{"id":63028,"date":"2021-07-27T13:38:11","date_gmt":"2021-07-27T12:38:11","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=63028"},"modified":"2021-07-27T13:38:11","modified_gmt":"2021-07-27T12:38:11","slug":"world-bank-nigerias-revenue-to-gdp-ratio-lowest-in-the-world","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/07\/27\/world-bank-nigerias-revenue-to-gdp-ratio-lowest-in-the-world\/","title":{"rendered":"World Bank: Nigeria&#8217;s revenue to GDP ratio lowest in the world"},"content":{"rendered":"<p>The World Bank has disclosed that Nigeria&#8217;s revenue to gross domestic product (GDP) ratio is the lowest in the world.<\/p>\n<p>This disclosure was made on Monday by the bank&#8217;s country director for Nigeria, Shubham Chaudhuri at<span data-preserver-spaces=\"true\">\u00a0a virtual public sector seminar organised by the Lagos Business School (LBS).<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The webinar was themed \u2018Nigeria in Challenging Times; Imperatives for a Cohesive National Development Agenda\u2019.<\/span><\/p>\n<p>Recall that the federal government last year spent N3.10 trillion on debt servicing\u00a0<span data-preserver-spaces=\"true\">for the 11 months (January- November) 2020, out of N3.48 trillion retained revenue for the same period.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This represented 89 percent of its revenue.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In its 2022-2024 medium-term expenditure framework and fiscal strategy paper (MTEF &amp; FSP), the budget office of the federation also projected to spend N48 out of every N100 revenue to repay debt<\/span><span data-preserver-spaces=\"true\">\u00a0in the next four years.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to Chaudhuri, Nigeria\u2019s basic economic agenda is about diversification away from oil because oil has been like a <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/10\/ngige-buharis-govt-has-done-more-projects-despite-lean-resources\/\">resource<\/a> curse for the country in multiple dimensions.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cNigeria is a country with tremendous potential. If you look at the synopsis for this panel, it suggests that Nigeria is at a critical juncture \u2013 almost at the moment of crisis,\u201d Chaudhuri said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cDespite all of that, Nigeria is still the largest economy in Africa. So, just think about the potential that Nigeria has because of its natural resources, but more than that, because of its dynamism and all of its population. Nigerians are more entrepreneurial by nature.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cNo country has become prosperous and realised its potential, eliminated poverty without doing two simple things: investing in its people, and unleashing the power of the private sector in creating jobs by investing and growing business. And then, of course, the basic function of the state is to provide security and law and order.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He explained that investing in people entails provision of basic services, basic education, primary healthcare, nutrition, among others.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOn this, Nigeria at the moment ranks sixth from the bottom in terms of the human capital index that we produce every year,\u201d he added.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cSo, obviously, there is a huge agenda in terms of investing in human capital. Nigeria spends more on premium motor spirit ( PMS) subsidy than it does on primary healthcare in a year, and we know who the PMS subsidy is benefitting.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The country director noted that despite the country\u2019s huge potential to attract private capital, the non-oil sector is not growing robustly \u2013 and not generating enough revenues to cater for the government\u2019s needs.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He emphasised the need for private investment for the country to realise its potential, but added that the private sector in the country \u201cis struggling to breathe\u201d.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cSo, we see as priorities investments in human capital. But for that, one needs revenues. And there again, Nigeria, unfortunately, has the distinction of having about the lowest revenue-to-GDP ratio in the world,\u201d Chaudhuri said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe standard rule of thumb is that for the government to provide the basic services and law and order, it needs between 15 to 20 percent of GDP as being revenue, and this will be both at the federal and state levels combined.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn Nigeria, it was eight percent in 2019. In 2020, in the middle of the COVID-19 crisis and with the fall in oil prices, that went down to about between five and six percent.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cSo, domestic revenue mobilisation is huge. And then the third is enabling the space for private investment. You have to fix the power problem. Power is like the oxygen of an economy. In Nigeria, the private sector is struggling to breathe.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Speaking at the event, Zainab Ahmed, minister of finance, budget and national planning, described the country\u2019s revenue situation as very weak.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She said the government is concerned about the issues of insecurity, poverty and unemployment in the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cBut there is also one issue, and that is the lack of revenue to be able to do as much as we want. But maybe we would be able to do if we all realise that the revenue situation in the economy is very weak. It is fragile,\u201d Ahmed explained.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhatever we can get, maybe there is a way we can come together to make sure that we are able to reprioritise what we spend this money so that we can then meet our national priorities.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The World Bank has disclosed that Nigeria&#8217;s revenue to gross domestic product (GDP) ratio is the lowest in the world. This disclosure was made on Monday by the bank&#8217;s country director for Nigeria, Shubham Chaudhuri at\u00a0a virtual public sector seminar organised by the Lagos Business School (LBS). The webinar was themed \u2018Nigeria in Challenging Times; [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":63030,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[37],"tags":[6575,14264,14263,4522],"class_list":["post-63028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-gross-domestic-product-gdp","tag-lagos-business-school","tag-pms-subsidy","tag-world-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>World Bank: Nigeria&#039;s revenue to GDP ratio lowest in the world<\/title>\n<meta name=\"description\" content=\"The World Bank has disclosed that Nigeria&#039;s revenue to gross domestic product (GDP) ratio is the lowest in the world.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/07\/27\/world-bank-nigerias-revenue-to-gdp-ratio-lowest-in-the-world\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank: Nigeria&#039;s revenue to GDP ratio lowest in the world\" \/>\n<meta property=\"og:description\" content=\"The World Bank has disclosed that Nigeria&#039;s revenue to gross domestic product (GDP) ratio is the lowest in the world. 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