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The Nigerian presidency recently spent N5.1 billion in three weeks on 26 vehicles for the State House, amid economic challenges. Combined with N9.2 billion spent earlier in 2024, this brings the total to N14.4 billion. ...READ THE FULL STORY FROM SOURCE ↔️
Nigeria’s presidency, under President Bola Tinubu, recently spent N5.1 billion on 26 new vehicles for the State House within three weeks, from August 18 to September 9, 2024, according to Sahara Reporters.
Public records from the Govspend portal reveal that N3.4 billion was used on August 18 to acquire 16 Toyota Prado SUVs, and 2023/2024 models, each costing about N212 million. Another N1.7 billion was spent on September 9 for 10 Toyota Camry V4 cars, model year 2023, at N170 million each.
Between March and May 2024, the presidency had previously spent N9.2 billion on vehicles, bringing total State House vehicle expenses for 2024 to N14.4 billion. These purchases come amid Nigeria’s significant fiscal challenges, as the nation faces low revenue generation, relying heavily on loans to fund its budget.
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The current administration inherited a debt load exceeding N46 trillion, and debt servicing costs have risen sharply, with N4.4 trillion dedicated to this by the second quarter of 2024. The public has raised concerns over these expenditures, questioning the allocation of funds toward new vehicles while Nigeria contends with rising debt and pressing economic issues.…READ THE FULL STORY FROM SOURCE ↔️
