Fiscal Challenges: States In Nigeria Groan Under Heavy Debt, Declining Revenue Allocation - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (A.M)
July 27, 2022
Nigeria earns its biggest revenue from crude oil, but it has paid N2.1tn in
the first six months of the year and could pay another N4tn by the end of the year, according to the International Monetary Fund estimates.
The situation is worsened by declining oil production and theft.
Oil production fell to 1.2 million barrels per day in April 2022 from 1.238
million barrels in March, according to OPEC Monthly Oil Market Report.
This is far from the oil benchmark of 1.88 million barrels per day in the 2022 budget.
Latest data from the Central bank of Nigeria also showed that States debts have increased to N1.24 trillion from just over N14 billion in April 2016.