Investor Presentaiton
Revenues remained below 7 percent of GDP (one of the
lowest globally) despite the boost in non-oil revenues ...
DETERIORATING FISCAL SITUATION PRIOR TO THE PMS SUBSIDY REFORM
Despite some improvement in non-oil revenues, fiscal and therefore debt dynamics were worsening rapidly
...which led to interest costs surging, crowding out
other spending such as capital expenditure
Percent of GDP
Percent of GDP
5.0
4.7
9.0
4.5
8.0
Capital
expenditure
4.0
7.0
3.4
3.5
3.3 3.3
Non-oil
2.9
6.0
4.6
4.4
5.0
4.7
4.5
5.1
3.0
revenue
2.6
2.6
2.5
2.3
2.8
2.0 2.1
1.9
1.9
2.0
4.0
1.5
1.3
3.0
1.0
1.6
1.5
Interest
payments
2.0
3.6
0.5
3.0
Oil
1.0
2.0
2.0
1.8
0.0
revenue
2015 2016 2017 2018 2019 2020 2021 2022
0.0
2018
2019
2020
Sources: BOF and OAGF
2021
2022
Sources: CBN and OAGF and World Bank estimates
NIGERIA
THE WORLD BANK
IBRD ⚫IDA | WORLD BANK GROUP
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