96% of Nigeria’s revenue spent on debt servicing in 2022 – World Bank

Nigeria spends 96.3 percent of revenue on debt servicing in 2022 from 83.2 percent in 2021 which shows how the fiscal deficit has worsened the nation’s public debt stock, the World Bank has said.

The World Bank said in its Macro Poverty Outlook for Nigeria: April 2023 report that in 2022, the cost of the petrol subsidy increased from 0.7 percent to 2.3 percent GDP. Low non-oil revenues and high interest payments compounded fiscal pressures.

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