Report
EUR 34.20 For Business Accounts Only

Nigeria Federal government budget deficit above target in Q1


  • Total federation revenue fell 35% below budget target as both oil and non-oil revenue underperformed
  • Oil revenue rose 23% y/y in Q1 as oil prices rose and oil output recovered due to ceasefire agreement in Niger Delta
  • The central bank data show that capital spending was on target, which is very surprising and future revisions are possible
  • Using the central bank data, we estimate the 4-quarter running rolling balance at 2.7% of GDP


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CEEMarketWatch
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