Nigeria: Fiscal Policy and Economic Policy Coordination at a Crossroads

There’s a paradox in an oil-producing country struggling with macroeconomic performance at a time when oil prices are generally high. In Nigeria, this paradox largely reflects lower oil production, higher fuel subsidies, and underlying macro-structural challenges. Real GDP growth fell to 2 percent during the third quarter of 2022, and year-on-year inflation reached 21 percent in October, with food inflation at nearly 24 percent. About 63 percent of Nigeria’s population is multidimensionally poor, and Nigeria’s debt service-to-revenue ratio at the federal government level reached 83 percent during the first eight months of 2022. In short, the country is facing significant fiscal-macroeconomic challenges, with implications for both current and future administrations.

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