Economists Lambast Lavish Spending Of Nigerian Leaders

Nigerian political office-holders have been scolded for spending public funds on frivolities.

This comes as the World Bank recently accused most Nigerian leaders of raising the cost of governance too high.

According to the World Bank, most of the ventures the country’s leaders enter into have no economic value.

A political economist and research analyst, Dr Chukwuma Okoli, who aligns with the World Bank, said the expenditure patterns of the president down to the state governors were targeted at their personal satisfaction.

“The worry is that people don’t see good governance in sight. In other climes, the masses ought to be the principal, but in our case, the people with the masses’ mandates are the ones holding the masses ransom,” Okoli said.

He added, “They lavishly spend public funds to buy SUVs, and private jets, renovate houses, and embark on trips with no economic impacts. These expenses translate to a high cost of governance.

“Ideally, our reforms should impact on the living standards of the people. Unfortunately, the funds they spend are borrowed and taxes are extracted from the people.

“The funds are also sourced from subsidy removal, which is a means of reducing government responsibilities.”

In his opinion, an ex-banker, Mr Rowland Anichie, said Nigerians should learn to live with the purposeless spending styles of their leaders. According to him, “This administration is already set in motion. Our leaders prioritise spending on what does not benefit anybody.

“Our debts are beyond our revenue. We borrow at the rate of about 7.1% interest rate, but our growth rate is below 3%, which is a depressed growth. Nigerians should wait till 2027 to speak with their ballot papers.

“What is happening at the federal level is also being replicated at state levels. It is even worse because there are no checks and balances as many governors have made state assembly members their appendages.”

He said with the lavishing culture of the nation’s leaders, Nigeria’s middle class is being extinguished, adding that in an ideal society, “it is the middle class that sustains the economy”.