It may not entirely make sense or add up, but that hasn’t stopped Governor Ben Ayade of Cross River state. We’re talking about his latest project a super highway that is going to come up to N648billion Irrevocable Standing Payment Order (ISPO) fund and that will cost the state to pay back N300million per month for 180 years.
Every body can agree that Nigeria needs a few good roads or two, but that’s billion with a ‘B’. Aside from that this whole 180 years thing, if you are not a vampire, alien life form or currently living in biblical times it seems a tad bit too long.
I think the general outlook of this plan can best be summarized by the comments of Shakir Akorede, Communications Associate of BudgIT- “misplaced priority and overly ambitious”.
And I bet it didn’t take him 180 hours let alone 180 years to come to that conclusion!
When you look through the list of issues accompanied with this project (that’s whats long). You will discover that the 275km Superhighway fails all tests of fiscal sustainability and proper procurement process. Cross River is number 4 on the list of states that have the largest external debt in Nigeria and there’s a whole lot more.
For more on the situation Read More.