Investor Presentaiton

IMPACTS: PUBLIC EXTERNAL DEBT IS EXPECTED TO INCREASE DUE TO VALUATION EFFECTS, BUT WILL NOW BE ON A STABLE PATH Despite the increase in external debt, the improvement in nominal revenues is expected to reduce total borrowing Public debt without the subsidy removal and FX reforms would have been higher due to increasing CBN financing Percent of GDP Public debt without 50 Public debt subsidy removal 48 49 46 46 46 45 and FX reforms 40 40 40 60 30 20 20 10 0 NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 2022 2023 2024 2025 Sources: DMO, CBN, and World Bank estimates 25 55

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