BudgIT Foundation, a civic tech organization focused on public finance transparency in Nigeria, has uncovered significant budget padding in the 2024 Fiscal Appropriation Act. According to BudgIT, the National Assembly inflated the Federal College of Fisheries and Marine Technology’s proposed budget by over N40 billion.
The college, located in Lagos, initially submitted a budget proposal of N667 million for the 2024 fiscal year. However, BudgIT revealed that the National Assembly approved a staggering N40.88 billion for the institution—an increase of over 5,000%.
In its report, BudgIT stated, “The Federal College of Fisheries and Marine Technology’s 2024 proposed budget was N667 million. But what was approved by the National Assembly was N40.88 billion. A margin of N40.22 billion! An increase of more than 5,000%.
“@nassNigeria, we hope it will not be business as usual in the review of the 2025 proposed budget.”
The additional funds include allocations for 12 new projects, many of which appear unrelated to the college’s operations. Examples include:
- Provision of tricycles in Akwa Ibom State communities with a budget of ₦200 million.
- Training unemployed youths in the Southwest, allocated ₦1 billion.
- Supply of starter packs in Ogun State communities for ₦500 million.
- Construction of classrooms at St. Peters College, Olomore, with ₦500 million allocated.
- Construction of immigration and police office buildings in Ogun State, each with a ₦500 million budget.
Other projects include:
- Security vehicle provision in multiple locations, including Ado-Odo, Imeko, and Ipokia, totaling ₦545 million.
- Maintenance of Femi Gbajabiamila Hall at the University of Lagos with ₦250 million allocated.
- A medical outreach and medicine supply for rural health centers in Ogun and Akwa Ibom States, budgeted at ₦420 million combined.
BudgIT’s findings raise questions about the transparency and accountability of Nigeria’s budgetary process. It highlights the need for stringent oversight to ensure that public funds are allocated and utilized responsibly.
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