The State House has expended ₦244,654,350 on tyres, including bulletproof variants, in a single transaction, as reported by Daily Trust.
This expenditure occurred in the week marking President Bola Tinubu‘s first year in office, raising questions amidst the current economic struggles facing the nation.
Investigations into government spending revealed that on May 21, 2024, payments were made to Obi-Wealth Enterprises Nigeria Limited and Hommy & Fay Investments Limited for an unspecified quantity of tyres.
The payments included ₦200,583,390 and ₦38,070,000 for bulletproof tyres and ₦6,000,960 for Westlake tyres.
Notably, Obi-Wealth Enterprises is listed as inactive on the Corporate Affairs Commission (CAC) website, adding another layer of concern regarding the transactions.
The tyre expenditure came just 24 hours before the Minister of Budget and National Planning, Atiku Bagudu, issued a public apology for the hardships caused by ongoing economic policies under the Tinubu administration.
Despite these challenges, which include a 28-year high inflation rate now above 33 percent, the government insists its strategies are on track but admits they require “occasional calibration.”
The spending has sparked outrage among the public and political critics, especially following President Tinubu’s appeal for sacrifices from Nigerians for national progress.
This appeal has been met with scepticism and criticism from various sectors, including civil society organizations and the opposition Peoples Democratic Party (PDP).
An economist and lecturer at Saadatu Rimi University of Education in Kano, Abdulsalam Kani, criticized the government’s priorities, highlighting unfulfilled promises such as the non-operational status of the Port Harcourt refinery and the removal of fuel subsidies which have compounded the public’s financial burdens.
He said, “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.”
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