Instead of Cutting Waste, Nigeria Racks Up Debt to Replace Oil Revenues

Nigeria President Muhammadu Buhari during his inauguration, Abuja, Nigeria, May 29, 2015 (AP photo by Sunday Alamba).
Nigeria President Muhammadu Buhari during his inauguration, Abuja, Nigeria, May 29, 2015 (AP photo by Sunday Alamba).

Editor’s note: This article is part of an ongoing WPR series on the impact of falling oil and commodities prices on resource-exporting countries. Last week, Nigeria’s Senate passed President Muhammadu Buhari’s proposed 2016 budget, which projected a deficit of $15 billion due to falling oil prices. In an email interview, Matthew Page, an international affairs fellow at the Council on Foreign Relations, discussed the impact of falling oil prices on Nigeria’s economy and politics. WPR: How realistic is President Buhari’s latest proposed budget, and what are the implications of the budget’s $15 billion deficit? Matthew Page: Stubbornly low crude oil […]

Keep reading for free right now!

Enter your email to get instant access to the rest of this article, get five free articles every 30 days, and to receive our free email newsletter:

Or, Subscribe now to get full access.

Already a subscriber? Log in here .

What you’ll get with an All-Access subscription to World Politics Review:

A WPR subscription is like no other resource — it’s like having your own personal researcher and analyst for news and events around the globe. Become a member now, and you’ll get:

  • Immediate and instant access to the full searchable library of 15,000+ articles
  • Daily articles with original analysis, written by leading topic experts, delivered to you every weekday
  • Daily links to must-read news, analysis, and opinion from top sources around the globe, curated by our keen-eyed team of editors
  • Weekly in-depth reports, including features on important countries and issues.
  • Your choice of weekly region-specific newsletters, delivered to your inbox.
  • Smartphone- and tablet-friendly website.
  • Completely ad-free reading.

And all of this is available to you — right now for just $1 for the first 30 days.

More World Politics Review