Economic Hardship: World Bank cautions Tinubu’s govt against wasteful spending
The World Bank has expressed concern about Nigeria’s financial management, criticizing the government’s spending practices amid growing economic challenges.
According to a report by the World Bank, the current administration under President Bola Tinubu has been urged to eliminate non-essential expenditures such as vehicle purchases and external training programmes, which it deems wasteful.
The report indicates that the Tinubu administration spent N9.2 billion on State House vehicles within three months.
Additionally, N250 million was allocated for decorations at First Lady events over a brief period of five days.
Despite the country’s economic struggles, the government has also spent N14 billion on renovations, honoraria, and foreign exchange acquisitions.
Financial transparency and accountability have become major concerns, as Nigeria continues to rely on loans to fund its deficits.
The government’s recent purchase of a Presidential jet for N150 billion also raised further questions, especially as the country grapples with limited resources and high debt servicing costs.
Senior Vice President of the World Bank, Indermit Gill, emphasized the need for sustained economic reforms.
Speaking at the 30th Nigerian Economic Summit in Abuja, he stated that Nigeria must continue these reforms for at least 10 to 15 years to transform its economy.
His remarks, however, have sparked debate within the country, as many Nigerians remain dissatisfied with the current economic conditions.
