It is a recurring theme across many African countries that elections and the accompanying political uncertainties impact certain aspects of the economy, and Nigeria is not an exception.
Beyond project implementation delay, there is the issue of high government spending, which often leads to an elevated budget. In 2021, the budget had a total expenditure of N13.59tn, with a recurrent expenditure of N5.64tn. Capital expenditure was N4.13tn, while money budgeted for debt service was N3.32tn. There was a fiscal deficit of N5.2tn.
According to him, there was contempt for Nigerians among the political class and a higher number of political office holders were more concerned about themselves than the people. A senior lecturer in the Department of Economics, School of Management and Social Sciences, Pan-Atlantic University, Dr Olalekan Aworinde, also affirmed that the inflated budget was mainly due to the need to acquire more money for the purpose of elections.
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