Amid ongoing economic hardship, President Bola Tinubu on Friday inaugurated the vice-president’s official residence, a project that has now cost a staggering N21 billion after 14 years in the making.
Representing Tinubu at the inauguration, Vice President Kashim Shettima highlighted the significance of the completion, describing it as a “testimony to the respect and affection that the president has for the vice president.”
Shettima emphasized the administration’s commitment to “accountability, transparency, and efficient utilization of resources for the betterment of the country.”
Originally awarded in 2010 for N7 billion, the project was abandoned in 2015. It resumed earlier this year, with costs revised to N21 billion, reflecting an additional N14 billion expenditure. Federal Capital Territory (FCT) Minister Nyesom Wike noted that when he took office in August 2023, the site was overgrown and neglected.
Wike commended President Tinubu for prioritizing the project, stating, “For a vice-president’s residence to take 14 good years and then Mr. President, within a year, made it a reality; this is what is called ‘renewed hope.'”
President Tinubu’s decision to finalize the residence comes at a time when Nigerians are grappling with significant economic challenges. Since Tinubu assumed office on May 29, 2023, his administration has enacted several contentious policies, including the removal of fuel subsidies and floating the naira, leading to skyrocketing transportation and food costs. The naira has continued its decline against the dollar, exacerbating the economic strain on the populace.
While experts have lauded Tinubu’s economic policies as necessary and bold, the general public has been less enthusiastic. Surveys by Peoples Gazette indicate that food prices have surged by over 100 percent, while the national minimum wage has remained unchanged.
In his address, Shettima acknowledged the delayed and costly project, urging a forward-looking approach. “Rather than dwell on past shortcomings, we have chosen to take this opportunity to demonstrate our resolve to confront obstacles head-on,” he said. He also praised the FCT Administration for their diligence in completing the project, thereby avoiding further wastage of taxpayers’ money.
The completion of the vice-president’s residence, while a significant administrative milestone, highlights the stark contrast between government expenditures and the economic realities faced by everyday Nigerians.