BudgIT’s report reveals a concerning trend in Nigeria’s fiscal management: the government spent three times more than it earned in 2023. This excessive spending led to a staggering N13.50tn deficit.
Experts are raising alarms about the implications of this unsustainable spending. Victor Agi, a fiscal accountability expert, warns that Nigeria’s economy is on the brink of a severe crisis due to excessive borrowing and a lack of focus on productive sectors.
He criticizes the government’s priorities, noting that a significant portion of the budget is allocated to non-essential expenditures rather than investments in the real economy. This lack of investment is hindering growth and exacerbating the economic challenges faced by ordinary Nigerians.
Femi Oladele, a public policy enthusiast, echoes these concerns. He questions the government’s reliance on unknown sources of income to sustain its spending habits. He argues that prioritizing local investments and focusing on essential expenditures is crucial for economic recovery.
