Developmental spending falls as Nigeria's budget hits record ₦20 trillion

As Nigeria’s federal budget proposal surges past an unprecedented N20 trillion, capital expenditure which covers projects with direct impact on citizens is receiving no extra funding from last year, according to details of the 2023 budget announced by President Muhammadu Buhari.Government capital spending typically covers allocations to new hospitals, roads, bridges, and other infrastructure.

“Nigeria requires a huge outlay of resources to close current infrastructure gaps and boost its economic performance. Government will develop projects that are good candidates for Public Private Partnership by their nature for private sector participation,” he said while submitting the budget proposals to the National Assembly on Friday.

Mr Adegoke said the proposed amount budgeted for capital expenditures is a reflection of a lack of vision and political will, which has been affecting governance delivery over the years. “Over the years, up until 2021, there has been no time that Nigeria has spent up to N4 trillion on capital expenditure,” Mr Olufemi said.

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