Nigeria may not be broke yet, but it is well on its way. Africa’s largest economy has a worrisome revenue crisis that has compounded budget deficits, hampering its ability to support expenditure and debt servicing.

On July 21, Finance Minister Zainab Ahmed said debt servicing, for the first time, surpassed revenue between January and April – a clear signal of the government’s gross revenue shortfall, amid growing debt stock, which currently stands at N41.60 trillion, about $100.07 billion.

The government insists the debts are relatively low, compared to the GDP. Pundits believe otherwise. The International Monetary Fund, IMF has repeatedly warned that despite the low debt to GDP ratio, the revenue challenges make debt servicing unsustainable.

Only last month, the Fund warned that debt servicing might take all of Nigeria’s revenue by 2026. The chicken may have come home to roost, much earlier than expected.

Read more>>> https://nigeriatodaynews.com/nigerias-empty-cookie-jar-africas-largest-economy-faces-its-worst-revenue-crisis/

Buhari has succeeded in destroying this country beyond redemption.