The Presidency has expressed shocked as a serving minister in President Muhammadu Buhari’s cabinet has purchased a massive edifice worth N280 million in the Federal Capital Territory (FCT), Abuja.
According to New Telegraph, the property was purchased in 2017. The Presidency is currently studying the development.
The cabinet member, who is a substantive minister, it was learnt, was summoned by the Presidency to explain how he came about the funds for the purchase of the house, which is located in the highbrow area of Abuja. The Presidency got wind of the purchase following a petition to the president.
According to a source privy to the issue, the minister, who was staying in an N8 million per annum rented an apartment when he became a cabinet member in 2015, has already moved to the palatial house with his security details.
The minister had told the Presidency that he secured the property with a mortgage. “The president summoned him following the receipt of the petition against him that he bought a house of N280 million for residential purposes.
The minister explained that he took a loan from one of the banks to fund the payment. “Of course, the Presidency wasn’t satisfied with his explanation because it is begging the question. How does he intend to fund the loan from his salary, especially when he didn’t purchase the house for commercial purposes?” the source said. The source noted that the minister, who claimed that he doesn’t have the cash to fund such a purchase, but relied on bank loan that will be payable over a period of time, is already moving around to ensure that the issue is quelled within the Presidency.
“I think the question to ask the minister is when and how does he intend to pay the loan back? A minister’s take-home is less than N1 million, even if he doesn’t touch one naira from his salary and used it as payment for the loan in the course of his four year stay as a minister, it doesn’t still meet up with the loan at all. So, how can you fight corruption when things like these happen among even members of the cabinet?”