Nigerian lawmakers have flagged discrepancies in the Ministry of Trade and Investment’s 2024 budget execution, raising concerns over an unapproved addition of ₦9 million to a project originally allocated ₦50 million.
The irregularity was exposed during a budget defense session at the National Assembly, where Minister Jumoke Oduwole presented the Ministry’s ₦3.8 billion capital budget proposal for 2025.
Abubakar Yahaya Kusada, a House of Representatives member from Katsina State, drew attention to the issue in a cotton and garment project. He revealed that the project, budgeted for ₦50 million, was reported as costing ₦59 million, sparking allegations of unauthorized spending.
Minister Oduwole addressed other concerns, such as border closures and trade facilitation, but avoided commenting on the discrepancy.
This prompted further scrutiny from Mark Esset, another lawmaker, who demanded an explanation.
In response, the Ministry’s Director of Finance attributed the issue to a “typographical error,” claiming the project’s actual cost was ₦49 million, not ₦59 million.
Lawmakers were not convinced. Some alleged potential fraud, calling for stricter oversight of budget execution.
The Joint Committee on Trade and Appropriations directed the Minister to revise the figures and resubmit the 2024 budget performance report.
This incident highlights persistent concerns about transparency and fiscal discipline in Nigeria’s budgetary processes.
Lawmakers emphasized the need for accountability to curb financial irregularities and safeguard public funds.
A House of Representatives member from Katsina State, Abubakar Yahaya Kusada, highlighted the irregularity in a cotton and garment project. He pointed out that the project, budgeted for ₦50 million, was executed at ₦59 million, sparking suspicions of unapproved expenditure.
The Minister initially addressed other concerns raised during the session, including border closures and trade facilitation issues, but avoided responding to the discrepancy.
This prompted further questioning from another lawmaker, Mark Esset, who demanded clarity on the additional spending.