on social media dates back to April 2024.

However, it gained significant traction around September 16, after a user on X used it while discussing the President’s visit to Maiduguri to console flood victims.

The term has gained traction on platforms like X and Instagram.

 

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LG Autonomy: Senators Disagree as Governors Allegedly Mandate Chairmen to Move Allocations Into State Accounts

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Senate President Akpabio

Some members of the Nigerian Senate have expressed displeasure over alleged moves by state governors to thwart the feasibility for the implementation of the Financial Autonomy granted to the 774 Local Government Councils across the country by the Supreme Court in August this year.

There was hot debate amid confusion on Wednesday in the Senate soon after the sixth item which has to do with Petitions was handled when Senator Tony Nwoye from Labour Party in Anambra North came up with a Point of Order which was sustained by the President of the Senate, Senator Godswill Akpabio.

Nwoye who came through orders 41 and 51 of the Senate Standing Rules, moved a motion on alleged moves by some state governments to circumvent the implementation of the judgement on LG Autonomy through counter laws from their respective State House of Assembly.

As he was still speaking to his colleagues at the hallowed Chamber, Nwoye ran into confusion over the matter, just as he told the Senate that nine other Senators had co-sponsored the motion.

He specifically alleged that some State Governors are already using their House of Assembly to enact laws that would mandate respective local government councils in their states to remit monies into State/Local Government Joint Accounts ruled against by the Supreme Court.

Immediately he rounded off his presentation containing six prayers for enforcement of the judgement and seconded by Senator Osita Izunaso, APC Imo West Senator Adamu Aliero, PDP Kebbi Central raised a constitutional point of order for stoppage of debate on the motion.

Adamu Aliero who cited section 287 of the 1999 Constitution that makes Supreme Court Judgement enforceable across the country, urged the Senate not to overflog the issue.

Aliero said the Supreme court judgement is enforceable across the country, adding that there is no need for the parliament to be debating anything that has to do with it.

Agreeing with Senator Aliero, Akpabio raised another constitutional issue as he called on the attention of Senators to section 162 sub-section 6 of the 1999 constitution.

The section according to Akpabio, created the State/Local Government Joint Account, which has to be amended in paving the way for full implementation of the Supreme Court Judgement.

Akpabio said what the Senate needs to do is to carry out required amendments of certain provisions of the constitution as far as local governments autonomy is concerned so as to ensure that local councils have their separate accounts.

But before taking a final decision on the motion, the sponsor, Senator Nwoye hurriedly raised order 42 of the Senate Standing rules for personal explanation on the motion the same time, Senator Abdulrahman Summaila Kawu, (NNPP Kano South) raised a similar point of order.

The simultaneous points of Order brought confusion into the session with many senators rushing to the Senate President for a personal consultation, which eventually, made the Senate go to an emergency closed-door session at exactly 12: 46. pm.

Recall that the Supreme Court had in early August this year, barred the 36 governors of the federation from further retaining or utilizing funds that are meant for the 774 Local Government Areas, LGAs, in the country.

The apex court ruled that it was illegal and unconstitutional for governors to continue to receive and seize funds allocated to LGAs in their states.

The Supreme Court had maintained that the “dubious practice” which has gone on for over two decades, was a clear violation of Section 162 of the 1999 Constitution, as amended.

In its lead judgement that was delivered by Justice Emmanuel Agim, the apex court held that no House of Assembly of any state has the power to make laws that could, in any manner, interfere with monies meant for the LGAs.

Stressing that the law mandated that LGAs must be governed by democratically elected officials, the Supreme Court ordered that forthwith, funds meant for the LGAs must be directly paid to them from the federation account.

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I Knelt Down, Begged Wike for Peace to Reign in Rivers – Fubara Reveals Amid Tension 

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Siminalayi Fubara

Amid the growing political tension and upheaval in Rivers State, Governor Sim Fubara, has revealed that he has done everything possible for him to prevent the current panicking situation in the state.

According to him, he practically knelt down for his estranged political godfather, Nyesom Wike and begged him to let go of their feud, but the former governor rebuffed his pleas.

While speaking on a television political programme, Fubara went into memory lane on how he had strived to please the current Minister of the Federal Capital Territory Abuja, saying he (Fubara) kept all understanding with Wike.

The governor said he has been showing understanding in order not to expose the state to violence but added that the minister thwarted his good intentions for the state, hence the violence that has enveloped Rivers.

According to him, “There is nothing I have not done on this earth for peace to reign. I can tell you the number of times I have knelt to beg that let’s allow this issue to go. I have done everything.”

He therefore urged Wike, his predecessor, to allow peace to reign in the state by letting go of Rivers State.

Fubara stated that the current troubling situation in the riverine state has gotten to a point where Wike needs to let go and allow peace in the state.

Investors King had reported that Rivers was thrown into crisis on Monday, a day after the swearing-in of 22 winners of the controversial Saturday local government elections in the state.

The swearing-in of the chairmen from other political parties other than the ruling Peoples Democratic Party, had enraged Wike’s camp as hoodlums began attacking local government council secretariats, burning office equipment, files, chairs and tables, and equipment.

Disturbed by the ugly development, President Bola Tinubu had directed the Inspector General of Police, Kayode Egbetokun, to secure Rivers State’s local government secretariats following the arsons.

Meanwhile, Olabode George, former deputy national chairman of the PDP, urged Wike to allow Fubara to work.

In a statement, George said asked Wike to leave Fubara alone and allow him to fastrack dividends of democracy for his people.

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