Nigeria’s debt service-to-revenue ratio hits 4-year low.

Nigeria’s debt service-to-revenue ratio dropped to the lowest in four years for the first nine months of 2023 largely on the back of the federal government reforms, a BusinessDay analysis shows. Data from the Budget Office of the Federation shows that debt servicing bill in Africa’s biggest economy gulped 66.9 percent (N5.79 trillion) of total revenue of N8.65 trillion in the first nine months, lower than 99.3 percent (N4.23 trillion) in the same period of 2022. Experts say the fuel subsidy removal and the unification of all segments of the foreign exchange market, which have increased revenue inflows for the government, have also improved the fiscal space and the allocation of more funds for capital projects to boost economic growth. To read further, click HERE.

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