The International Monetary Fund has warned the total expenditure on subsidy might hit a record N6 trillion mark by the end of the year with Nigeria’s fuel subsidy payout averaging N500 billion monthly.
According to IMF, the macro-fiscal stress test it conducted on the country showed that interest payments on debts in the country could amount to Nigeria using 100 per cent of its revenue to service debts by 2026 if not closely monitored.
The Representative of IMF in Nigeria, Ari Aisen revealed this while presenting the latest Sub-Saharan Africa Regional Economic Outlook, in Abuja.
He also revealed that Nigeria received a total of $6.8 billion facilities from the IMF following the outbreak of the COVID-19 pandemic in 2020
