Many states in the country will find it difficult to pay salaries of workers this year as the Federal Government’s revenue projections will be unmet, the Nigerian Economic Summit Group has said.
The NESG, a private sector-led think-tank, said the fiscal effect of the fall in crude oil price would be enormous with severe sectoral implications for the country.
It said falling crude prices, in addition to weak export demand, would significantly add pressure on federal and state governments’ finances. The group said this would have negative implications on aggregate demand and the performance of key sectors such as construction, cement and manufacturing.
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