Tinubunomics Wastefulness And Lack Of Transparency -By Hajia Hadiza Mohammed

When President Bola Ahmed Tinubu declared to Nigerians that he inherited a sick economy from his predecessor, many expected him to run a more lean government. But the reverse is the case here. In Tinubu’s government, there is no fiscal discipline. There is no accountability and there is neither checks nor balances. What we have is brazen display of rascality and profligacy. Rather than grow the so-called battered economy that he inherited, Tinubu is busy accumulating debt, that are not tied to feasible but phantom projects, for future generations of Nigerians.

On the first day Asiwaju Bola Ahmed Tinubu assumed office as the President of Nigeria on 29th May, 2025, he announced the removal of subsidy on petroleum products and the floating of the nation’s currency. And ever since, the Naira has been on a free fall while tariff on essential services and domestic prices has been spiraling up. And while the masses groan under the weight of the ill-thought-out policies of the government, the government is embarking on a borrowing spree while pretending to be carrying out a reform. Observers and experts believe that genuine reform should have begun by cutting down the cost of governance.

Clearly, a look at Tinubu’s cabinet indicates that he is not perturbed about curtailing the cost of governance. Tinubu has a jumbo cabinet of forty-eight ministers and countless number of personal aides. Tinubu has been on a spending spree since the past two years that he has been in the saddle as the president of the Nigerian nation. First, as an indication that he has come for globe-trotting like his predecessor, he spent the whooping sum of N150billion to purchase and air bus and service others on the presidential fleet. He spent N5billion to purchase a luxury yacht and another N182 on a new car, Cadillac Escalade. It is also alleged that he budgeted the sum of N1.5billion for the office of the first lady, something that is unconstitutional, and his son, Seyi moves around in a long convoy of cars and security details and also travel around with Tinubu like a cabinet minister. Tinubu has wasted billions on medical tourism and many fruitless foreign trips thereby earning the title: itinerant president. Since May, 2023 till date, he has spent approximately 200 days outside the country and has made almost 40 trips officially and privately outside the country. In 2024 alone Tinubu wasted over N23billion worth of forex and N18.63 in 2023 on overseas trip. As part of the wasteful spending, Tinubu approved the sum of 21billion for the renovation of the official residence of the vice-president, Alhaji Kashim Shettima and N10billion for that of his chief of staff Hon. Femi Gbajabiamila. Also, Tinubu approved the sum of N57.6billion to purchase cars for members of the National Assembly, a move that was generally believe to buy off the legislative arm of the government just as it was insinuated in some quarters that the judicial has been purchased.

Perhaps the most wasteful and deceitful of the Tinubu’s project spending is the Coastal Road Project; the purported 700km road from Lagos to Calabar that will cost $11billion that is N15trillion, awarded to Hitech Company, a construction company owned by Gilbert chargoury, a known associate of Tinubu. Recently, too, there was a news report that the FCT minister, Nyesom Wike used N39billion to renovate the International Conference Center (ICC), Abuja; a project that General Ibrahim Badamosi Babangida (IBB) built in 1990 at the cost of N240milion renamed it Bola Tinubu International Conference Center, Abuja.

It is in the light of the foregoing that I join the millions of other Nigerians to frown at the purported approval by the Federal Executive Council (FEC) on 31st July, 2025 without NASS backing for the humongous sum of N712.3billion to be used to renovate the MMIA wing that was recently built and upgraded by the immediate past regime.

Without doubt, the programs and projects to which this government fritter public funds appear vague and deceitful. Why would the government spent humongous public funds to renovate a building at a cost that is enough to build a new one? Why would the government budget N15trillion for the coastal road when the existing internal roads are in a sorry state, um-maintained? While many concerned Nigerians see the projects as inflated white elephant, many also see them as misplaced priority. All these indicate fiscal rascality, insensitivity and irresponsibility.

Perhaps the most vexed issue here is that there is no transparency in the procurement process, and there is no stakeholders or public involvement in the identification of the projects. It is indeed worrisome that some of these heavy spending were not appropriated by the NASS and there were no competitive bidding for the award of the contracts. And because of this many have alleged that the funds are being mopped up for the 2027 election. And you can’t fault anyone who toes this line of thinking. Probity, transparency and accountability is the watchword of any government that wants to serve the interest of the citizens. But, Tinubunomics is marked with opacity, wastefulness and profligacy and no economy grows that way.

Therefore, I join Human Rights Writers Association of Nigeria (HURIWA), the opposition and other well-meaning Nigerians to reject the renovation of the airport project. HURIWA see the proposed renovation project as: “fiscally reckless, opaque in process and potentially tied to ulterior political motives ahead of the 2027 general elections.”

This might sound pessimistic but it is certain that if Tinubu and his team continue this way, before 2027, they will grind the nation to a halt. So, it our duty to stop them before the nation is doomed!

Hajia Hadiza Mohammed 

hajiahadizamohammed@gmail.com

An actress, social activist, politician

London, UK