PRESIDENT Bola Ahmed Tinubu has allocated N15 billion for the renovation of Vice President Kashim Shettima’s Lagos quarters and for the “full digitalization of the entire State House and Lagos State offices and quarters.”
The allocation was seen in the 2024 budget of the Chief of Staff to the President, Mr Femi Gbajabiamila. In other words, Mr Gbajabiamila’s office will execute the projects, even though it concerns the vice president.
It was not clear whether the project had commenced as at press time, though the money had been set aside by President Tinubu for the projects.
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The sum of N5 billion was devoted to the renovation of the Vice President’s quarters in Lagos, while N10 billion was mapped out for the “full digitalization of the entire State House and Lagos State offices and quarters.”
Economy Post also found that these provisions were made in the 2024 budget. The president is spending the humongous amount on offices despite economic hardship ravaging the Nigerian people and the current minimum wage agitations by the Nigeria’s labour unions.
Poverty has escalated in Africa’s most populous nation with 133 million people multidimensionally poor. Inflation is rising and naira is weakening amid minimum wage agitations by labour unions.
VP residence costs N22bn
On Friday, President Tinubu commissioned the VP’s residence which cost N21 billion to construct. While N7 billion had been approved for the project in 2010, the National Assembly sanctioned extra N15 billion for its completion in November 2023.
Federal Capital Territory (FCT) Minister, Mr Nyesom Wike, explained that the project was awarded at an earlier cost of N7 billion in 2010 but was eventually abandoned after some initial fixes.
“This project was awarded in 2010 about 14 years ago, and it was abandoned in 2015. It was not until January of this year that we had a revised budget for the project. Now, President Bola Ahmed Tinubu has come and within a year, he has made this project a reality.
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“It was in January this year (2024), that we had to review the project to N21 billion, from N7 billion, that means an additional N14 billion.
“For a vice president’s residence to take 14 good years and then Mr President, within a year, made it a reality; this is what is called, renewed hope.
“I, therefore, went to the president and told him criminals had taken over the place and the president directed that I should make sure that the project is completed,” he said.
FG yet to agree with labour unions
After weeks of negotiations, the Federal Government is reported to have proposed N62,000 minimum wage to workers while the unions are asking for N250,000.
Channels TV reported that the figure was arrived at on Friday during a meeting between Federal Government and labour leaders.
The government is refusing labour unions’ proposal but is spending money on buildings and the empowerment of politicians.
“I don’t expect anything different from this government, which is not different from others before it. They only know about themselves. President Tinubu, despite his claims, has proved to be a typical politician who has little interest of the people at heart,” a senior labour union official, who is currently negotiating with the government on the minimum wage, said.
Tough times for Nigerians
Nigerians under President Tinubu are hard hit by a gallopinh inflation rate which closed April 2024 at 33.69 percent. Compared with June 2023 when Mr Tinubu spent just one month in office, headline inflation has risen by over 50 percent.
Food inflation stood at 40.53 percent in April 2024 as against 25.09 percent in June 2023.
Naira has weakened from less than N800 in June 2023 to N1,483.99 (FMDQ) as a result of the foreign exchange float.
The price of a litre of fuel has risen from N238/l to over N600 today. The twin policies of foreign exchange market float and partial petrol subsidy have led to escalating costs of dollar and fuel, but they are deemed good policies.
“The only challenge is that they were no plans to cushion their effects on the population. In fact, they were not well thought-out, and they have led to galloping inflation in the economy since Tinubu came,” said a Lagos-based economist, Mr Charles Awurum.
An economics lecturer, Mr Tobias Etilokwu, said Mr Tinubu must “immediately provide some form of subsidies to farmers.”
He argued that “the United States provides subsidies to its people,” wondering why people criticised subsidies as if they were never provided in the West.
“The removal of subsidies is good, but it should not have been announced during the inauguration. It created unnecessary shocks in the economy.
“Secondly, it should have been done in phases. By so doing, he would not have created shocks in the economy, especially on the poor and the middle-class, which is what is happening at the moment,” he added.
