Senator representing Bayelsa East Senatorial district in the National Assembly Ben Murray-Bruce says Nigeria must find creative ways to drastically reduce recurrent expenditure if the country must grow.
In one of his usual series of tweets on governance, the businessman turned politician noted that no country does well by spending too much on recurrent expenditure.
“One thing the 20 largest economies of the world have in common is that they spend at least 50% on capital expenditure & little on recurrent,” he tweeted.
“One thing the least growing economies of the world have in common is that they spend more on recurrent expenditure and less on capital.”
He lamented the state of the country’s economy which made JPMorgan drop Nigeria from its ratings last month. Barclays has also said it will consult with its index users on whether Nigeria’s sovereign debt should remain in its emerging market local currency government bond benchmark.
The Senator, therefore, urged the administration of President Muhammadu Buhari to constitute an economic team as a matter of urgency.