• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
Nigeria’s Revenue To GDP Ratio Lowest In The World- World Bank

Nigeria’s Revenue To GDP Ratio Lowest In The World- World Bank

4 years ago
South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

21 minutes ago
Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

12 hours ago
SA Wants Return of Citizens’ Bodies Who Died During Apartheid, Colonial-Era

SA Wants Return of Citizens’ Bodies Who Died During Apartheid, Colonial-Era

15 hours ago
Cameroon: Police Lay Siege At Opposition Leader’s Home

Cameroon: Police Lay Siege At Opposition Leader’s Home

16 hours ago
Fan Confirmed Dead During UEFA Nations League Final

Fan Confirmed Dead During UEFA Nations League Final

16 hours ago
Tuesday, June 10, 2025
  • About
  • Privacy Policy
Heritage Times
No Result
View All Result
Translate |
  • Login
  • Politics
    Cameroon: Police Lay Siege At Opposition Leader’s Home

    Cameroon: Police Lay Siege At Opposition Leader’s Home

    At Tanzania Summit, African Leaders Call For End To DRC Conflict

    Rwanda Exits Central African Regional Bloc Over Row With DRC

    SA: Top Official Of Jacob Zuma’s Party Sacked After Visiting Malawian Pastor Accused Of Fraud

    SA: Top Official Of Jacob Zuma’s Party Sacked After Visiting Malawian Pastor Accused Of Fraud

    Mongolia: After Weeks Of Demonstrations Over Family Lavish Lifestyles, PM Resigns

    Mongolia: After Weeks Of Demonstrations Over Family Lavish Lifestyles, PM Resigns

    Poland: Conservative Opposition Candidate Wins Presidential Election In Tight Race

    Poland: Conservative Opposition Candidate Wins Presidential Election In Tight Race

    Sudan’s New Prime Minister Disbands Caretaker Government

    Sudan’s New Prime Minister Disbands Caretaker Government

    Ivory Coast: Opposition Coalition Insists On Electoral Reforms Ahead Of Polls

    Ivory Coast: Opposition Coalition Insists On Electoral Reforms Ahead Of Polls

    Tanzania: Lawyers Seek UN Intervention Over Detention Of Opposition Leader

    Heritage Times Congratulates Dr. Sidi Ould Tah As President-Elect Of AfDB 

  • Economy
    Elon Musk Loses $34 Billion Amid Clash With Trump

    Elon Musk Loses $34 Billion Amid Clash With Trump

    World Bank Seeks Stronger, Results-Focused Partnerships For Africa’s Development

    World Bank Seeks Stronger, Results-Focused Partnerships For Africa’s Development

    Uganda: Museveni Holds Talks With Elon Musk’s Starlink Executive

    World Bank Lifts Loan Restriction Placed On Uganda Over Anti-Gay Legislation

    Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

    Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

    South Africa's Economy Stalls With 0.1% Growth As Structural Challenges Persist

    South Africa’s Economy Stalls With 0.1% Growth As Structural Challenges Persist

    UK Civil Servants Who Used AI Saved Two Weeks A Year, Study Shows

    UK Civil Servants Who Used AI Saved Two Weeks A Year, Study Shows

    Nigerian Govt Warns Popular Car Dealer Against Mocking Civil Servants’ Ability To Afford Luxury Cars

    Nigerian Govt Warns Popular Car Dealer Against Mocking Civil Servants’ Ability To Afford Luxury Cars

    Gabon: Former Coup Leader Sworn In As President

    Gabon To End Export Of Manganese By 2029, Import Of Chicken 2027

    Trump’s Tariffs Stay Active Following Appeals Court Ruling

    Trump’s Tariffs Stay Active Following Appeals Court Ruling

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    Cameroon: Police Lay Siege At Opposition Leader’s Home

    Cameroon: Police Lay Siege At Opposition Leader’s Home

    At Tanzania Summit, African Leaders Call For End To DRC Conflict

    Rwanda Exits Central African Regional Bloc Over Row With DRC

    SA: Top Official Of Jacob Zuma’s Party Sacked After Visiting Malawian Pastor Accused Of Fraud

    SA: Top Official Of Jacob Zuma’s Party Sacked After Visiting Malawian Pastor Accused Of Fraud

    Mongolia: After Weeks Of Demonstrations Over Family Lavish Lifestyles, PM Resigns

    Mongolia: After Weeks Of Demonstrations Over Family Lavish Lifestyles, PM Resigns

    Poland: Conservative Opposition Candidate Wins Presidential Election In Tight Race

    Poland: Conservative Opposition Candidate Wins Presidential Election In Tight Race

    Sudan’s New Prime Minister Disbands Caretaker Government

    Sudan’s New Prime Minister Disbands Caretaker Government

    Ivory Coast: Opposition Coalition Insists On Electoral Reforms Ahead Of Polls

    Ivory Coast: Opposition Coalition Insists On Electoral Reforms Ahead Of Polls

    Tanzania: Lawyers Seek UN Intervention Over Detention Of Opposition Leader

    Heritage Times Congratulates Dr. Sidi Ould Tah As President-Elect Of AfDB 

  • Economy
    Elon Musk Loses $34 Billion Amid Clash With Trump

    Elon Musk Loses $34 Billion Amid Clash With Trump

    World Bank Seeks Stronger, Results-Focused Partnerships For Africa’s Development

    World Bank Seeks Stronger, Results-Focused Partnerships For Africa’s Development

    Uganda: Museveni Holds Talks With Elon Musk’s Starlink Executive

    World Bank Lifts Loan Restriction Placed On Uganda Over Anti-Gay Legislation

    Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

    Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

    South Africa's Economy Stalls With 0.1% Growth As Structural Challenges Persist

    South Africa’s Economy Stalls With 0.1% Growth As Structural Challenges Persist

    UK Civil Servants Who Used AI Saved Two Weeks A Year, Study Shows

    UK Civil Servants Who Used AI Saved Two Weeks A Year, Study Shows

    Nigerian Govt Warns Popular Car Dealer Against Mocking Civil Servants’ Ability To Afford Luxury Cars

