A report by BudgIT has revealed that the Nigerian government spent N19.50 trillion in 2023, three times its revenue of N5.99 trillion, resulting in a deficit of N13.50 trillion.
The report highlights the government’s growing reliance on borrowing, raising concerns about fiscal responsibility and economic stability.
Experts like Victor Agi from the Centre for Fiscal Transparency and Integrity Watch have warned of severe economic implications, criticizing the government’s handling of the economy and its minimal investment in capital expenditures.
Agi emphasized the need for fiscal responsibility and prioritization of essential economic sectors to prevent further economic decline.
Public policy enthusiast Femi Oladele also expressed concerns about the government’s spending priorities, suggesting that non-essential expenditures are worsening Nigeria’s economic situation.
He stressed the importance of local investment to stimulate growth and development, urging the government to reassess its spending habits.