A financial expert, Uche Uwaleke, has urged President Bola Tinubu’s government to divert the N113 billion provided in the 2025 budget proposal to purchase vehicles for infrastructural projects.
Mr Uwaleke, a professor of Capital Market, is also the director of the Institute of Capital Market Studies at the Nasarawa State University Keffi.
He gave the advice in an interview on Friday in Abuja. He said that he had compiled a list of the 288 government agencies that listed the purchase of vehicles in their 2025 capital budget.
According to him, these motor vehicles will be imported, affecting the exchange rate. He said that the CEOs of the agencies should postpone those purchases until 2026.
“The huge amount could be channeled to a project that is geared towards boosting output and reducing inflation and unemployment. For instance, the money can be used to commence a federal government project in conjunction with the state governments.
“Such a project should be known as ‘One District: One Product (ODOP) project in each of the 109 Senatorial Districts, with each district getting a minimum of N1 billion.
“It can also be used to resuscitate the ‘one local government, one product’ project, which never made any significant impact due to poor attention,” he said.
He added that in the second scenario, each local government council could get at least N145 million from the funds freed up due to the deferment of the purchase of vehicles.
“One can equally think of other productive applications of any capital capex, such as the purchase of vehicles, which is not necessarily developmental in nature.
“Given that their opportunity costs to the economy are high, one way to minimise such is to ensure that only locally made products are involved,” Mr Uwaleke said.
He also mentioned that the principles of maximum social benefit, economy, and value for money should guide public expenditure. NAN
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