DSpace Collection:http://ngfrepository.org.ng:8080/jspui/handle/123456789/11522024-03-29T15:14:36Z2024-03-29T15:14:36ZAFRICA’S RISING DEBT: IMPLICATIONS FOR DEVELOPMENT FINANCEDavid Nabenahttp://ngfrepository.org.ng:8080/jspui/handle/123456789/11532021-04-13T15:19:59Z2018-08-16T00:00:00ZTitle: AFRICA’S RISING DEBT: IMPLICATIONS FOR DEVELOPMENT FINANCE
Authors: David Nabena
Abstract: Managing revenue volatility and achieving fiscal independence has always been challenging for successive governments in Nigeria.
Rapidly changing fiscal environment at the sub-national level.
Supply Side
2014 oil price collapse
Revenue from oil declining by over 40 percent: States FAAC Allocation – N3.1 trillion (2013), N2.7 trillion (2014) - N2 trillion (2015) – N1.6 trillion (2016).
Mild recovery in 2017 (N2.1 trillion)
Impact
Shocks in public spending and fiscal consolidation with budgets and expenditure plans barely adjusting
Servicing basic obligations such as salaries and pensions became challenging
Limited funds for infrastructure financing
States became major debtors - debt stock and debt servicing rising2018-08-16T00:00:00Z