Cut down on ‘wasteful expenditures’ under your watch, World Bank tells Tinubu

The World Bank has ranked the Nigerian government as weak in terms of cutting wasteful expenditures.

According to the World Bank’s Nigeria Development Update seen by SaharaReporters, the global financial institution said the current administration led by President Bola Tinubu must start “cutting wasteful expenditures that are not essential such as purchase of vehicles, external training, among others”.

Reports of how the Tinubu-led administration spent billions on purchase of SUVs had made the rounds.

For instance it was reported that the Tinubu administration spent N9.2billion in three months to purchase State House vehicles.

Another report had noted how the Tinubu-led government paid N250 million for decorations within five days for First Lady events.

The Tinubu government also spent another sum of N14 billion on renovations, honorariums and purchase of forex despite the economic hardship facing the country.

There have been concerns over financial transparency and accountability by the Tinubu-led administration especially with management of the country’s stated scarce resource as a point of concern.

Recently, the Tinubu administration bought a Presidential jet quoted to cost N150 billion.

This development is even as Nigeria continues to lament scarce resources, banking on loans to fund its deficit and in the process incurring high debt servicing figures.

World Bank’s Nigeria Development Update

The Senior Vice President of the World Bank, Indermit Gill, had recently said the President Bola Tinubu-led Nigerian government must sustain the current economic “reforms” for “at least another 10 to 15 years to transform its economy.”

He had spoken at the 30th Nigerian Economic Summit in Abuja on October 14, and also attracted discontentment from several quarters in the country.

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