The World Bank has made a new revelation on Nigeria’s debt. It revealed that Nigeria used 96.3 per cent of its revenue generated in 2022 to service debt, saying that the constant fiscal deficit has aggravated the nation’s public debt stock.
This was according to the Macro Poverty Outlook for Nigeria: April 2023 brief released by the bank.
The fiscal position deteriorated. In 2022, the cost of the petrol subsidy increased from 0.7 per cent to 2.3 per cent GDP. Low non-oil revenues and high-interest payments compounded fiscal pressures.