Fitch analysts noted that Nigeria has the lowest tax-to-GDP revenue ratio among the sovereigns they rate. Despite some progress, the country faces ongoing challenges, including a substantial foreign-currency backlog exceeding USD 6 bln, with only about USD 2 bln cleared so far. The agency expects a modest reduction in Nigeria’s general government deficit to 5% of GDP in 2024 and 4.6% in 2025 but anticipates continued structural weaknesses in revenue generation.