Nigeria’s Constant Fiscal Deficit Worsens

The World Bank has revealed that Nigeria’s constant fiscal deficit has worsened the nation’s public debt stock, with 96.3 per cent of government revenue spent on servicing debt in 2022.

According to the Macro Poverty Outlook, in 2022, the cost of the petrol subsidy increased from 0.7 per cent to 2.3 per cent GDP.

It added that the fiscal deficit was estimated at 5.0 per cent of GDP in 2022, breaching the stipulated limit for federal fiscal deficit of 3 per cent.