The Chief Economist of Afenifere, Segun Sanni, has referred to as on the Nigerian authorities to cut back its expenditures, stating that the nation has successfully turn out to be bancrupt.
Talking as a visitor on Channels Tv’s “Dawn Each day” programme on Wednesday, Sanni criticised what he described because the “lavish” spending habits of the Federal Authorities underneath President Bola Tinubu.
“The folks of Nigeria would perceive higher if the federal government can come clear with us. Nigeria is certainly very broke. We have to reduce prices,” Sanni remarked, highlighting the necessity for transparency relating to the nation’s monetary standing.
Sanni pointed to the massive salaries of presidency officers and different extravagant expenditures, arguing that they don’t align with the financial challenges going through the nation.
“A authorities that’s spending lavishly and dwelling giant can not inform Nigerians that Nigeria is broke. We’re certainly broke, however our authorities will not be performing as if we’re,” he said.
He questioned a number of authorities bills, together with the ₦90 billion spent on Hajj, ₦21 billion allotted for a brand new Vice President’s lodge, and ₦40.6 billion designated for the renovation of Aso Rock within the 2023 finances. “We hear all these scandalous figures being talked about, however how a lot of it’s truly being spent on the folks?” Sanni requested.
Sanni additionally condemned the Nigerian Nationwide Petroleum Company (NNPC), describing it as “essentially the most corrupt, opaque, and inefficient organisation on the earth.”
He criticised the NNPC for spending the nation’s funds with out correct accountability, stating that the 2023 audit report couldn’t be trusted. “We’ve an NNPC that is kind of a salesman. It collects our cash after promoting the oil and spends it because it likes with none monitoring, oversight, or supervision. These unchecked bills of NNPC are what Nigerians are being referred to as on to bear,” Sanni added.
Providing an answer to Nigeria’s financial disaster, Sanni urged for extra considered spending of presidency sources, with each expenditure correctly accounted for. “The federal government of the nation must be in an austerity mode the place each greenback or naira we make is judiciously spent. There must be extra prudent spending of our cash throughout all ranges of presidency,” he pressured.
