Nigeria’s capital expenditure for the first half of 2024 has declined by 25.3 per cent to N1.99tn, down from N2.68tn in the corresponding period last year.
The PUNCH observed that this decline occurred despite the government operating four budgets concurrently.
An analysis of data from the Central Bank of Nigeria’s statistical bulletin shows a shift in spending priorities towards recurrent costs and debt servicing, raising concerns over the long-term impact on economic development.
A month-by-month comparison reveals inconsistent spending patterns in 2024. CAPEX began with zero allocation in January 2024, compared to N379.1bn in January 2023, suggesting a sluggish start to the fiscal year.
Nigeria’s capital expenditure for the first half of 2024 has declined by 25.3 per cent to N1.99tn, down from N2.68tn in the corresponding period last year.
The PUNCH observed that this decline occurred despite the government operating four budgets concurrently. An analysis of data from the Central Bank of Nigeria’s statistical bulletin shows a shift in spending priorities towards recurrent costs and debt servicing, raising concerns over the long-term impact on economic development.
