Investor Presentaiton

REMOVING THE PETROL SUBSIDY HELPS NIGERIA AVOID A FISCAL CLIFF AND EASES DEBT SUSTAINABILITY RISKS Percent of GDP -2.0 -2.5 Average fiscal deficit 2015-2019: 3.9 percent of GDP -3.0 -3.2 -3.5 -3.6 -3.8 -4.1 -4.0 -4.5 -5.0 Fiscal deficit after the subsidy removal -4.0 -4.0 -4.6 -5.0 -5.1 -5.1 -5.5 -6.0 -6.5 -7.0 2015 2016 2017 2018 2019 2020 -6.6 -6.4 -6.8 -6.8 No subsidy removal 2021 2022 2023 2024 2025 NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP Source: World Bank estimates based on BOF, DMO, OAGF, and NNPC. 17

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