Thirty-two State Governors in Nigeria have spent ₦69.71 billion on travels in the first six month of 2024, with a vast majority of them attracting ₦0.00 foreign investments into their respective states.
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An analysis of the states budget implementation reports by Sunday Punch, showed that spending on travels by government officials increased to ₦69.71bn in the second quarter of 2024, from ₦34.63bn spent in the first three months of the current year.
The report comes as Political leaders in both state and federal levels have chosen to embark on annual leave abroad, even as the electorates struggling with stifling economic realities.
President Tinubu had on Wednesday departed the country for the United Kingdom on a two-week annual leave. His Special Adviser on Information and Strategy, Bayo Onanuga, in a statement said Tinubu will use the period to reflect on his administration’s economic reforms.
Findings by Sunday PUNCH showed that three state governors, Seyi Makinde of Oyo, Babagana Zulum of Borno and Dikko Radda of Katsina, spent 90 days overseas for their annual vacation.
Despite the costs, only Lagos, the Federal Capital Territory, and Ekiti attracted capital importation in the first quarter of 2024, according to the National Bureau of Statistics in its Capital Importation report for Q1, 2024.
Nigeria Capital Importation Q1 2024 report published in July 2024 shows that total capital importation into Nigeria stood at US$3,376.01 million, higher than US$1,132.65 million recorded in Q1 2023, indicating an increase of 198.06%. In comparison to the preceding quarter, capital importation rose by 210.16% from US$1,088.48 million in Q4 2023.
Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with US$2,782.41 million, accounting for 82.42% of the total capital imported. Abuja (FCT) followed with US$593.58 million (17.58%), and Ekiti state with US$0.01 million.
The implication is that 34 states did not attract capital importation in the period under review.
The National Bureau of Statistics is yet to publish the Capital Importation Q2 2024 report at the time of this publication.
A cursory look at the foreign travel expenses and capital importation shows the following;
- ABIA STATE: Travel Expense – ₦280.02mn | Capital Importation – US$0.00
- ABUJA (FCT): Travel Expense – Not Applicable | Capital Importation – US$593.58mn
- ADAMAWA STATE: Travel Expense – ₦1.72bn | Capital Importation – US$0.00
- AKWA IBOM STATE: Travel Expense – ₦640.84mn* | Capital Importation – US$0.00
- ANAMBRA STATE: Travel Expense – ₦316.42mn | Capital Importation – US$0.00
- BAUCHI STATE: Travel Expense – ₦1.06bn | Capital Importation – US$0.00
- BAYELSA STATE: Travel Expense – ₦1.66bn | Capital Importation – US$0.00
- BENUE STATE: Travel Expense -No data for Q2, 2024 | Capital Importation – US$0.00
- BORNO STATE: Travel Expense – ₦1.96bn | Capital Importation – US$0.00
- CROSS RIVER STATE: Travel Expense – ₦2.31bnn | Capital Importation – US$0.00
- DELTA STATE: Travel Expense – ₦1.98bn | Capital Importation – US$0.00
- EBONYI STATE: Travel Expense – ₦1.85bn | Capital Importation – US$0.00
- EDO STATE: Travel Expense – ₦5.49bn | Capital Importation – US$0.00
- EKITI STATE: Travel Expense – ₦3.75bn | Capital Importation – US$0.01mn
- ENUGU STATE: Travel Expense – ₦28.46mn | Capital Importation – US$0.00
- GOMBE STATE: Travel Expense – ₦1.45bn | Capital Importation – US$0.00
- IMO STATE: Travel Expense – ₦1.22bn | Capital Importation – US$0.00
- JIGAWA STATE: Travel Expense – ₦280.02mn | Capital Importation – US$0.00
- KADUNA STATE: Travel Expense – ₦1.01bn | Capital Importation – US$0.00
- KANO STATE: Travel Expense – ₦2.89bn | Capital Importation – US$0.00
- KATSINA STATE: Travel Expense – ₦1.94bn | Capital Importation – US$0.00
- KEBBI STATE: Travel Expense – ₦2.74bn | Capital Importation – US$0.00
- KOGI STATE: Travel Expense – ₦911.27mn | Capital Importation – US$0.00
- KWARA STATE: Travel Expense – ₦1.91bn | Capital Importation – US$0.00
- LAGOS STATE: Travel Expense – ₦945.62mn | Capital Importation – US$2,782.41
- NASARAWA STATE: Travel Expense – ₦1.83bn | Capital Importation – US$0.00
- NIGER STATE: Travel Expense – ₦725.02mn* | Capital Importation – US$0.00
- OGUN STATE: Travel Expense – ₦280.02mn | Capital Importation – US$0.00
- ONDO STATE: Travel Expense – No data for Q2, 2024 | Capital Importation – US$0.00
- OSUN STATE: Travel Expense – ₦280.02mn | Capital Importation – US$0.00
- OYO STATE: Travel Expense – ₦11.57bn | Capital Importation – US$0.00
- PLATEAU STATE: Travel Expense – ₦2.99bn | Capital Importation – US$0.00
- RIVERS STATE: Travel Expense – No data for Q2, 2024 | Capital Importation – US$0.00
- SOKOTO STATE: Travel Expense – ₦1.41bn | Capital Importation – US$0.00
- TARABA STATE: Travel Expense – ₦6.39bn | Capital Importation – US$0.00
- YOBE STATE: Travel Expense – ₦3.01bn | Capital Importation – US$0.00
- ZAMFARA STATE: Travel Expense – ₦1.57bn | Capital Importation – US$0.00
It should be noted that of the entire capital importation into the country in Q1 2024, Portfolio Investment ranked top with US$2,075.59 million, accounting for 61.48%, followed by Other In vestment with US$1,181.25 million, accounting for 34.99%. Foreign Direct Investment recorded the least with US$119.18 million (3.53%).
The Banking sector recorded the highest inflow with US$2,067.44 million, representing 61.24% of total capital imported in Q1 2024, followed by the Trading sector, valued at US$494.93 million (14.66%), and Production/Manufacturing sector with US$191.92 million (5.68%).
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
