Investor Presentaiton

SA 4.0 An Appraisal of the FGN Budget.../3 Deficit, Financing & Critical Ratios 2017 2018 2019 FISCAL ITEMS Budget Budget Budget AMOUNT AVAILABLE FOR FGN BUDGET 5,084.40 7,165.87 6,998.49 TOTAL FGN BUDGET (Excluding GOES Budget & Project-tied 7,441.18 9,120.33 8,916.96 Fiscal Deficit (excluding GOES Budget and Project-tied Loans) -1,954.46 -1,918.48 GDP 107,958.33 113,088.88 139,811.51 DEFICIT/GDP (2.18%) (1.73%) (1.37%) ADDITIONAL FINANCING a Sales of Government Property 25.00 b Privatization Proceeds 10.00 с Non-Oil Asset Sales 306.00 5.00 210.00 d Multi-lateral/Bi-lateral Project-tied Loans 92.84 e New Borrowings 2,321.77 1,643.46 1,605.64 Domestic Borrowing 1,254.27 793.79 802.82 Foreign Borrowing 1,067.50 849.67 802.82 ☐ Over the three years, average achievement of projected revenues was under 60%, while expenditures averaged 80% of budget. 15

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