The Nigerian National Assembly has inflated the 2024 budget for the Federal Co-operative College, Ibadan, from N1.5 billion to a staggering N46.9 billion. This represents a 3000% increase, with the addition of 182 new projects.
According to BudgIT Foundation, a civic tech organization promoting transparency in public finance, the college initially proposed a modest capital project budget of N1.5 billion. However, the National Assembly added projects such as solar-powered streetlights, renewable energy initiatives, and motorized boreholes for farming communities, ballooning the budget by N45.36 billion.
Some specific projects listed in the budget include:
– Solar-powered streetlights for sustainability in selected communities.
– Renewable energy interventions in rural areas.
– Sports complexes and floodlights in farming communities.
– Rural road construction, such as Nazareth Road in Imeko, Lafenwa Alagbe Road in Ilara, and Sabo Road in Owode, costing N498 million each.
BudgIT criticized the budget inflation, calling on the National Assembly to prioritize national interests over personal gains and to ensure transparency in the 2025 budget review.
This development follows a similar report by Sahara Reporters revealing that the National Assembly inflated the 2024 budget for the Federal College of Fisheries and Marine Technology, Lagos, from N667 million to N40.88 billion.
BudgIT has urged stakeholders to hold public institutions accountable to prevent misappropriation of funds and ensure critical sectors receive the resources they need.
