According to data released by the National Bureau of Statistics, states generated about N931.2 billion altogether in 2017 fiscal year1, representing 12 percent above the N831.2 billion generated in 2016. Further breakdown shows that 31 states recorded increases, while only about 5 states recorded slight declines in revenue generated internally; Lagos state generated 36 percent of total internally generated revenue (IGR). Notably, with a net FAAC allocation of N1.7 trillion, total revenue available to states stood at approximately N2.7 trillion in 2017. However, the states are still burdened with debts, given the N3.2 trillion and $4.1 billion owed as domestic and foreign debts respectively as at the end of December 2017. Going forward, improvements in tax collection and administrative capacities of revenue-generating agencies of other states, beyond Lagos, can further improve overall IGR.
Macroeconomic Report & Economic Updates
OPEC weekly basket price declined by 2.4 percent to $42.68/barrel on September 16, 2016. This was triggered by a rise in US oil reserve, amid an outlook on weak global oil demand. Similarly, provisional data by OPEC reveals a steady decline in Nigerias crude oil production. Notably, production declined by 3.4 percent to 1.47 mbd in August, 2016.
All-Share Index: In 2016Q1, the decline in ASI was driven by declines in Banking, Insurance, Consumer goods, Oil/Gas, Lotus Islamic, Industrial, AseM, Pension and Premium NSE indices. However, the ASI
Crude oil price decreased in the review week. OPEC weekly basket price reduced by 3.5 percent to $42.06per barrel from November 4, 2016 to November 11, 2016, while Nigerias bonny light price decreased by 1.1 percent to $44.36per barrel in the same period. Global oil market refocused on oversupply, as indicated in the OPECs October crude data figures (global OPEC and Non-OPEC oil supply grew by 0.97mb/day to average 96.32mb/day and outpaced demand by 1.92mb/day).
Recent data on Nigerias labour market points to a rise in the rate of unemployment and underemployment in 2015Q4. Specifically, compared to 2015Q3, the rate of unemployment and underemployment rose to 10.4 per cent and 18.7 per cent from 9.9 percent and 17.4 percent respectively. These statistics however masks the true situation of the youth employment in Nigeria. Disaggregated data by age category shows that unemployment and underemployment within the youth age category (15-24) was remarkably higher than the national average, at 19 and 34.5 per cent respectively.