Nigeria slashes revenue target following previous missed goals

Nigeria lowered its revenue target for 2019 after missing its goals by wider margins in each of the past three years. Higher crude prices and plans to sell stakes in joint ventures with international oil companies could boost income and reduce a shortfall that has seen the government of Africa’s most-populous nation borrow more to meet its obligations. A 67 percent increase in minimum wages, together with a reluctance to cut fuel subsidies and raise consumption taxes, could see the gap widen further.

 

Source: Bloomberg

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