Labour Party’s presidential candidate, Peter Obi, has openly criticised President Bola Tinubu’s recent approval of a N2.17 trillion supplementary budget. Obi, in a statement, expressed his concern that the President overlooked urgent national emergencies and needs in the allocation of the budget.
Obi pointed out that the budgetary allocations indicate a lack of awareness by the President of the country’s acute crises. The budget was signed at the Presidential Villa, Abuja, with key political figures like Senate President Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas, in attendance.
The supplementary budget, which faced public backlash for certain allocations, includes a significant N605 billion for security to bolster the armed forces and security agencies. It also earmarks funds for a student loan scheme and wage awards for civil servants to cope with the increased cost of living after subsidy cuts.
Controversial allocations that sparked public outrage included N4 billion for renovating the President’s residence and N2.5 billion for the Vice-President’s quarters. Expenditures such as N5 billion on a presidential yacht and N1.5 billion for the first lady’s office vehicles also drew criticism.
Despite these controversies, Abubakar Bagudu, after a Federal Executive Council meeting, emphasised the security allocation’s importance. He also mentioned the government’s agreement with the Nigeria Labour Congress to pay N35,000 to approximately 1.5 million federal employees from September to December 2023. Bagudu disclosed plans for N400 billion in cash transfers to vulnerable Nigerians between October and November.
Editorial
As observers of Nigeria’s fiscal policies, we must scrutinise the recent supplementary budget signed by President Tinubu. Peter Obi’s criticism brings to light concerns that must be addressed if we are to ensure responsible governance.
The allocation of such a vast sum towards security is understandable given the challenges we face. However, the inclusion of controversial expenditures for presidential luxuries in a time of national need is questionable. It suggests a disconnect between the government’s priorities and the pressing issues that affect the everyday Nigerian.
The government’s commitment to civil servants and vulnerable citizens through wage awards and cash transfers is a positive step. Yet, such measures mustn’t be merely palliative but part of a broader strategy to address the root causes of economic hardship.
We advocate for a budgetary process that is transparent, inclusive, and reflective of the nation’s priorities. The government must reassess its fiscal policies to ensure that they are not only equitable but also strategically focused on sustainable development.
Did You Know?
- Nigeria’s supplementary budgets are often enacted to address unforeseen expenditures that are not covered in the main annual budget.
- The N2.17 trillion supplementary budget of 2023 is one of the largest in Nigeria’s history, highlighting the scale of the country’s current economic challenges.
- Security has consistently been one of the top priorities in Nigeria’s supplementary budgets, reflecting the ongoing efforts to combat insecurity across the nation.
- The controversy surrounding allocations for presidential amenities is not unique to Nigeria; such debates occur globally, reflecting public concern over government spending.
- The student loan scheme funded by the supplementary budget is a critical component of Nigeria’s effort to make higher education more accessible to its youth.
