Segun Sanni, the Chief Economist for Afenifere, has urged the Nigerian government to implement cost-cutting measures, asserting that the country is facing insolvency.
Sanni’s remarks came during his appearance in an interview on Wednesday, where he criticised the Federal Government, led by President Bola Tinubu, for its “lavish” spending.
Sanni argued that the Nigerian government needs to be transparent about the country’s financial situation. “Nigeria is indeed very broke, and we need to cut costs,” he said, expressing frustration with the government’s expenditure patterns.
The economist highlighted the disparity between the government’s extravagant spending and the economic hardships faced by the populace.
“A government that indulges in lavish spending cannot credibly claim that Nigeria is broke,” Sanni stated.
He questioned the allocation of funds, noting significant expenses such as ₦90 billion for hajj, ₦21 billion for a new vice president’s residence, and ₦40.6 billion for Aso Rock renovations, among others.
Sanni emphasised that while the government appears to be living comfortably, there seems to be little financial support directed towards addressing the needs of the Nigerian people.
