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Economy

Tinubu administration faces criticism over N298M VP guest house renovation

 

The Nigerian government plans to spend N298.3 million on the renovation of the Vice President’s guest house in 2025, according to a review of the proposed 2025 budget presented to the National Assembly. This expenditure comes amid growing concerns over the nation’s financial challenges and the significant allocation of funds to debt servicing.

 

Additionally, the government has earmarked N466.8 million for the renovation of the Vice President’s quarters at the State House, Presidential Villa. These proposed expenses follow an earlier spending of N156.5 million on renovations to presidential quarters in August 2024, as reported by the public payments portal, Govspend.

 

Critics have raised questions about the administration’s priorities, pointing to the country’s struggling economy. Nigeria is projected to spend N15 trillion, nearly half of its N34 trillion revenue, on debt servicing in 2025.

 

In May 2024, records from the Open Treasury Portal showed the government spent N3.6 billion on renovating residential buildings and N8.5 billion on constructing office spaces, amounting to a total of N12.1 billion. These expenditures have drawn criticism for their impact on accountability and resource management during a period of economic strain.

 

The administration of President Bola Tinubu has repeatedly emphasized the need for prudence in the use of public resources. However, these expenses have sparked public debate over their necessity and the government’s commitment to economic reforms.

 

Many Nigerians have expressed frustration over the large sums allocated to renovations and questioned whether such expenditures align with the government’s promises of fiscal responsibility.

 

A Lagos resident, Musa Ibrahim, commented, “How can we justify spending this much on renovations when the nation is struggling with debt servicing? The government must prioritize the well-being of its citizens.”

 

Civil society organizations and economic analysts have urged the government to focus on initiatives that directly benefit the population and promote sustainable economic growth.

 

The budget proposals are still under review by the National Assembly, and further discussions are expected in the coming weeks.

 

With debt servicing consuming a significant portion of the national budget, many Nigerians are calling for greater transparency and fiscal discipline. Stakeholders are urging the government to redirect resources to critical sectors such as education, healthcare, and infrastructure.

 

As the budget review continues, all eyes remain on the Tinubu administration to see how it balances resource allocation with the nation’s pressing economic challenges.

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