Nigerians await forensic audit report on missing $ 20 billion - Buhari

All Progressives Congress (APC )
presidential candidate Gen.
Muhammadu Buhari yesterday
described corruption and insecurity as
obstacles to economic growth, stressing
that his administration will tackle the
vices , if elected on February 14 .
Gen. Buhari challenged the Jonathan
administration to account for the
missing $ 20 billion , adding that
Nigerians are waiting for the report of
the forensic audit ordered by the
government . He said, if the cash cannot
be accounted for , it is the greatest form
of corruption.
The former military leader, who also
promised to provide jobs through
massive investments in agriculture and
mining, said the key to economic
recovery and poverty eradication is
regular power supply and abolition of
corruption.
Gen. Buhari said: Corruption affects our
ability to secure ourselves and it also
undermines the performance of the
economy. ”
He added : “Twenty billion dollars at
N 210 to one dollar is equal to N 4 . 2
trillion , which is nearly a year ’s federal
budget. If it is true that this sum
cannot be accounted for, this is the
greatest form of corruption. Just think
at N 5 million per vehicle, this money
would have bought 840,000 patrol
vehicles . This will improved security in
every town and village in this country.
“ At N 13 .5 nillion for a high capacity
bus, this money would have bought
311, 000 buses . This would have
revolutionalised the transport and
production side of the economy. From
the information at my disposal , Lekki
Bridge in Lagos cost N 29 billion to
construct . N 4. 2 trillion would have
built 145 Lekki bridges . This would
have revolutionalised transport ,
infrastructure , construction, and
employment in the economy.
“ If the average cost of generating one
mega- watt of power is about US 1. 5
million dollar, excluding gas and
distribution costs , 20 billion dollars
would have bought us over 13,333
mega watts of power. What a difference
that would make up and down the
country .”
Gen. Buhari flayed the Federal
Government for borrowing money to
fight Boko Haram in a country that
successfully fought a civil war without
incurring debts. He said: “ When Chief
Obafemi Awolowo was the Vice
Chairman of the Federal Executive
Council and Federal Commissioner for
Finance , we did not borrow money to
fight the civil war . But, they are now
borrowing to fight Boko Haram .”
The APC standard bearer unfolded his
economic blue -print at a meeting with
the organised private sector hosted by
Lagos State Governor Babatunde
Fashola . The theme of the meeting was:
“ GMB means Business. ” Gen. Buhari
was accompanied by party leaders ,
including the National Chairman, Chief
John Odigie- Oyegun, the Chairman of
the APC Presidential Campaign
Committee , Rivers State Governor
Rotimi Amaechi, the Chairman of the
Directorate of Policy and Programmes ,
former Ekiti State Governor Kayode
Fayemi, Mr . Audu Ogbeh , Mallam Nasir
el- Rufai, and Director of Media Mallam
Garba Shehu .
Fayemi, who welcomed the
businessmen to the parley , reflected on
the yearning for economic revival for
the progressive transformation of the
country . He said through creative
interventionist initiatives by the
government , countries in distress have
always risen to economic progress in
the period of grave crisis and adversity.
Fashola highlighted the difference
between the APC and the PDP, saying
that the APC manifesto is people and
research - based. He added : “APC
manifesto is designed to address
2015 - 2019 problems . PDP has 1999
manifesto . The naira has weakened .
Interest rate has skyrocketed . We need
to choose whether we should change
Jonathan or we need continuity . The
necessity now is to halt the downturn. If
they couldn ’ t do much at 100 dollars
per barrel, they cannot do better when
the resources are decreasing. ”
Gen. Buhari , who promised to
encourage periodic and regular
meetings with the business community,
said his administration would be
committed to economic growth, job
creation and restoration of the dignity
of labour among Nigerians .
He said : “Our policies for implementing
our commitments will be governed by
the highest consideration of how they
create jobs . Equipping and resourcing
our security personnel, for example , will
not be limited to the provision of arms
alone, but uniforms, boots and
accoutrements , are enormous
opportunities for textile production ,
garment making and shoe making.
Buhari explained why power generation
and transmission have been erratic ,
despite the privatisation of power
utilities . He said : “Power supply is the
minimum that we can seriously commit
to in order to quickly galvanise the
economy back to productivity . We agree
with the privatisation of the power
utilities , but we believe it must go
further to transmission . After the
signing and handing over ceremonies of
the power assets , the real work of
producing , transmitting and distributing
power is really just beginning .
