Nigeria Fears Fiscal Crisis as Debts Take Big Slice of Revenue
- State spends more money servicing debts than on education
- Nigeria faces a dilemma of rising population, slow GDP growth
Pedestrians walk on a street in the business district in Lagos, Nigeria.
Photographer: George Osodi/BloombergThis article is for subscribers only.
Africa’s largest oil producer could run out of money if it doesn’t boost revenues urgently.
Nigeria’s President Muhammadu Buhari warned that the country could struggle to fund its expenses unless it’s able to raise the tax take after querying the revenue chief over poor collections. That could complicate Buhari’s efforts to turn around the economy, a mandate on which he was re-elected in February.