Nigeria’s President Tinubu Approves Supplementary Budget Amid Controversy Over $35m in Frivolous Expenses 

Nigeria’s President Bola Tinubu has approved a controversial supplementary budget amidst growing concerns over $35 million in expenditures considered frivolous by critics. This approval comes as President Tinubu’s administration faces scrutiny for seemingly lavish spending while the nation grapples with economic challenges and widespread hardship among its populace.

President Tinubu, who recently presented a N27.5 trillion ($35 million) budget for 2024 to the National Assembly, has been criticized for the inclusion of items such as a N5 billion presidential yacht and N1.5 billion for official vehicles for the president’s wife, totaling N27.7 billion. 

These expenses have sparked debate, given the current economic climate where millions of Nigerians are struggling to make ends meet.

The 2024 budget, labeled the “Budget of Renewed Hope,” aims to foster job-rich economic growth, macroeconomic stability, and enhanced human capital development. It marks President Tinubu’s first annual budget since taking office. 

The budget’s highlights include a significant allocation for non-debt recurrent expenditure, debt service, and capital expenditure, with a deficit of N9.18 trillion or 3.88% of GDP. Notably, new borrowings are projected at N7.83 trillion, with parts of it coming from privatization proceeds and multilateral and bilateral loans.

President Tinubu has emphasized his administration’s focus on developing renewable energy sources, sustaining a foundation for economic development, and leveraging public-private partnerships. He also addressed the need to review existing tax and fiscal policies to increase revenue and contain financial leakages, alongside expanding the National Social Safety Net project to support poor and vulnerable households.

While the budget has been passed by both the Senate and House of Representatives, with a resolution for joint sessions to expedite budget defense exercises, the controversy surrounding the supplementary budget’s “frivolous” expenditures continues. 

President Tinubu commended the National Assembly’s collaborative efforts but stressed that legislative decisions must prioritize the interests of all Nigerians and ensure equitable benefits in the 2024 Budget.