National Assembly’s Allocation Draws Criticism Amidst Calls for Education Reform

0

Federal lawmakers have significantly increased the budget of the National Assembly from the initial proposal of N197.93 billion by President Bola Ahmed Tinubu to N344.48 billion. This approved budget exceeds the combined budgets of the 15 largest federal universities in Nigeria, which total N327.8 billion for 2024.

The disparity is notable as the National Assembly, with fewer personnel and capital projects, is set to spend more than eight teaching hospitals combined, which have a larger workforce and student population. The increase in the National Assembly’s budget comes alongside the approval of the Federal Government budget, which saw an increment from the initial N27.5 trillion proposed by the President to N28.7 trillion, a difference of about N1.2 trillion.

This development has raised concerns, especially considering the economic challenges faced by many Nigerians due to the government’s economic reforms. In contrast, the budget allocation for the eight teaching hospitals mentioned in the report is considerably lower, totaling just N190.8 billion, which is approximately N154 billion less than the National Assembly’s budget for 2024.

Among these hospitals, the Nnamdi Azikwe University Teaching Hospital (NAUTH), Nnewi, has budgeted N37.6 billion, while the University College Hospital, Ibadan, has allocated N27.2 billion for the next year. Similarly, the cumulative budget of fifteen federal universities for their capital and recurrent expenditures in 2024, amounting to N327.8 billion, falls short of the National Assembly’s budget.

For instance, the University of Nigeria, Nsukka, has a total budget of N36.6 billion, while the University of Calabar’s budget is N29.5 billion. Several non-governmental organizations have called for increased budgetary allocations to the education sector, emphasizing the importance of addressing the high number of out-of-school children in Nigeria. Despite the United Nations’ education goals, Nigeria still faces significant challenges in providing education to all children, with over 10 million out-of-school children in the country.

Additionally, there are concerns about the federal government’s budget allocation for education in 2024, which falls below UNESCO’s recommended range of 15 to 20 percent of the annual budget for the education sector.

Source: Daily Trust

Leave a Reply

Your email address will not be published. Required fields are marked *

You may have missed

BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.

This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.

In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.

Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.

Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.

In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.

In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

Social media & sharing icons powered by UltimatelySocial