Stolen $3 Billion Could Have Built 7 Major Roads Across Nigeria, 2nd Niger Bridge, Says Vice President Osinbajo
The strategic alliance contracts with the Nigeria National Petroleum Corporation (NNPC), and NDPC,which led to the embezzlement of $3billion by the promoters of the companies could have been used in building infrastructural projects, Vice President Yemi Osinbajo has said.
Osinbajo stated this at the 2018 Ogun State Investors’ Forum, which held in Abeokuta, Ogun State capital, on Tuesday.
The Vice President noted that the embezzled $3billion was almost a tenth of the nation’s reserves at a point.
Possible roads the money would have built according to the Vice President are the Abuja-Kaduna-Kano road; 2nd Niger Bridge. Enugu-Port Harcourt road, East-West road, Sagamu-Ore-Benin road, Kano-Maiduguri road, Abuja-Lafia-Akwanga-Keffi road, and Lagos-Abeokuta (old road).
On what the president administration has done better, Osinbajo stated that N1.3 trillion has been spent on capital projects, the highest in the history of the country.
His words: “Today, with less revenue but no leakage, we have increased funding capital in Power, Works and Housing, Defence, Transportation and Agriculture by as much as 400%.
“Today, we are two quarters out of the recession and firmly on the path of recovery. Our external reserves are at their highest levels in five years. Inflation has dropped for 13 consecutive months, manufacturing confidence is on the rise and in 2017, Nigeria moved ahead 24 places on the World Bank’s annual Doing Business Index. And the World Bank reported that Nigeria is among top ten reforming economies in the world.”
Aside the construction of a new standard gauge railway line that will run from the Ports Complex in Lagos, through Ogun State, to Ibadan, Osinbajo revealed that the federal government is creating an inland terminal at the Railway station at Ilugun on the Lagos-Kano narrow gauge rail route.
The project which will take ten weeks, will be used to move freight from Apapa port to Illugun and importers will take their freight from there and same for exporters. It will also decongest Apapa port and bring more opportunities to this axis, the Vice President added.