The World Bank Country Director for Nigeria, Mr Shubham Chaudhuri, has said that public spending in the country is among the lowest globally.
He said this while making his keynote address at the annual banking and finance conference in Abuja on Tuesday.
His presentation noted that “Nigeria’s government expenditures are the lowest globally.”
According to Chaudhuri, “Public spending by the Nigerian government, both the federal and subnational levels, have been very low.”
He added that government spending is insufficient to close the infrastructure gap.
His presentation document read, “At the current rate of capital spending, it would take 300 years to close Nigeria’s infrastructure gap.”
The World Bank leader for Nigeria also noted that public investment spending in Nigeria lags those in other countries like Indonesia, Ghana, Egypt, and Kenya, and this has led to poor quality of and access to infrastructure.
