BREAKING: World Bank Condemns Tinubu’s Wasteful Spending Amidst Nigeria's Economic Hardship, Advices For Urgent Financial Reforms

The World Bank has raised serious concerns about wasteful spending by the Nigerian government under President Bola Tinubu, describing it as a key contributor to the country's economic woes. In its latest Nigeria Development Update, the global financial institution expressed deep dissatisfaction with the government's financial management, urging greater transparency and accountability.

A key area of concern is the administration’s extravagant spending on non-essential items, even as Nigeria grapples with widespread economic challenges. The report highlighted the allocation of billions to luxury purchases, including a staggering N9.2 billion spent on State House vehicles within three months. Another N250 million was reportedly spent on event decorations for the First Lady in just five days, while additional billions went towards renovations, honorariums, and forex acquisitions.

Perhaps most alarming was the purchase of a new presidential jet, costing the nation N150 billion, at a time when Nigeria's economy is struggling with rising debt and inflation. Such lavish expenditures have drawn widespread public criticism, as citizens face increasing hardship and the government continues to rely on loans to cover budget deficits.

The World Bank called for a drastic reduction in unnecessary spending and stressed the importance of implementing long-term economic reforms to stabilize the country. Indermit Gill, the World Bank's Senior Vice President, emphasized that meaningful transformation would require sustained reforms for at least another decade.

Gill made these comments during the 30th Nigerian Economic Summit in Abuja, where he stressed the urgency of addressing the country's ballooning debt and ensuring fiscal discipline.