“ The reason why the success seems
elusive is that, apart from the signing
ceremony and handing over of the
power assets , the hard work to connect
the various parts of the power chain ,
supply gas, install transformers ,
complete substations has not been
done . Our studies show that we will
require no less than 200 ,000 trained
personnel to support the initiative to
provide power and light up Nigeria .”
Gen. Buhari said apart from the
inherent direct employment that the
revival of the sector will create, the
reduction in the cost of production , the
savings from self- generation by
Nigerians , who currently spend their
income on purchase of diesel and petrol
to generate their own electricity , will
reduce the burden on their disposable
income.
He said these savings will be spent by
Nigerians on other basic necessities of
life , thereby reducing poverty.
Gen. Buhari said his administration
would support the initiative to build a
refinery in Lagos , adding that the move
will lead to job creation , local fuel
supply and national security as well as
reduce importation, lessen demand for
foreign exchange and strengthen the
naira.
The former Head of State, who promised
to fight the infrastructure battle,
emphasised that road construction will
be a major priority of his
administration .
He stressed : “Road construction alone
will unlock a value chain of
opportunities in the built industry for
construction companies, builders ,
engineers , architects, quarry operators ,
cement and iron rod production and
supply .
“ The successful opening up of Nigeria
by the construction of new roads and
highways will revive road
transportation , truck manufacture, tyre
manufacture , engine oil, and brake pad
production . It will also create a demand
for jobs for mechanics, drivers , and
those engaged in transport support
business. We expect a revival of inter-
state economies that used to thrive
across Nigeria, providing support to
travellers by way of canteens,
restaurants and farm produce .”
Gen. Buhari promised to promote
discussions between the business
community and his economic team to
explore options of reducing taxes and
Customs duties without too much
disruption to government finances and
private sector business plans.
He also spoke on the APC manifesto
and campaign message. In his view,
they reflect the yearnings of Nigerians
for change. Nigerians, said Gen.
Buhari , should expect positive change ,
if he is elected.
According to him, during the survey
that took place in 36 states , Nigerians
indicated that insecurity , corruption and
the economy were their biggest worries.
He added : “That is why I have been
talking about insecurity and corruption
on one hand and minning, agriculture,
infrastructure and jobs on the economic
side .”
Noting that corruption has almost
become a culture in Nigeria, Gen.
Buhari said: “They are so inter-
connected and the Nigerian people are
right in their identification of these
problems . We cannot build an economy
in an insecure environment. We cannot
build an economy when the playing
field is not level . We cannot build an
economy where corruption is the
working capital. Corruption affects our
ability to secure ourselves and it also
undermines the performance of the
economy. ”
Gen. Buhari spoke on the importation of
fuel, saying that the country should be
ashamed because it is an oil- producing
country .
He said : “If you also factor the N 2 .2
trillion spent on subsidising fuel import ,
which became a huge scandal , you may
then understand why our manifesto
focuses on the issues of security,
corruption and the economy. We are
too vulnerable as a nation at this
moment , if we have to import fuel to
move our planes , our tanks and our
men . We are too vulnerable as you can
see that we also have to import arms .
We are vulnerable because our troops
also depend on imported food .”
Gen. Buhari , who served as the Federal
Commissioner for Petroleum and
Chairman of the Nigerian National
Petroleum Corporation ( NNPC) ,
recounted his achievements , saying he
upgraded refineries in Port -Harcourt
and Kaduna.
He added : “We got tankers off the road
and saved lives. When I became the
Head of State, we fought bunkering . We
increased the exportation of refined
products. But, Nigeria is now importing
fuel. ”
Gen. Buhari gave an ultimatum to
corrupt officials and other Nigerians,
saying that he would confront them , if
he becomes the president.
He said : “The courts will continue to
fight corruption. The legislature,
executive and judiciary will fight
corruption. But, from the day an APC
Federal Government is in place, those
corupt people will have to behave
themselves .”
At the meeting , Mr. Funso Phillips of
the Nigeria Economic Council ( NEC)
wanted to know what Gen. Buhari would
do differently , if elected as the
President . The former Head of State
said that , while he will not discontinue
any policy that is good , he will change
what is not good .
Another informal operator , who
emphasised the importance of land in
economic development , wanted to know
Buhari ’ s position on land accessibility
for industrial growth. He promised to
promote an atmosphere that is
conducive to investment promotion and
development .
Another participant wanted to know
who the General will fight corruption
differently . Buhari replied that the three
organs of government will be involved
in the fight against fraud in high
places .
The APC candidate urged members of
the business community who have
questions to ask from the campaign
team to forward their enquiries to Chief
Odigie - Oyegun and Dr. Fayemi,
promising to respond to them .

Posted via Blogaway