March 22, 2024, 1:52 pm

MAXIMIZING FISCAL RESPONSIBILITY: THE IMPACT OF RESTRICTING FOREIGN TRIPS ON GOVERNMENT SPENDING

MAXIMIZING FISCAL RESPONSIBILITY: THE IMPACT OF RESTRICTING FOREIGN TRIPS ON GOVERNMENT SPENDING

The new directive, which prohibits staff from the Ministry, Department, and Agency (MDA) from utilizing public funds for foreign trips for a three-month period, could potentially lead to significant quarterly savings exceeding N5 billion for the Federal Government. Specifically, the Presidency is expected to save N1.74 billion within the three-month period, while the Vice President's office will see savings of N307.3 million. The Ministry of Petroleum Resources anticipates savings of N299.5 million, and the Ministry of Industry, Trade, and Investment is estimated to save N176.79 million. Other notable savings projections include N984.6 million for the National Defense College, N434.56 million for the EFCC, and N860.8 million for the Nigerian Intelligence Agency. The Office of the Secretary-General of the Federation is expected to save N47.5 million, while the auditor general foresees savings of N114.9 million. Additionally, the Finance Ministry aims to save N173.2 million, and the Ministry of Budget and Economic Planning intends to maintain savings of N173 million. The Command and Staff College anticipates savings of N631.48 million; the Ministry of Justice aims for savings of N212.32 million; and the Youth Development Ministry targets savings of N70.8 million.

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