Index to Nigerian Newspapers

The Federal Government of Nigeria spent only twenty percent of its total budget on capital projects in 2024, leaving critical infrastructure largely underfunded while recurrent costs consumed sixty-five percent of the finances. Research from Agusto and Company indicates that the nation faces a massive infrastructure deficit expected to hit 878 billion dollars by 2040. Although revenue increased, a widening 15.47 trillion naira shortfall forced the country to borrow heavily to fund operational costs, debt servicing, and growing public personnel salaries. Professor Adeola Adenikinju, President of the Nigerian Economic Society, warned that spending on debt servicing does not improve infrastructure or expand the economy, calling it a harsh consequence of past mismanagement. While President Bola Tinubu requested additional funds for infrastructure projects, parliamentary leaders like Senator Solomon Adeola and Representative Abubakar Bichi sharply criticized the slow release of capital project funding. Through communications shared by media adviser Kayode Odunaro, lawmakers urged the government to balance its spending ratio so citizens could actually benefit. To give ministries more time, the National Assembly extended the implementation of the 2024 capital budget, drawing criticism from financial experts who say managing two budgets simultaneously weakens fiscal accountability. In response to these financial constraints, Jobson Ewalefoh, the Director-General of the Infrastructure Concession Regulatory Commission, invited local and international private investors to explore public-private partnerships to help bridge the country's multi-trillion-dollar infrastructure gap.