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Date: February 17, 2019, 03:34:52 PM


$100m Counterpart Airport Funding: We’ll ensure value for money — Senate : Metro : - Nigeria's Premier Online Forum


$100m Counterpart Airport Funding: We’ll ensure value for money — Senate

By: princepoint |Time : July 09, 2018, 04:16:21 AM
ABUJA—THE Senate weekend assured a full value in the utilization of Nigeria’s $100 million counterpart fund for the construction of four new airport terminals across the country. Consequently, the Senate asked the Ministry of Transportation and the contractor; China Civil Engineering and Construction Company, CCECC, to submit relevant documents to the committee’s secretariat today.

Disclosing this when he led members of the Senate Committee on Public Accounts on an oversight visit to the proposed new Abuja International Airport Terminal, Chairman of the Committee, Senator Matthew Urhoghide, PDP, Edo South, said  submission of the documents would enable the committee ascertain if the funds were judiciously utilised. The project is being implemented through a $500 million loan from China and additional $100 million counterpart funding from Nigeria, making a total of $600 million.

The $100 million was obtained as a loan from the Debt Management Office (DMO) at an interest rate of 5.37 percent for the expansion of airport terminals for Abuja, Lagos, Port Harcourt and Kano Airports. Speaking with Journalists after the visit, Senator Urhoghide who noted that  the Committee would pay similar oversight visits to the other three airports before submitting its report to plenary, said: “This committee came on oversight to establish value for money.

The project that we have here in Abuja and three other airports namely: Kano, Port Harcourt and Lagos. We have come here to ascertain the expenditure of $100 million which is counterpart funding that the Nigerian government entered into with China Exim Bank. This is the first airport we have visited. “We have asked for the technical details concerning this project vis-a-vis the funds that have been allocated to this project and the status of job completion. We have asked for the details concerning the design, bills of quantity and other details so that we will be able to ascertain that there is value for money in this project.” We have asked for the document to be submitted to us so that we will be able to evaluate the funds that have been expended on this project. 

Until we see the books and we compare them with what we have physically seen and subject them to technical analysis, we will not be able to make out whether their assertions are correct. Senator Urhoghide, who also expressed displeasure over the delay in the completion of the project, said, “This project must be expeditiously executed so that the justification for the borrowing by the Federal Government will be established.” Areas visited by the committee include the check-in, departure, arrival, baggage hall, lounge among others. On his part, Permanent Secretary in ministry, Sabiu Zakari, expressed optimism that the terminal will be ready for use by the end of this year.

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