    Nigerian Govt Warns Popular Car Dealer Against Mocking Civil Servants’ Ability To Afford Luxury Cars

    Gabon: Former Coup Leader Sworn In As President

    Gabon To End Export Of Manganese By 2029, Import Of Chicken 2027

    Trump’s Tariffs Stay Active Following Appeals Court Ruling

    Trump’s Tariffs Stay Active Following Appeals Court Ruling

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
First with the News

Nigeria’s Revenue To GDP Ratio Lowest In The World- World Bank

July 27, 2021
in Economy, Top Stories
0
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

 

By Emmanuel Nduka

Relatedreading

South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

 

Nigeria’s revenue to Gross Domestic Product (GDP) ratio is the lowest in the world, the World Bank has said.

Shubham Chaudhuri, the bank’s Country Director for Nigeria, said during a panel session at a virtual public sector seminar organised by the Lagos Business School (LBS).

Last year, the Nigerian government spent N3.10 trillion on debt servicing for the 11 months (January- November) 2020, out of N3.48 trillion retained revenue for the same period.

This represented 89 percent of its revenue.

In its 2022-2024 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF & FSP), the budget office of the federation also projected to spend N48 out of every N100 revenue to repay debt in the next four years.

According to Chaudhuri, Nigeria’s basic economic agenda is about diversification away from oil, because oil has been like a resource curse for the country in multiple dimensions.

“Nigeria is a country with tremendous potential. If you look at the synopsis for this panel, it suggests that Nigeria is at a critical juncture – almost at the moment of crisis,” Chaudhuri said.

“Despite 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.

“No 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,” he added.

He explained that investing in people entails provision of basic services, basic education, primary healthcare, nutrition, among others.

“On this, Nigeria at the moment ranks sixth from the bottom in terms of the human capital index that we produce every year.

“So, 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,” he added.

The country director noted that despite the country’s huge potential to attract private capital, the non-oil sector is not growing robustly – and not generating enough revenues to cater for the government’s needs.

He emphasised the need for private investment for the country to realise its potential, but added that the private sector in the country “is struggling to breathe”.

“So, 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,” Chaudhuri said.

Tags: GDPShubham ChaudhuriWorld Bank
ShareTweetSend
Previous Post

Cases of Cholera In States Decreasing, Says NCDC

Next Post

Nigerian Govt To Host Exhibition, Trade Fair To commemorate Nigeria @60

Related Posts

South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

June 10, 2025
Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

June 9, 2025

SA Wants Return of Citizens’ Bodies Who Died During Apartheid, Colonial-Era

Cameroon: Police Lay Siege At Opposition Leader’s Home

Fan Confirmed Dead During UEFA Nations League Final

JUST IN: Yamal Fires Blank As Portugal Pip Spain To Win UEFA Nation League

Next Post
Nigerian Govt To Host Exhibition, Trade Fair To commemorate Nigeria @60

Nigerian Govt To Host Exhibition, Trade Fair To commemorate Nigeria @60

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2

Updates

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

June 10, 2025
Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

June 9, 2025
SA Wants Return of Citizens’ Bodies Who Died During Apartheid, Colonial-Era

SA Wants Return of Citizens’ Bodies Who Died During Apartheid, Colonial-Era

June 9, 2025
Cameroon: Police Lay Siege At Opposition Leader’s Home

Cameroon: Police Lay Siege At Opposition Leader’s Home

June 9, 2025
JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia
ADVERTISEMENT

Most Recent

South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

June 10, 2025

Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

June 9, 2025

SA Wants Return of Citizens’ Bodies Who Died During Apartheid, Colonial-Era

June 9, 2025

Cameroon: Police Lay Siege At Opposition Leader’s Home

June 9, 2025

Fan Confirmed Dead During UEFA Nations League Final

June 9, 2025

JUST IN: Yamal Fires Blank As Portugal Pip Spain To Win UEFA Nation League

June 8, 2025

A New Dawn for Rivers State

June 8, 2025

Again, Osimhen Turns Down Al-Hilal Offer

June 8, 2025

About

Heritage Times HT stands as a beacon of pan-African journalism, dedicated to amplyfing the rich tapestry of voices and narratives across the continent. With unwavering commitment, we illuminate the evocative essence of Africa, offering a fresh perspective that captivates our global audience.

Featured

AfDB Set For A New President, As Ould Tah Gains Continental Endorsement

How Dangote Is Turning Trump’s Trade War Into Africa’s Opportunity

Nigeria @ 64: Meet Young Luminaries Leading Social Transformation

Connect

Connect with us on social media and receive timely updates on the go.

Get Updates

  • About
  • Privacy Policy

© 2024 Heritage Times (HT) Media.

No Result
View All Result
  • Welcome
  • Politics
  • Economy
  • Security
  • Exposé
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Columns
    • Opinion
  • World
  • __________________
  • Make a Donation
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • About HT
  • Contact us

© 2024 Heritage Times (HT) Media.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In