The same national assembly complex that was built with $35m by the FCDA between 1996 to 1999 (even with the padded overinvoicing of the contract under the Abacha kleptomaniacy ) can be replicated today at a cost of $57million
Please kindly note that $1 in 1996, when the contract was awarded to ITB is worth $1.64 today in 2020 (i.e. the dollar intrinsic, effective and real value adjusted for inflation and other economic variables).
So, a complex that was built at a cost of $35m in 1996 can be replicated at a cost of $57m in 2020.
So,there is no justification whatsoever for renovating a complex built with $35m between 1996 to 1999 with $112m/N37bn in year 2020 . No rational person can justify this day light robbery and larceny.
Let’s all learn to argue from the stand points of proper information and knowledge, not sentiment and emotions
Dr Nnaemeka Onyeka OBIARAERI, FICA, MIRA