Fitch affirms four Nigerian states

Fitch Ratings said it affirmed the long-term foreign- and local-currency issuer default ratings of Kwara, Kaduna and Rivers at B+ and those of Lagos at BB-.

The outlook is stable.

The Nigerian government removed the fuel subsidy at the start of 2012. Following nationwide strikes, the subsidy has been partially reintroduced but lower deductions at source will result in a larger pool of distributable revenues available of about for all tiers of government, assuming market oil prices at current levels, according to the agency.

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