The Chief Economist of Afenifere, Segun Sanni, has called on the Nigerian government to cut back on its spending, criticizing what he described as “lavish” expenditures by the President Bola Tinubu-led Federal Government.
Speaking on a live television programme on Wednesday, Sanni emphasized that Nigeria is facing serious financial troubles and needs to adjust its spending accordingly.
“The people of Nigeria would understand better if the government can come clean with us. Nigeria is indeed very broke. We need to cut costs,” Sanni said.
Sanni criticized the high salaries of government officials and other extravagant expenses, arguing that these do not reflect the country’s economic challenges.
He stated, “We are spending lavishly. A government that is spending lavishly and living large cannot tell Nigerians that Nigeria is broke. We are indeed broke, but our government is not using our resources on itself as if we are indeed broke.”
Highlighting some of the government’s expenditures, Sanni noted, “The Federal Government is spending N90 billion on Hajj, N21 billion on a new vice president’s lodge, N40.6 billion in this year’s budget to renovate Aso Rock, and the rest of it we hear. We hear all these scandalous figures being mentioned, but how much of it is being spent on the people?”
Sanni also criticized the Nigerian National Petroleum Corporation, describing it as “the most corrupt, opaque, and inefficient organization in the world.”
He said, “NNPC is more or less a salesman. We have an arrangement in place where NNPC collects our money after selling the oil and spends it the way it likes without any monitoring, oversight, or supervision. Those expenses of NNPC that nobody has monitored are what Nigerians are being called on to bear.”
Offering a solution to Nigeria’s economic problems, Sanni called for more responsible spending by the government, with a focus on accountability at all levels.
“The government of the country should be in an austerity mode whereby every dollar or naira we make is judiciously spent. There has to be more judicious spending of our money across all levels of government,” he concluded.
