“Amid Economic Hardship, Tunibu Administration Spends #14 Billion on Renovating Presidential Quarters, Honorariums And Purchasing Forex”
A review of public payments by the Nigerian government has revealed that the Bola Tinubu-led Presidency spent N14 billion on the renovation of presidential quarters, honorariums, trips, and the purchase of foreign exchange between May and July 2024.
The review indicates that on July 19, the Presidency spent N150 million on presidential trips and related expenses. On July 17 alone, N1.6 billion was allocated for purchasing foreign exchange.
On July 15, presidential honorariums amounted to N61.1 million, while on July 13, N38.9 million was spent on forex purchases and N90.4 million on honorariums. Additionally, N350 million was recorded for presidential trips on the same day.
The renovation, acquisition, and rehabilitation of forfeited quarters at the State House in Guzape cost N1.354 billion on May 31, while similar work at the State House in Mabushi cost N773 million on the same day. Another N1.877 billion was allocated for renovating the President’s quarters.
On the same day, N3.5 billion was spent constructing an office complex within the State House, while N2.827 billion went toward renovating the Vice President’s official quarters.
On May 29, N350 million was used for presidential trips and related expenses, and N400 million was spent on honorariums. Earlier, on May 17, N177.2 million was spent on presidential honorariums, N169 million on forex purchases, and N271.5 million on trips.
These expenditures have come under scrutiny, especially given the complaints about a lack of funds in Nigeria and the pressing fiscal needs of the country. They also come at a time when the government has pledged to be prudent and manage scarce resources effectively.
