Nigeria My Country
After an initial lag in 1973 and 1974, when large surpluses were saved and invested abroad, consolidated public expenditure accelerated rapidly: by 1976 it absorbed the entire oil windfall (Figure 2). By 1977 combined federation and states capital expenditure increased six fold over their 1970 level. Public capital expenditure accelerated so strongly that it alone accounted for the spending of more than half of the […]