The State House spent a staggering N244,654,350 on tyres in a single day, as revealed by Daily Trust.
Data from govspend, a portal documenting Presidential Villa expenditures, showed payments for an unspecified quantity of bulletproof tyres and Westlake tyres. This occurred the same week the Bola Tinubu government marked its first year in office, with Tinubu having succeeded Muhammadu Buhari on May 29, 2023.
Documents indicated payments of N200,583,390, N38,070,000, and N6,000,960 on May 21, 2024. Two payments were made for tyres for bulletproof vehicles and five armoured bulletproof tyres to Obi-Wealth Enterprises Nigeria Limited, totaling N238,653,390. A quick search on the Corporate Affairs Commission (CAC) website showed that this company is inactive.
Hommy & Fay Investments Limited, active on the CAC portal, handled the supply of an unspecified number of Westlake tyres (315/80R22) for N6,000,960.
Attempts to obtain reactions from the presidency regarding the tyre 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 remained unresponded at the time of reporting.
A day after the tyre payments, Minister of Budget and National Planning, Atiku Bagudu, apologized to Nigerians for the nationwide hardship. During a ministerial sectoral update, he stated that the government’s policies were aimed at restoring macroeconomic stability despite the currency crisis and inflation hampering economic growth.
“So what’s the answer to all of these? It’s to restore macroeconomic stability that will ensure that investors, both domestic and international put their face in our economy once again. And we are all doing this without a blame game. And I apologize for the pain that they may occasion, but they are necessary… Is our strategy, right? Absolutely. We believe our strategy is right, but it requires occasional calibration. Put good money to use,” he said.
Nigeria’s inflation has hit a 28-year high, exacerbating the cost of living—a situation largely attributed to President Tinubu’s policies. Critics have accused the Tinubu administration of “frivolous spending” despite numerous appeals to citizens to endure the current hardship.
Previously, President Tinubu urged Nigerians to make sacrifices for national progress, a statement that drew backlash 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 failing to meet its promises. He highlighted issues such as the removal of fuel subsidies, increased electricity tariffs, and the non-operational Port Harcourt refinery despite promises of production starting in December last year.
“The government has removed fuel subsidy and increased electricity tariff, plunging many into difficulty. Nigerians were promised that Port Harcourt refinery will begin production in December last year, and that has not happened. Despite these and the failure of the administration to fulfil promises, they are making plans to buy new aircraft for the president and vice president,” he said.
He further criticized the government for failing to address the rising inflation, which is currently above 33 per cent.
