What Reps’ ₦57.6 Billion Worth of Vehicles Can Do for Ordinary Nigerians
Two weeks after President Bola Tinubu announced during his first Independence speech a conditional transfer of ₦25,000 to 15 million Nigerians between October and December 2023, controversies have arisen regarding a new report that each member of the House of Representatives is set to receive an SUV valued at ₦160 million each.
Tinubu, on October 1, 2023, as Nigeria celebrated 63 years of independent rule, said that he’s not only aware of the hardships Nigerians are facing due to ongoing economic reforms but also promised that the nation’s resources would be equitably distributed among all.
“Reform may be painful, but it is what greatness and the future require. We now bear the costs of reaching a future in Nigeria where the abundance and resources of the nation are fairly shared among all, not hoarded by a select and greedy few. A Nigeria where hunger, poverty, and hardship are relegated to the shadows of a fading past,” he said.
However, with 360 members in the Green Chamber (0.00018% of the country’s population), the allocated amount for these purchases totals ₦57.6 billion – which is almost ₦10 billion more than the 2023 budget for the Basic Health Care Provision Fund (BHCPF). Criticisms have arisen following this revelation, with many considering it a wasteful use of government resources and a display of indifference to the suffering of Nigerians.
Since the removal of the fuel subsidy and the unification of the exchange rate, citizens have grappled with the economic fallout, which has adversely affected food prices, which increased to 30.64 percent in September 2023, according to data from the National Bureau of Statistics (NBS).
Reacting to the procurement of the vehicles, former Deputy Central Bank Governor, Kingsley Moghalu, described Nigeria as a carcass with the political class as its scavengers.
“There is a substantial issue when Nigeria is set to borrow another $1.5 billion from the World Bank for budget support, and SUVs worth ₦160 million each are reportedly to be purchased for 360 members of the House of Representatives. We are not yet serious as a country,” Moghalu said
While the Federal Government is seeking a fresh $400m loan from the World Bank to fund the 15 million households conditional transfer, Neusroom takes a look at how the ₦57.6 billion could be better used by providing some social amenities and aid to ordinary citizens.
Kalu Ajah, a financial expert, opined that acquiring foreign-made cars is a misuse of taxpayer money.
“If the National Assembly invested those billions to acquire vehicles made in Nigeria from Innoson and NORD, it would be stimulative, create jobs, and boost Nigeria’s GDP. The National Assembly of Nigeria is a significant waste of taxpayer funds,” he stated.
