Incidence
Government revenues in many countries remain heavily dependent on the extraction and export of non-renewable resources such as oil, gas, coal, and minerals. This reliance is particularly acute in resource-rich developing nations, where such activities can account for over half of national budgets. The volatility of global commodity prices and the finite nature of these resources create fiscal instability, hinder diversification, and perpetuate economic vulnerability on a global scale.
In 2022, Nigeria faced significant budget shortfalls due to declining oil production and fluctuating global prices. The government’s heavy dependence on oil revenues led to funding gaps for public services and increased borrowing, exacerbating economic challenges.
In 2022, Nigeria faced significant budget shortfalls due to declining oil production and fluctuating global prices. The government’s heavy dependence on oil revenues led to funding gaps for public services and increased borrowing, exacerbating economic challenges.
Broader
Narrower
Aggravates
Aggravated by
Related
Strategy
Value
Web link
SDG
Metadata
Database
World problems
Type
(C) Cross-sectoral problems
Biological classification
N/A
Subject
- Commerce » Finance
- Conservation » Restoration
- Government » Government
- Resources » Resources
- Societal problems » Maltreatment
Content quality
Yet to rate
Language
English
1A4N
J5486
DOCID
12054860
D7NID
136566
Editing link
Official link
Last update
May 20, 2022