The Nigerian government has received an ineffective rating from the World Bank for cutting unnecessary spending. According to the international financial institution’s Nigeria Development Update, which SaharaReporters examined, President Bola Tinubu’s administration should start “eliminating non-essential spending, such as vehicle purchases and external training, among other areas.”CONTINUE FULL READING>>>>>
SaharaReporters had earlier exposed the Tinubu-led administration’s spending of billions on SUV purchases.
One report noted that N9.2 billion was spent in just three months on vehiclesfor the State House.
Another report revealed that N250 million was allocated for decorations within five days for First Lady events.
Furthermore, despite the country’s economic hardships, the Tinubu administration spent an additional N14 billion on renovations, honorariums, and foreign currency acquisitions..
Concerns have been raised about financial transparency and accountability under the Tinubu-led administration, particularly regarding the management of the country’s limited resources.
Recently, the administration purchased a Presidential jet reportedly costing N150 billion, despite Nigeria’s ongoing struggles with scarce resources and reliance on loans to fund its deficit, leading to rising debt servicing costs.
World Bank Senior Vice President, Indermit Gill, recently stated that the Bola Tinubu-led Nigerian government must maintain its current economic “reforms” for at least another 10 to 15 years to achieve significant economic transformation.
Gill made these remarks at the 30th Nigerian Economic Summit in Abuja on October 14, sparking dissatisfaction from various groups within the country.CONTINUE FULL READING>>>>>
