FG accused of being insensitive Critics, claim that cutting the expense of government is just rhetoric.
The Federal Government allegedly proposed spending 16 billion to buy automobiles for the recently confirmed ministers, and Nigerians have denounced the plan.
The news that each of the ministers will receive up to three SUVs for both work and personal use last week flooded social and some traditional media.
The purported decision to spend the enormous sum is in defiance of the widespread calls for a leaner government and a reduction in the cost of running a country.
The 48-member cabinet that President Bola Ahmed Tinubu recently unveiled is the largest since 1984.
Tens of billions of naira will need to be paid by tax payers, as is customary in Nigeria, to pay and transport the new ministers. To enable them to commute to work "securely" and in that very distinctly Nigerian luxury, each minister would certainly receive three to four brand-new cars, as was the case in the past.
The president's expanding circle of special advisers and special assistants will likewise require additional billions of naira in funding.
It was revealed in July that the National Assembly intended to spend a staggering N40 billion on 465 luxurious and armored automobiles for its members and top staff.
Each serving senator received a minimum allowance of N2 million earlier this month before beginning a seven-week vacation. Just over a month has passed since their meeting; their vacation is approaching.
The senators received a total of N218 million in compensation, with N2 million given to each for enjoyment of the vacation.
Godswill Akpabio, the president of the Nigerian Senate, announced to senators on live television that money had been credited to their accounts so they may enjoy the holidays.
After reviewing and approving the ministerial nominations, he added, "A token has been issued to our various accounts by the Clerk of the National Assembly to enable all of us to enjoy our holidays.
The Senate president was instantly made aware that he was speaking on live television by his fellow senators.
Realizing the gravity of his comments, he promptly announced their withdrawal and revised them to imply that the Senate president had sent prayers to the senators' mailboxes.
Nigeria's legislature has an infamous track record of looting money from taxpayers and the institutions they oversee.
The $2 million each legislator received is unlawful because their compensation package does not account for the "token" payment.
For Nigeria's economy to survive, fuel subsidies had to be eliminated. What price did our political elite pay for doing it? Government expenses are too expensive. Former deputy governor of the Central Bank of Nigeria and founder and president of IGET, Kingsley Moghalu, recently tweeted.
Nigeria invests only $220 per Nigerian year, according to the World Bank, which is one of the lowest levels of spending in the world at just 12% of GDP, while having enormous development needs.
Sadly, low public spending leads to subpar development results. According to the World Bank's Human Capital Index, the nation is one of the eight economies with the lowest human capital in the world, coming in at position 167 out of 174. As a result, a Nigerian child born today will only be 36% as productive as he or she could be if they had access to quality healthcare and education. The country would need to invest $ 3 trillion by 2050 to supply all the infrastructure the economy need to reach its full potential. In addition, infrastructure needs continue to be very high.
Nigeria has neglected its revenue problem by ramping up its ongoing spending. However, despite increasing governance costs, this has not had an influence on the economy, according to Lekan Ademola, a Lagos-based asset manager.