Hottestgistnaija.com
Few day ago the news broke out on how Gov. Amosun wanted a N19B loan request approved for him to complete the ongoing road projects in the state. It was in the cause of this that the house of assembly sent for two commissioners; Finance and Works. To disclose the debt profile of the state and how much has been spent so far on the ongoing road
projects.
Mrs Adeosun, Finance Commissioner in her defence said, the debt of Ogun state stood at N35B. And that they are not owing anybody.
Here I will expose the fraud going on in the state with a Photograph to back it up.
The following is the record of the debt profile of the state as submitted to the OGHA yesterday by the Government itself:
Approvals from the Ogun State House of Assembly
1. N26 billion out of which N18b was accessed from the banks.
2. N40 billion for the joint projects with Brazillians. This wasn’t accessed from the banks.
3. N7.5 billion fully accessed.
4. N15 billion fully accessed.
5. N1 billion for Agriculture fully accessed.
2. N2 billion for Housing fully accessed.
Total accessed from local banks = N43.5 billion
Outstanding cash liability to local banks = N35.6 billion
Total amount repaid = N7.9 billion
Foreign loans. = N15.9 billion
TOTAL CASH LIABILITIES = N51.5 billion
DEBT TO ROAD CONTRACTORS
1. Total INITIAL value of road contracts (25 in all) = N233.762Billion.
2. Variation (that is, upward review of initial sums) = N34.62 billion.
3. Gross value of road contracts = N272.09
4. Total amount paid to date to road Contractors = N30.26 billion.
5. TOTAL DEBT TO ROAD CONTRACTORS = N203.506Billion
Add this to the debt declared by the Finance Commissioner, all you get is N238Billion Naira.
Since roads have been awarded and works started, Ogun state is under the contract to be indebted to the contractors.
The interesting thing here is that the Government did not even spend the total amount of loans accessed from local banks on the road projects for which the loans were approved by the Ogun State House of Assembly (OGHA). Out of a total of N48.5b approved for that purpose, only N30.26b was expended. Where is the balance?
The immediate implication of the above is that not a single Naira has been spent, directly, on the road projects from the huge monthly Federal allocations and Internally Generated Revenue (IGR), which have been a minimum average of N10 billion since June, 2011. Where has all the money gone?
