The Lagos State House of Assembly, led by Speaker Mudashiru Obasa, reportedly squandered ₦200 million to host a lavish end-of-year celebration for its members despite ongoing economic challenges facing residents of Lagos and Nigeria at large.
Sources revealed to SaharaReporters that the event, which took place on Friday evening, featured musical performances and other entertainment. The celebration, also marking the Assembly’s 22nd Annual Thanksgiving Service, was held at the legislative complex and included various artists and entertainers.
The extravagant spending has raised concerns, especially given the financial strain on the state. According to the 2023 audit report, Lagos State faced a significant loss of ₦578 billion due to exchange rate depreciation on foreign loans, a substantial increase from the previous year. The audit also revealed that the state’s foreign loan exchange losses were ₦263.8 billion higher than its capital expenditure for the year, which stood at ₦314.3 billion.
This is not the first instance of financial controversy surrounding Obasa. Previous reports have exposed a pattern of wasteful spending, including:
- 2018 Turkey Trip: Speaker Obasa allegedly misappropriated ₦32.5 million allocated for an official visit to Turkey, using the funds for personal purchases instead of official activities.
- 2021 Extravagant Travel: Obasa approved expensive trips for lawmakers to Spain, some of which lacked any official purpose.
- Suspicious Financial Transactions: Records show multiple suspicious transactions linked to Obasa’s personal companies, including ₦51.7 million transferred to his business account in a single day in 2018.
These incidents have prompted calls for accountability and further investigation into the use of public funds. Despite the ongoing financial difficulties faced by the state, Obasa’s leadership continues to face scrutiny for its handling of government resources.
Source: Sahara Reporters, December 15, 2024.