$3tr Is Required To Bridge Nigeria’s Infrastructural Deficit – Yemi Osinbajo

Nigeria’s Vice President, Yemi Osinbajo has come out to say that 3 trillion dollars is needed to bridge the infrastructural deficit in Nigeria over the next 30 years.

He recently revealed this via his spokesman, Laolu Akande, and Nigerians have been reacting.

According to him, adopting new models of investments for infrastructural development in Nigeria is compulsory as depending on public expenditure alone is no longer sufficient to meet our needs.

He added that despite the government’s interventions over the years, Nigeria still battles a large infrastructural deficit which is hindering quick economic growth.

His words, “The Federal Government recognises this fact which is why we are considering other approaches to complement and boost financing for the development and maintenance of infrastructure in Nigeria.

“It is clear that this deficit can only be made up by private investment.

“Private sector is 92 per cent of GDP while the public sector is mere eight per cent; so, the synergy between the public and private sector through Public-Private Partnerships (PPP) is really the realistic solution.”

“The fact that only N2.49 trillion was appropriated for capital expenditure in 2020, reflects the importance of deliberate and pragmatic action to boost infrastructural spending.

“It seems to me to be quite clear that the financial outlay and management capability required for infrastructural development and service delivery outstrip the financial and technical resources available to government.

“In other words, the traditional method of building infrastructure through budgetary allocations is inadequate and set to become harder because of increasingly limited fiscal space.”