Nigeria’s economy has hit a crisis point after the government’s decision to cut spending and slash taxes on the nation’s elite, according to analysts.
The economic downturn has hurt the country’s economy and hurt the outlook for the rest of the region.
The government’s fiscal austerity measures, which have seen the deficit fall to 7 percent of GDP, have been widely condemned by economists and the international community.
The central bank is preparing to issue an emergency bond to support the economy.
But experts say the central bank could delay issuing the emergency bond and that there are concerns that the debt could be raised later.
The country’s central bank governor, Zainubu Adama, is expected to meet with the government in the coming days.
He will discuss the countrys economic problems and possible options, said a person familiar with the meeting.
The person said that the meeting will take place on Thursday.
The United Nations has called on the Nigerian government to take steps to reduce the country s budget deficit, but it has also raised concerns about the state of the economy and warned that the country might not be able to meet its international obligations.
The Nigerian government has been criticized for its austerity measures.
The cuts were a major blow to the country, which relies heavily on exports, and were the biggest in a series of budget cuts that began last year.
The measures were expected to cut the country by about 6 billion naira ($5.3 billion) this year.
But analysts say the measures have already caused damage.
The deficit was forecast to reach 8.5 percent of the countrya figure that would be the biggest since 2009.
“The central bank may be hesitant to take immediate steps to cut interest rates, but we are still concerned that the fiscal crisis could cause an abrupt shift in policy,” said Mohamed Ammar, chief economist at the Institute for African Development Studies in Abuja, Nigeria.
The IMF said it will be “extremely concerned” about the economy in the near term and that it is reviewing the measures.
But in a statement, the IMF said that Nigeria was a “model” country in the African region that had been able to avoid the problems it is now experiencing.
“We are particularly concerned that we do not see the immediate impact of these policies,” the IMF statement said.
The International Monetary Fund has said that its latest assessment of the Nigeria economy, released last week, said the country would need a massive boost of $500 billion to close the budget deficit and the IMF’s forecasts showed a further contraction of between $500 million and $1.2 billion next year.
On Friday, the country announced that it had suspended payment on a $1 billion bond issue and had raised the country to the verge of default.
It said it would have to pay back the bond if the government cannot meet its spending commitments.
The bank has said the government must cut spending to help pay for the measures to avoid defaulting on the bond.
Nigeria has had an annual deficit of around $6 billion.
The crisis began in late 2014 when the government of President Muhammadu Buhari, an Islamic politician, decided to increase spending to pay for social security and health benefits.
But it also cut spending on education, education, social security, and the environment.
A year later, the government cut spending even further and cut government salaries to pay the cost.
The budget deficit rose to 8.4 percent of gross domestic product last year and is forecast to hit 9 percent this year and 9.6 percent in 2019.
The debt to GDP ratio stood at 18 percent of output in 2020, according a report by the International Monetary and Financial Services Association (IMF).
The IMF says the government needs to reduce its deficit by at least 3 percent of GNP in 2021 to avoid a default.
The nation has a population of about 30 million people.
The national debt of $16.7 billion is the third largest in Africa, behind the United States of America and Nigeria.