Tag Archives: $15bn

Boko Haram: FG Plans To Recharge Lake Chad At Estimated Cost Of $15bn

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The Federal Government has successfully conducted a feasibility study towards recharging the Lake Chad through inter-basin water transfer from Congo basin at an estimated cost of $15 billion.

This is part of the projects envisioned to transform the region into a more stable economic hub after the counter-terrorism and counter-insurgency operations against the Boko Haram terrorists in parts of the North-East.

The Minister of Foreign Affairs, Mr. Geoffrey Onyeama, disclosed this at the weekend on the sidelines during the just-concluded 2nd Regional Security Summit in Abuja.

Onyema noted that even though the figure is a rough estimate, it is going to be executed under a Public Private Partnership (PPP) arrangement when it comes into force.

“We also have the issue of environment and economic activities. Also the issue of recharging the Lake Chad basin, which is extremely expensive. So we will be looking at financiers and the mechanism of Public Private Partnership (PPP).

“Yes, it’s a rough estimate and there is research that was done and the rough patch was that its going to cost $15bn,” he stated.

In the same vein, the Executive Secretary, Lake Chad Basin Commission (LCBC), Engr. Sanusi Abdullahi, gave a few details about the planned inter-basin recharging of Lake Chad as part of grand post-conflict rebuilding projects in the region.

Credit: Thisday

NASS Probes Uncover $15bn Oil Fraud

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The National Assembly has conducted 18 legislative probes into sundry cases of crude theft, pipeline vandalisation, misappropriation, Joint Venture agreements, missing crude revenue in Nigeria’s corruption-tainted oil and gas sector from 1999-2014.

According to the outcomes of the selected major probes in the oil sector, about $15bn was lost to fraud while a whopping $6.8bn subsidy was unaccounted for. The period also witnessed the alleged missing N500bn SURE-P claims for oil subsidy for a period of time.

Also, about $16bn was unaccounted for in the power sector while about N2trillion was unremitted by the ministries, departments and agencies (MDAs).

This information is contained in a recently released study by the National Institute for Legislative Studies (NILS). The study made public on October 20 contains a detailed report of 82 key probes and investigative public hearings undertaken by the National Assembly since inception.

Credit: Leadership