Politics

See The Huge Amount of Millions of Naira Aso Rock Spent on Tyres in One Day

Published by Tope Fakinlede on June 27th, 2024.

See The Huge Millions of Naira Aso Rock Spent on Tyres in One Day

The State House spent an astonishing ₦244,654,350 on tyres in a single day, according to an investigation by Daily Trust. Data from GovSpend, a portal tracking Presidential Villa expenses, revealed payments for bulletproof and Westlake tyres during the week President Bola Tinubu’s administration marked its first year in office.

President Tinubu succeeded Muhammadu Buhari on May 29, 2023. Documents indicate that on May 21, 2024, the sums of ₦200,583,390, ₦38,070,000, and ₦6,000,960 were paid for these tyre purchases.

The records show two separate payments were made for an unspecified quantity of tyres for bulletproof vehicles, including five armoured bulletproof tyres supplied by Obi-Wealth Enterprises Nigeria Limited for ₦200,583,390 and ₦38,070,000. A quick search on the Corporate Affairs Commission (CAC) website showed the company is inactive.

Hommy & Fay Investments Limited, which is active on the CAC portal, handled the supply of an unspecified number of Westlake tyres (315/80R22) for ₦6,000,960.

Attempts to get a response from the presidency regarding this expenditure were unsuccessful. Calls to the Special Adviser to the President on Information and Strategy, Bayo Onanuga, went unanswered, and a message sent to him had not been replied to at the time of this report.

The day after these payments were made, Minister of Budget and National Planning, Atiku Bagudu, apologized to Nigerians for the nationwide hardship. During a ministerial sectoral update, he acknowledged the challenges posed by the Tinubu administration’s policies, including the currency crisis and inflation.

Bagudu emphasized the need to restore macroeconomic stability to regain investor confidence in Nigeria’s economy. “I apologize for the pain that these policies may cause, but they are necessary. We believe our strategy is right, though it requires occasional calibration,” he said.

Nigeria’s inflation has reached a 28-year high, exacerbating the cost of living, a situation largely attributed to President Tinubu’s policies. Critics accuse the administration of “frivolous spending” despite calls for citizens to endure the current hardships.

Previously, President Tinubu faced backlash after urging Nigerians to make sacrifices for the nation’s progress during an Eid-el Kabir prayer event in Lagos. His comments sparked reactions from citizens, civil society organizations, and the opposition Peoples Democratic Party (PDP).

Dr. Abdulsalam Kani, an economist and lecturer at Saadatu Rimi University of Education, and Director of the Fiscal Discipline and Development Advocacy Centre (FIDAC), criticized the government for not fulfilling its promises. He highlighted issues like the removal of fuel subsidies, increased electricity tariffs, and the unfulfilled promise of the Port Harcourt refinery resuming production. Despite these challenges, plans to buy new aircraft for the president and vice president are underway.

Dr. Kani also pointed out the government’s failure to address rising inflation, which is currently above 33 percent.