Nigeria’s 2024 Budget of ‘Renewed Hope,’ signed into law by President Bola Ahmed Tinubu, outlines a total expenditure of ₦27.5 trillion (around $36.7 billion), with a projected revenue of ₦18.32 trillion ($24.4 billion) and a deficit of ₦9.18 trillion ($12.2 billion), according to BudgIT.
There are growing concerns about misallocated funds, errors, and other irregularities within the budget, which could undermine public trust and impact the economy. This has led many Nigerians to question what has been achieved with the funds allocated so far.
Ayomide Ladipo, Head of Tracka, addressed these issues on News Central’s TV show, Jasiri, where she dissected the issues with the budget and its potential effects on the country.
Ladipo did not mince words, stating that the 2024 budget, in her view, does not add up.
“We are here to tell Nigerians that it does not make sense”, she said.
Ladipo highlighted things such as ‘supply of metal dustbins for cleaning and sanitisation of communities in Oyo State’, ‘training of traditional rulers on peace and conflict resolution’, and the third one, ‘the purchase of Hilux vehicles for the campaign against unwanted pregnancies’ as some of the irregularities in the budget.
“You’d have a Cocoa Research Institute who is instructing street lights. There’s a particular one that we have definitely decided to flag, which is the Small and Medium Enterprise Development Agency (SMEDAN).
“We have five billion naira to purchase vehicles for traditional rulers in Nigeria. Then there’s another ₦1.2 billion under this SMEDAN to purchase security vehicles and it’s confusing.
“Is it security vehicles for the agency itself? Why does SMEDAN need security vehicles, and why will it need 1.2 billion naira for security vehicles?”
She mentioned that SMEDAN also has ₦1.2 billion for medical outreach in communities in Kaduna, Bayelsa.
“In what capacity does the small and medium enterprise development agency of Nigeria have to be executing medical outreaches, especially at a time when a lot of small businesses are suffering.”
Ladipo emphasised that these organisations squander taxpayers’ funds because they cannot carry out their assigned tasks. She also mentioned that they use the funds for staff salaries instead of implementing the designated projects, which results in financial losses for the country.
Watch the full interview below;
