News
States dependence on oil revenue rising
In a new comment, Fitch Ratings says that the partial removal of the fuel subsidy in Nigeria from 2012 will likely result in extra resources of about N150billion for distribution among the Nigerian state governments. In Fitch’s calculations, the lower deductions at source will result in an increase for states of about 5%-10% of their oil-related revenues.
Despite the higher proceeds, growing staff costs following the phase in of the N18,000 monthly minimum wage, in tandem with rising energy costs will most likely offset this benefit. Therefore, in Fitch’s opinion, the extra resources are likely to be spent on growing operating costs, unlike the national
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