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Budget Scandal: Tracka Reveals Fraudulent Payments In Billions

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In the 2022 budget expenditure, alarming revelations have emerged regarding fraudulent payments and questionable project allocations in Nigeria.

 

Tracka, BudgIT’s service delivery promotion platform, has brought to light several irregularities in the allocation and utilization of public funds.

 

According to Tracka, 12 transactions were discovered, mostly labeled as “payment of bulk stipends to the 2,802 ex-agitators of Ateke Tom camp in phase 1 as approved by the ia.” Additionally, 27 transactions were identified as “bulk payment to the 500 delegates of Boyloaf camp 2 phase 2 as approved by the ia,” with a total of N2 million paid to Ebikabowei Victor Ben.

 

It stated that these payments raise serious concerns as they appear to violate Section 713 of the Public Sector Financial Regulations, 2009, which strictly prohibits the payment of public money into private bank accounts.

 

Furthermore, Tracka’s analysis also exposed the misplacement of priorities in the budget allocations. It was discovered that a staggering amount of N81.7 billion was allocated to the construction of solar street lights, surpassing the combined allocations for schools and primary health centers, which amounted to N77.9 billion and N3.1 billion, respectively.

 

This disproportionate distribution of funds raises concerns, particularly given Nigeria’s pressing challenges, such as the high number of out-of-school children and alarming child and maternal mortality rates.

 

In addition, Tracka revealed that several agencies were assigned projects outside their mandate.

 

Notably, the Nigerian Army received N4.5 billion for the construction of the Dengi-Kwalmiya-Gagdi-Wawus Bauchi Road in Plateau State, the Nigerian Institute of Oceanography and Marine Research was allocated N1.2 billion across four projects to supply medical equipment to health centers in Ogun State, and the National Root Crops Research Institute, Umudike, was granted N580 million for road and streetlight construction in Abia State.

 

This misallocation undermines the monitoring, evaluation, and sustainability of the projects as the agencies lack the expertise and personnel required for quality service delivery.

 

Tracka’s Acting Head, Ayomide Ladipo, expressed her disappointment over these findings, emphasizing that such practices result in under-delivery of projects and a waste of taxpayers’ money and scarce resources.

 

She said “the implications of assigning projects to agencies out of their mandate is that it undermines monitoring, evaluation, and the sustainability of these projects.

 

“These agencies lack the expertise and personnel to ensure quality service delivery of these projects, leading to projects under-delivery and a colossal waste of taxpayers’ money and scarce resources.An example is the News Agency of Nigeria which was allocated N200 million to construct solar streetlights in Rivers State. What business does NAN have with streetlights?” Ayomide added.

 

Tracka discovered a 21% reduction in the percentage of empowerment projects this year compared to last year, where N58 billion of N100 billion was allocated to empowerment projects in 2022, while N37 billion of N100 billion was allocated to empowerment projects in 2023.

 

According to tracka, this is progress as it is the first time in three years that the percentage of empowerment projects in the ZIP will be less than 50%.

 

 

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NEWS

N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden

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Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.

In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.

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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.

The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.

“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.

He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.

“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.

Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.

“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said

He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.

“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”

Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.

He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.

“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.

Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.

“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.

He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.

 

 

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International News

ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others

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The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.

The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.

In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”

READ MORE: Osun Govt Decries Attempted Murder Of Park Mgt  Chairman By Police

The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.

Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.

The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.

With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.

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NEWS

Edo State Governor Sets Up Committee To Recover Missing Gov’t Vehicles

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Governor Monday Okpebholo of Edo State has inaugurated a 12-member committee tasked with recovering government vehicles reportedly in private hands.

The committee, led by Kelly Okungbowa, has been given a two-week mandate to retrieve the vehicles and ensure their return to the state government.

READ ALSO: Finnish Police Arrest Simon Ekpa Over Terror-Related Allegations

Speaking during the inauguration ceremony in Benin City, Governor Okpebholo emphasized the importance of accountability in the management of public resources.

He urged the committee to carry out its assignment thoroughly and within the bounds of the law.

In his response, Okungbowa expressed gratitude to the governor for entrusting the team with the assignment, vowing to deliver results within the stipulated timeframe.

“A lot of vehicles used by the past administration are missing, as those in custody of the vehicles have refused to return them,” Okungbowa said.

“The governor deemed it fit to inaugurate us today with a mandate to recover all government vehicles in private hands.”

The committee, which includes representatives from Edo’s three senatorial districts, is set to investigate and recover the vehicles based on credible intelligence already at their disposal.

“We already have vital information regarding some persons still holding government vehicles,” Okungbowa stated. “We will do the job according to the law, and both the government and the people will be satisfied with the outcome.”

He also called on members of the public to assist the committee by providing information about any government vehicles that may still be in private possession.

“We want to appeal to members of the public who might be aware of anyone still keeping government vehicles in their houses to please inform us to enable the committee to recover such for the Edo State Government,” Okungbowa said.

The committee’s vice chairman, Rt. Hon. Victor Edoror, a former Speaker of the Edo State House of Assembly, will work alongside other members to ensure the success of the initiative. The public can reach the committee at 08110165121.

 

 

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