Nigeria has sold USD 12.8 bln worth of bonds this year as of July 6, marking a 19% increase compared to the same period in the previous year. That is due to the increased domestic borrowing to meet the country’s 2023 fiscal expenditure plans amid curbed government revenue due to sustained cuts in oil output and low tax receipts. On the other hand, the country’s new government has eliminated a costly gasoline subsidy, resulting in significant fiscal savings projected by the World Bank.