Nigeria's Low on Cash as Weak Economy Hits Revenue Goals
Nigeria's Low on Cash as Weak Economy Hits Revenue Goals: Chart
(Bloomberg) -- Nigeria’s third-quarter growth figures, scheduled to be announced Monday, are expected to show the economy’s still struggling, at least if the latest fiscal figures are anything to go by. Africa’s biggest oil producer raised 682 billion naira ($1.9 billion) of revenue in October, barely 60 percent of the average monthly estimate in the 2018 budget. The government’s fallen short of its target every month this year, which is one reason why Emmanuel Kachikwu, the oil minister, said when asked why Nigeria would only make a small contribution to OPEC’s supply cut: “We need the money.”
To contact the reporter on this story: Paul Wallace in Lagos at pwallace25@bloomberg.net
To contact the editors responsible for this story: Dana El Baltaji at delbaltaji@bloomberg.net, Hilton Shone, Sophie Mongalvy
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