The World Bank has ranked the Nigerian government as weak in managing wasteful expenditures, raising concerns over financial transparency and accountability under President Bola Tinubu’s administration.
In its Nigeria Development Update, the global institution advised the government to reduce non-essential spending, such as the purchase of luxury vehicles and external training, to address the country’s economic challenges.
Despite widespread economic hardship, the Tinubu administration reportedly spent billions on luxury items, including N9.2 billion on State House vehicles over three months.
Additional spending included N250 million for First Lady event decorations within five days and another N14 billion for renovations, honorariums, and forex purchases.
The extravagant spending also included a new Presidential jet costing a staggering N150 billion.
The expenses have fueled public criticism, especially as Nigeria grapples with limited resources and mounting debt, with the country increasingly relying on loans to cover its budget deficit.
Concerns have been raised over the administration’s financial management, particularly as the nation faces high debt servicing costs.
Indermit Gill, the World Bank’s Senior Vice President, stressed the need for sustained economic reforms, suggesting that Nigeria must maintain these changes for another 10 to 15 years to see a transformative impact.
He made the remarks recently at the 30th Nigerian Economic Summit in Abuja.
