The Independent Media and Policy Initiative (IMPI) has stated that Nigeria has recorded its highest level of capital spending in decades under President Bola Tinubu, estimating expenditure at about $8 billion within a single fiscal cycle.
In a policy assessment, the think tank said no administration since 1999 had matched the scale of capital allocation recently achieved, noting that sustained underinvestment over the years has deepened the country’s infrastructure gap.
IMPI explained that the level of spending reflects a shift in fiscal priorities, as successive governments have struggled to balance recurrent expenditure with long-term investment in roads, power, rail, healthcare and education.
The group further noted that Nigeria would require significantly higher annual infrastructure funding over the next decade to close its development deficit, placing estimated needs at about $14 billion per year.
It also reviewed past budget performance, arguing that implementation rates for capital projects have historically been below target, especially during periods of economic volatility and oil revenue fluctuations.
According to the statement, the current administration has increased infrastructure funding through expanded borrowing and revised budget priorities, with a stronger emphasis on capital projects compared with earlier fiscal years.
IMPI added that improved capital allocation is being positioned as a tool for economic growth, job creation and increased productivity, particularly if implementation levels are sustained over time.
The think tank also highlighted recent fiscal frameworks that allocate a substantial share of national expenditure to development funding, describing the trend as a structural shift in Nigeria’s budget strategy.
