The World Bank has classified the Nigerian government as ineffective in managing wasteful expenditures, expressing serious concerns about financial transparency and accountability under President Bola Tinubu’s leadership.
In its Nigeria Development Update, the global institution urged the government to cut non-essential spending, such as the acquisition of luxury vehicles and overseas training, to tackle the country’s economic challenges.
Despite widespread economic hardship, the Tinubu administration reportedly allocated billions to luxury items, including N9.2 billion on State House vehicles in just three months.
Other exorbitant expenses included N250 million for event decorations for the First Lady within five days, and an additional N14 billion for renovations, honorariums, and forex purchases.
Among the most extravagant expenditures was a new Presidential jet, which cost a staggering N150 billion.
Such lavish spending has triggered public outcry, especially as Nigeria struggles with limited resources and increasing debt, often relying on loans to bridge its budget deficit.
Concerns about the administration’s financial management have intensified, particularly in light of the country’s soaring debt servicing costs.
Indermit Gill, the World Bank’s Senior Vice President, emphasized the urgent need for long-term economic reforms, indicating that Nigeria must sustain these changes for another 10 to 15 years to achieve meaningful transformation.
He made these remarks recently at the 30th Nigerian Economic Summit in Abuja.