NIGERIA WOULD SPEND 96.3 PERCENT OF ITS REVENUE ON DEBT SERVICING - WORLD BANK

In 2022, Nigeria would spend 96.3 percent of its revenue on debt servicing, according to the World Bank.

According to the World Bank in Washington, Nigeria has spent 96.3 percent of its 2022 earnings on debt servicing.

This was revealed in the World Bank's recent Macro Poverty Forecast for Nigeria: April 2023.

According to the Debt Management Office, Nigeria's entire debt stock would reach N44.6 trillion in December 2022.

"This has continued the public debt stock at over 38 per cent of GDP and pushed the debt service to revenue ratio from 83.2 per cent in 2021 to 96.3 per cent in 2022," it read.

According to the analysis, Nigeria's fiscal position will deteriorate in 2022, causing the country's petrol subsidy to rise from 0.7% to 2.3% of GDP.

Financial analysts had criticized the government's borrowing policy in light of the country's mounting debt.

Yet, the allegation comes as President Muhammadu Buhari's administration considers eliminating fuel subsidies before June of this year.