COVID-19 has wreaked havoc on Nigeria’s economy. Official statistics show that growth declined by 1.9% in 2020, but the fallouts will be far-reaching. Nigeria has significant underlying challenges that will make recovery difficult. It is the seventh most populous country in the world, with 70% of the population under the age of 30. It also has one of the highest youth unemployment rates in Africa — two out of three young Nigerians (aged 15-24) are unemployed. Moreover, over 80...
Gbemisola Joel-Osoba
The National Assembly recently approved the 2021 budget proposal submitted by the federal government of Nigeria.
As the nation grapples with the health, economic, and social impacts of the pandemic, here’s what you need to know about Nigeria’s government priorities and allocations:
The 2021 budget is higher by 26% from last year’s budget (N13.6 trillion vs N10.8 trillion).
There was an increase in debt service allocation. In fact, debt servicing is almost 3 times more than total allocation to education...