World Bank has revealed that Nigeria spends 96.3 percent of government revenue on servicing debt in 2022.

The global financial institutions stated this Macro Poverty Outlook for Nigeria: April 2023 brief released on Friday, April 13, 2023.

According to the report, the fiscal deficit breached the stipulated limit for the federal fiscal deficit, Punch reports.

As reported by LEGIT.NG, part of the report reads: “The fiscal position deteriorated. In 2022, the cost of the petrol subsidy increased from 0.7 per cent to 2.3 per cent GDP.Information Guide Nigeria

“Low non-oil revenues and high-interest payments compounded fiscal pressures. The fiscal deficit was estimated at 5.0 per cent of GDP in 2022, breaching the stipulated limit for federal fiscal deficit of 3 per cent.

“This has kept the public debt stock at over 38 per cent of GDP and pushed the debt service to revenue ratio from 83.2 per cent in 2021 to 96.3 per cent in 2022.”

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According to LEGIT.NG, World Bank revealed that about 13 million Nigerians would become poor between 2019 and 2025. It noted:

“Nigeria’s economic situation has worsened since the late 2021 global oil price boom, making it more fragile. The shortage of cash in the context of the Naira redesign has further impacted growth and poverty reduction.NYSC Portal

“The economy is expected to experience a modest growth rate of 2.9% annually from 2023 to 2025, which is only slightly higher than the population growth rate of 2.4%.JAMB Result

“The growth will be mainly driven by the service, trade, and manufacturing sectors. However, the production of oil is likely to remain low due to insecurity and inefficiencies.

“In the baseline projection, due to Nigeria’s population growth exceeding poverty reduction efforts and high inflation rates, the number of Nigerians living below the national poverty line is expected to increase by 13 million between 2019 and 2025.”

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