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Vol 63 No 23

Published 17th November 2022


Spend, spend, spend

Government borrowing has been soaring, and loans from the central bank are many times over the statutory limit

Lower tax revenues due to plummeting recorded crude oil output, coupled with several expansionary budgets, mean that Nigerian government borrowing has been rocketing as the country heads for elections next February. The ruling All Progressives Congress, which controls the executive, both houses in the National Assembly and two-thirds of the state governments, wants to show that its version of command economics can deliver some dividends to the electorate.

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