The World Bank has criticized the Nigerian government for its ineffective management of expenditures. In its recent Nigeria Development Update, the World Bank urged President Bola Tinubu’s administration to eliminate unnecessary expenses, such as the purchase of vehicles and external training programs. Reports indicate that the Tinubu government has spent billions on SUVs and other luxury items, including N9.2 billion in just three months on State House vehicles and N250 million on decorations for First Lady events within five days. Additionally, the administration allocated N14 billion for renovations and honorariums despite ongoing economic hardships.
Concerns about financial transparency have grown, especially as the government recently acquired a presidential jet costing N150 billion, even while the country faces resource shortages and relies on loans, leading to increased debt servicing. Indermit Gill, Senior Vice President of the World Bank, emphasized that the government must sustain economic reforms for the next 10 to 15 years to achieve transformation, a statement that has sparked significant public discontent.
