Despite the huge infrastructural deficit in the country, the Federal Government has continued to spend more on security and debt service due to the rising insecurity and debt profile of the country.
While the Federal Government budgeted N2.98tn for defence and security and N6.31tn for debt service, N1.24tn was budgeted for infrastructure in the 2023 approved budget. This shows that 13.4 per cent of the entire N21.83 budget is to tackle insecurity, 28.9 per cent is to service debt, and only 5.7 per cent is for infrastructure.
It added that Nigeria’s development outcomes were among the lowest globally, which indicated high public spending needs. The Washington-based bank also noted that it would take Nigeria 300 years to close its infrastructure gap, which would cost the country 4 per cent of its GDP annually. The President also declared that his administration had taken infrastructure expansion in Nigeria seriously, conscious of the fact that new investments in critical sectors of the economy would aid in lifting 100 million Nigerians out of poverty by 2030. In the previous month of that year, the Vice President, Prof.
With more Nigerians getting killed due to the increasing state of insecurity in the country, experts have warned that the constant loss of human capital may affect the economic growth of the nation. Even Buhari had said that no growth or development could be achieved in an insecure environment. “Trillions of naira, which would have been used for development, are being wasted fighting insurgency and criminality. This is why both the perpetrators and their sponsors should have a rethink to release their stranglehold on our economy and advancement.”
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