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Mixed Fortunes for NRC As Debt Spikes, Revenue Dwindles

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Why Buhari's Impeachment threat by the Senate remains a joke

 

It’s a bag of mixed fortunes for the Nigerian Railway Corporation (NRC) with debt servicing spiking while revenue has been dwindling over the years.

The Debt Management Office (DMO) disclosed in its external debt service payment report that the Federal Government dole out $548.67m for NRC related loans between 2016 and 2022.

Calculated at the official Central Bank of Nigeria (CBN) exchange rate of N448.55 per dollar, this would amount to N246.11bn.

It was gathered that from January to December 2016, NRC loans maintenance took $19.99m, with the Nigeria Railway Modernisation Project taking $11.37m, while the Nigeria Abuja Light Rail Project cost $8.26m.

However, in 2017, NRC debt servicing costs stood at $21.53m, with $12.14m expended on the Nigeria Railway Modernisation Project, while $9.39m went to the Nigeria Abuja Light Rail Project.

In the same vein, a total of $63.92m went to NRC debt-servicing from January to December 2018.

In that period, the Nigeria Railway Modernisation Project (Idu-Kaduna Section) cost $50.81m, the Nigeria Railway Modernisation Project (Lagos-Ibadan Section), $2.82m, while $10.92m was expended on the Nigeria Abuja Light Rail Project.

NRC loan servicing cost $74.25m in 2019.

The expense is detailed thus, the Nigeria Railway Modernisation Project (Idu-Kaduna Section), $49.91m, the Nigeria Railway Modernisation Project (Lagos-Ibadan Section), $12.68m and the Nigeria Abuja Light Rail Project, $11.66m.

In the year 2020, it cost Nigeria $121m to service NRC related debts.

The DMO report captured it thus, the Nigeria Railway Modernisation Project (Idu-Kaduna Section), $48.97m, the Nigeria Railway Modernisation Project (Lagos-Ibadan Section), $21.28m and the Nigeria Abuja Light Rail Project, $50.75m.

However, 12 months after, the cost had risen by $3m to $122.92m which was spend on NRC related loan servicing for 2021.

The expense went thus, the Nigeria Railway Modernisation Project (Idu-Kaduna Section), $47.96m, the Nigeria Railway Modernisation Project (Lagos-Ibadan Section), $24.08m and the Nigeria Abuja Light Rail Project, $50.88m.

In the case of 2022, the DMO has released figures up to Q3 as at Wednesday.

As at Q1, 2022, a total of $61.73m was spent on maintaining NRC related loans, made up of the Nigeria Railway Modernisation Project (Idu-Kaduna Section), $23.58m, the Nigeria Railway Modernisation Project (Lagos-Ibadan Section), $13.60m and the Nigeria Abuja Light Rail Project, $24.55m.

The DMO report was silent on NRC’s debt servicing for Q2, 2022.

And by Q3, 2022, it stated that a total of $63.33m was spent on servicing railway debts, on the following basis.

The Nigeria Railway Modernisation Project (Idu-Kaduna Section), $23.41m, the Nigeria Railway Modernisation Project (Lagos-Ibadan Section), $14.95m, and the Nigeria Abuja Light Rail Project, $24.39m.

While the cost of maintaining the NRC related debts are mounting up, the revenue is dwindling.

Recall that Managing Director, NRC, Fidet Okhiria, recently disclosed that the Federal Government lost about N113m due to the non-operation of trains at the Abuja-Kaduna railway following the unfortunate kidnapping incident that took over eight months resolve.

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Moment Military Aircraft Crashes During Airshow Near Athens (Video)

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A military aircraft has crashed during an airshow at a base outside Athens, Greece, killing the two pilots onboard.

The incident occurred on Saturday during the annual “Athens Flying Week” airshow, according to the Greek news agency ANA.

The aircraft, identified as an F-4 Phantom, had reportedly just taken off when it suddenly lost altitude and crashed.

SEE MORE: Airbus A350 to be the Showstopper in Singapore

The crash happened in front of thousands of visitors attending the airshow and was followed by an explosion.

The two pilots aboard the aircraft died in the crash, while the circumstances that led to the aircraft losing altitude remained unclear.

A fire service helicopter was dispatched to the scene to extinguish the blaze caused by the crash, according to Greece’s public broadcaster, ERT.

Following the incident, Greek Defence Minister Nikos Dendias cancelled a planned trip to Thessaloniki’s International Fair and travelled to the crash site.

Authorities are expected to investigate the crash to determine what caused the military aircraft to lose altitude shortly after take-off.

 

See video below

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Atiku Vows Probe of ₦33.75bn Cash Transfer to 3.29m Nigerians

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Former Vice President and presidential candidate of the African Democratic Congress, Atiku Abubakar, has vowed to constitute an independent team of experts to investigate ₦33.75 billion reportedly paid to 3.29 million vulnerable Nigerian households under the Federal Government’s cash-transfer programme.

