"Nigeria faces a potential fiscal timebomb" - World Bank
The World bank is not happy with Nigeria’s economic managers. In a document titled ‘Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual'’, the Bank listed some issues it has with the managers, observing “business-as-usual” when the house is on fire, reports Nairametrics.
"Multiple exchange rates, trade restrictions, and financing of the public deficit by the Central Bank of Nigeria (CBN) continue to undermine the business environment. These policies augment long-standing weaknesses in revenue mobilization, foreign investment, human capital development, infrastructure investment, and governance.”
“Notably, during 2020 and 2021, when oil prices were much lower, the government lost an opportunity to address one of the primary sources of fiscal vulnerability by choosing to maintain the subsidy for premium motor spirit, more commonly known as petrol—a subsidy that is unique, opaque, costly, unsustainable, harmful, and unfair.”
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“Due to the petrol subsidy and low oil production, Nigeria faces a potential fiscal timebomb.”