The director-general of the Budget Office, Ben Akabueze, has said Nigeria’s current trend of spending more money on running the government than on building new infrastructure is unsustainable.Akabueze told Bloomberg at a virtual presentation that low revenue collection and high recurrent costs have resulted in actual capital expenditure below two trillion naira per year for a decade.
Bloomberg reports that annually, Nigeria requires at least $3 trillion of spending over the next 30 years to close its infrastructure gap, according to Moody’s Investors Service said in November.The country’s tax revenue as a proportion of gross domestic product is one of the lowest globally, according to the International Monetary Fund.
“Do a comparison of Nigeria tax collection to whatever country you think is comparable. The taxes are too low to fund the infrastructure, education system, and the health system.”Like Bill Gates, Akabueze said, “Huge recurrent expenditure has constrained the provision of good roads, steady power supply, health care services, quality education and quality shelter.”
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benakabueze we know all that. But you are still there collecting salary. What do you hope to achieve? You should be fighting to change the structure of the country, get rid of the 1999 constitution. Otherwise, keep quiet and enjoy your salary.
Who is going to change it because Nigeria politicians that I know will do nothing about it
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