Nigeria's Budget Growth and the Need for Smart Spending

The article highlights Nigeria's federal budget, which rose to ₦21.83 trillion in 2023 and is expected to reach ₦54.99 trillion by 2025, alongside significant state budget increases, such as Lagos State's jump from ₦1.26 trillion in 2021 to ₦3.37 trillion in 2025. Despite these increases, issues like poor infrastructure, inadequate power supply, and overstretched healthcare systems persist, as noted by economist Prof. Chiwuik Uba.

He argues that the core issue is not the budget size but the financial management and execution of resources. Uba advocates for Nigeria to adopt a smarter financial model, prioritizing results and fiscal discipline.

He references the European Union's Global Gateway initiative, which combines grants, loans, and private investments to achieve development goals. Uba emphasizes that Nigeria must mobilize $400 billion globally by 2027, with $150 billion earmarked for Africa, to improve infrastructure and economic conditions, warning against needless borrowing without resource management.