The World Bank says Nigeria’s constant fiscal deficit has worsened the nation’s public debt stock, with 96.3 percent of government revenue spent on servicing debt in 2022.
This was according to the Macro Poverty Outlook for Nigeria: April 2023 brief released by the bank.
The report read in part, “The fiscal position deteriorated. In 2022, the cost of the petrol subsidy increased from 0.7 percent to 2.3 percent of GDP. Low non-oil revenues and high-interest
