Good Morning Nigeria 17 December 2015: MTEF: financing the deficit
​MTEF: financing the deficit
In our third commentary on the 2016-18 Medium Term Expenditure Framework, we find that concerns about the projected N2.22trn (US$11.17bn) deficit for 2016 are overstated. The forecast would represent 2.2% of estimated GDP, and so fall within the 3% threshold set in the Fiscal Responsibility Act. We are confident that the new administration would be prudent in the event of marked underperformance on non-oil revenue collection. It has pledged to make its social investment in stages, as and when resources permit.​
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