A recent review of public expenditures by the Nigerian government reveals that the administration under President Bola Tinubu spent a staggering N14 billion on renovations of presidential quarters, honorariums, foreign exchange purchases, and official trips between May and July 2024.
The breakdown of expenses shows that on July 19th, the Presidency allocated N150 million for presidential trips and related expenses. Just two days earlier, on July 17th, a substantial N1.6 billion was recorded as payments for the purchase of foreign exchange.
Further analysis reveals that on July 15th, N61.1 million was spent on presidential honorariums, while on July 13th, an additional N38.9 million went toward foreign exchange purchases. On the same day, a hefty N90.4 million was allocated for presidential honorariums, with another N350 million earmarked for official trips.
On May 31st, the renovation, acquisition, and rehabilitation of forfeited quarters in the State House at Guzape cost the government N1.354 billion. Similarly, another N773 million was spent on similar projects at the State House in Mabushi on the same day. Additionally, N1.877 billion was utilized for the renovation of the President’s quarters.
On that same day, the government spent N3.5 billion to construct an office complex within the State House, while N2.827 billion went toward renovating the Vice President’s official quarters.
On May 29th, the government spent N350 million on presidential trips and other related expenses, alongside N400 million for honorariums. Earlier in May, specifically on the 17th, the Presidency spent N177.2 million on presidential honorariums, N169 million on foreign exchange, and N271.5 million on official trips.
These expenditures have drawn scrutiny, especially given the ongoing economic challenges and the pressing fiscal needs of the country. The government’s commitment to prudent management of scarce resources has been questioned in light of these significant outlays.
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