According to data from economic indicator provider Trading Economics, Nigeria’s military expenditure is expected to reach approximately $2 billion in 2023. The organization’s report, published on Monday, stated that military spending in Nigeria increased from $2.7 billion in 2020 to $4.5 billion in 2021, and is projected to remain around $2 billion in 2023 based on global macro models and analyst expectations. On average, military expenditure in Nigeria has been $1.2 billion per year since 1960, reaching a high of $4.5 billion in 2021 and a low of $23.4 million in 1960.

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Security expert Timothy Avele commented on the current administration’s spending on security, stating that while a significant budget has been allocated to the sector, there has been a lack of proper implementation and monitoring of the funds. Avele stated that the funding has been spent, but the results on the ground have indicated poor usage by those responsible, with no questions asked by those who should be holding them accountable. Avele gave the current administration a score of 35% for proper implementation and monitoring of the large budget allocated to security and defense.