Atiku made the declaration in a statement issued on Saturday by his Senior Special Assistant on Public Communication, Phrank Shaibu, following an audit report that raised questions over whether the funds actually reached the intended beneficiaries.

SEE ALSO: Drama as Atiku’s Lobbyist Deletes Post Announcing Trump Commission Appointment

According to Atiku, the figures expose serious concerns about the government’s intervention programme, noting that ₦33.75 billion divided among 3.29 million households amounts to approximately ₦10,258 per household.

He criticised the Bola Tinubu administration for removing the fuel subsidy and increasing taxes, tariffs, transportation and electricity costs, while the intervention meant to cushion the impact of those policies was now facing serious accountability questions.

“This is beyond a bookkeeping scandal. The intervention is insultingly small, yet even that small amount cannot be cleanly accounted for,” Atiku said.

He also questioned the varying figures released by the government regarding the number of households that benefited from its intervention programme.

Atiku noted that the administration had claimed that more than ₦600 billion had been disbursed to over 10 million households, after Nigerians were earlier told that about 15 million households were beneficiaries.

“It now appears that the Tinubu administration cannot give Nigerians a coherent account of how many households actually benefited from its intervention programme, while significant portions of the expenditure have failed to withstand independent audit scrutiny,” he said.

The former vice president said the Auditor-General for the Federation, Shaakaa Chira, was reportedly questioning ₦33.75 billion allegedly paid to 3.29 million beneficiaries.

He added that the audit also raised questions over ₦36.74 billion in payments reportedly made without pre-payment audit and another ₦4.62 billion for which payment vouchers were not produced.

Atiku commended Chira for what he described as putting his constitutional responsibility above political convenience.

“That is what institutions are supposed to do — protect the public purse, not the political comfort of those in power,” he said.

Explaining his decision to launch an independent probe, Atiku said Nigerians could not reasonably be expected to trust the same government whose expenditure was under scrutiny to investigate itself.

“My team will constitute an independent group of financial, audit, technology and public-accounting experts to interrogate the available records surrounding these cash-transfer payments,” he said.

He said the team would examine beneficiary figures, payment channels, reconciliation records, audit queries and other inconsistencies surrounding the payments.

Atiku also said the investigation would establish whether the beneficiaries actually received the funds and determine whether access to relevant records had been obstructed.

“If Remita processed these transactions, the relevant records should be available for scrutiny. If beneficiaries received the money, there should be evidence. If access to records was obstructed, Nigerians deserve to know by whom and why,” he said.

He demanded that the government publish a verifiable payment trail if the beneficiaries were genuine, while insisting that funds should be recovered if they did not reach the intended recipients.

Atiku further called for prosecution of any official found to have diverted, misapplied or misappropriated funds meant for vulnerable Nigerians.

He argued that Nigerians needed more than repeated palliative announcements, saying the government should pursue economic policies capable of improving purchasing power and reducing the daily cost of transportation, food and energy.

“Our intervention will follow production. It will support domestic refining, increase local supply, reduce the cost of energy and ensure that the benefit reaches Nigerians through lower prices,” he said.

Atiku maintained that Nigerians who had already endured higher fuel prices, food costs, electricity bills, transportation fares and taxes should not also lose funds appropriated in their names.

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Drama as Atiku’s Lobbyist Deletes Post Announcing Trump Commission Appointment

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Former Vice President Atiku Abubakar’s lobbyist, Karl Von Batten, has deleted a social media post in which he announced that United States President Donald Trump had appointed him as a commissioner to a White House presidential commission.

The post was published on the verified X account of Von Batten’s firm, Von Batten-Montague-York, L.C., where checks now show that the post is no longer available.

RELATED NEWS: Trump appoints Atiku’s lobbyist, Karl Von Batten as White House presidential commissioner

Von Batten’s firm had earlier announced that Trump appointed its managing partner as a commissioner, attracting attention in Nigeria because of Von Batten’s political activities and his links to Atiku.

However, Sunday Dare, one of President Bola Tinubu’s media aides, subsequently downplayed the significance of the appointment.

Dare said the appointment was to the Commission on Presidential Scholars, an education panel administered by the United States Department of Education.

According to the presidential aide, the commission has no responsibility for American foreign policy, national security, diplomacy or relations with Nigeria.

SEE MORE: ‘Young Nigerians Now Selling Their Kidneys to Survive’— Atiku Raises Alarm

The clarification came amid attention surrounding Von Batten, a Washington-based lobbyist and managing partner of Von Batten-Montague-York, L.C.

The firm was hired by Atiku to strengthen his reputational standing in the United States.
Von Batten has also been actively pushing for the release of US law-enforcement records concerning alleged links between President Tinubu and drug trafficking.

The development has now taken a fresh turn following the deletion of the social media post announcing the reported Trump commission appointment.

The reason for the deletion has not been stated publicly in the information available.

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