Recently, Vanguard released a report containing information about the expenditures of Nigeria’s President and Vice President, covering various items such as food, trips, and other essential expenses. These revelations have come at a challenging time for the country’s economy, prompting the Tinubu administration to call for citizens to make sacrifices in order to improve the nation’s situation. President Bola Tinubu, upon his inauguration, made the bold decision to remove the subsidy on petrol, which had been costing the nation trillions of Naira. This action was seen as a necessary sacrifice to address Nigeria’s economic issues.
President Tinubu also implemented the consolidation of multiple foreign exchange rates, leading to the depreciation of the Naira at the official window. However, this move has had consequences for the citizens, contributing to increased inflation. In response to the foreign exchange rate consolidation, power distribution companies announced an increase in electricity tariffs, citing raised production costs due to the removal of concessions. Although the announcement has been reversed due to procedural issues and lack of approval, it is likely that the tariff hike will be implemented in the future. Additionally, there have been recent discussions about introducing annual fees for proof of vehicle ownership, replacing the previous system of one-time payment. These measures aim to generate funds for the government to meet its financial obligations.
However, amidst the calls for sacrifices from the public, concerns have been raised about the high cost of governance resulting from what some perceive as questionable budget allocations by different levels of government. One specific example is the provision of N11.92 billion in the 2023 Federal Government Budget for the President and Vice President’s feeding and foreign trips, which have been inherited by President Tinubu and VP Shettima. Further examination of the budget breakdown reveals that N331.79 million is allocated for the President’s food, while N176.92 million is earmarked for the Vice President.
In total, the nation would spend N508.71 million on food and refreshments for the President and Vice President by the end of the fiscal year. Additionally, the expenses for local and foreign trips for both officials would exceed N3 billion. Furthermore, the President’s office is allocated N2.49 billion, while the Vice President’s office receives N846.61 million.
source;
Newz247 (
)
