Investor Presentaiton

However, this growth is mostly driven by federal financing, not by IGR 2014 2018 Cash Inflows (Bn NGN) +2% CAGR 110 102 96 13 23 -23% -21% 80 81 1% IGR 40 25 9 17% 15 39 6 11 11 Others (incl. bailouts) 10 46 Loans 46 34 Paris Club (Federal Refund) Statutory Allocation (FAAC) VAT 35 26 11 Tax Revenue 6 88 2014 2015 11 10 8 9 11 13 2016 2017 2018 90 Federal 0% 1. Federal refund of Paris Club debt-servicing state contribution due to Paris Club loan forgiveness Source: Plateau State Financials 115 Copyright 2019 by Boston Consulting Group. All rights reserved.

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