A three-month prohibition on all international travel for ministers, chiefs of government agencies, and other officials paid for with public funds is estimated to save the federal government N5 billion on a quarterly basis, the Presidency has disclosed.

Special Adviser on Media and Publicity, Ajuri Ngelale, made this disclosure to State House Correspondents on Friday at the Presidential Villa.

Tinubu has recently implemented a significant ban on foreign trips funded with public money for ministers, heads of government agencies, and other officials in Nigeria.

The three-month ban, effective from April 1, 2024, is part of a broader effort to reduce government spending and promote fiscal discipline.

The directive, conveyed through a letter signed by the Chief of Staff to the President, Femi Gbajabiamila, and addressed to the Secretary to the Government of the Federation, George Akume. Emphasised the need to address the rising expenses incurred by ministries, departments, and agencies (MDAs) on international travels.

Tinubu’s decision reflects concerns about the escalating costs associated with such trips and aims to ensure that cabinet members and heads of MDAs focus on their respective mandates for effective service delivery.

President Tinubu’s ban on public-funded foreign trips follows previous measures to cut down on unnecessary expenditures and enhance cost-saving measures within the Nigerian government.

The move, Is a response to mounting criticisms over the high costs of travel expenses borne by government officials amid economic challenges in the country.

The ban requires any government official intending to undertake a public-funded foreign trip during the three-month period to seek and obtain presidential approval at least two weeks in advance, with trips only permitted if deemed “absolutely necessary.”

By imposing this ban, Ngelale said Tinubu aims to generate significant savings for the government while demonstrating his commitment to fiscal prudence and prioritizing service delivery over excessive expenditures.

The presidential spokesperson, further explained that Tinubu by urging the people to buy products made in Nigeria and patronise Nigerian services is to boost the economy and keep the Naira valuable.

He said the President Is also taking action against fraud in cryptocurrency trading and the foreign exchange market, urging people to report any illegal activities.

He added that the decision to deal decisively with cryptocurrency trading platforms and with the sharp practices within the parallel market of the foreign exchange ecosystem are now yielding fruit.

Ngelale added that President Tinubu also wants to help small businesses with grants and loans, especially in farming and manufacturing, to create more jobs.

“President Bola Ahmed Tinubu is going to ensure that our micro small and medium scale enterprises in the country have what they need to get through this difficult period which is why he has approved the Presidential conditional grant scheme in which over 1 million Nigerian businesses will be empowered with conditional grants, this is money they will not have to pay back of up to N50,000 per nano enterprise. With over 1 million Nano enterprises being selected and granted these funds within each and every local government area of the Federation.

“In addition to that, over N150 billion is being disbursed from the Bank of Industry and SMEDAN up on single digit interest rate, loans of up to N2 million to hundreds of 1000s of small and medium scale enterprises across all local government areas of the Federation.

“And of course, the President is determined to ensure that we steer lending toward labour intensive and inclusive you know developing sectors of the economy, ensuring that sectors like agriculture and manufacturing get the bulk of lending moving forward. Sectors like construction, the same thing.” (Daily Sun)

Update news