Nigeria’s debt profile reached unprecedented high levels at the end of the year 2017. Figures obtained from the debt management office reveals that debt stock increased Year-on-Year by a significant 42.6 percent and Quarter-over-Quarter by 6.6 percent to N21.73 trillion as at December 20171. Domestic and foreign components of the debt profile grew to N3.35 trillion and N18.38 trillion respectively. The increased debt profile may have been triggered by domestic and foreign borrowings to fund Nigeria’s budget deficit, and excessive debt servicing costs – Nigeria serviced domestic debts to the tune of N1.48 trillion in 20172, about 29.13 percent of its total budget revenue. Implicatively, Nigeria’s debt to GDP ratio continues to increase, from 18.6 percent in 2016 to 21 percent
Macroeconomic Report & Economic Updates
Recently released labour force report by the NBS shows a quarter-over-quarter increase in Nigerias working age and labour force population. Working population rose from 110.29 million in 2017Q2, to 111.13 million persons in 2017Q32. The working age population in 2017Q3 constituted 85.08 million persons in the labour force (an increase from 83.94 million), of which 40 percent were either unemployed or underemployed. Thus, total employed persons in the quarter reached 69.1 million.
Power sector statistics show a significant increase in power generated from August 12 to August 19, 2016. Precisely, power generated increased by 2.2 percent to 3953.6MW(a 4-month high). Increased water reserves in dams for hydro generating plants occasioned by seasonal adjustments (rainy season), led to improved power generation. Additionally, in a bid to further improve and sustain power generation, the federal government received a $100 million credit facility from India. However, consistent power supply could be jeopardized if the development is not aided by improved distribution by DISCOs.