Macroeconomic Report & Economic Updates

March 9, 2018

Nigeria Economic Update (Issue 12)

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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.



Internally Generated Revenue

Internally Generated Revenue: Total internally generated revenue particularly declined across the 36 states in Nigeria, in 2015. This is attributable to the weak macroeconomic and financial conditions

Nigeria Economic Update (Issue 52)

Recently released population estimate figures by the Nigeria Bureau of Statistics, show a significant increase in Nigerias population, based on the 2006 census. Notably, total population grew by an estimated 40 percent from 2006, to 193 million persons in 2016. Also, disaggregate demographic data from 2007 to 2016, reveals an increase in the number of males (74 million to 99 million) and females (71 million to 95 million), with a 2016 gender (males to females) percentage ratio of 51:49. The high rate of population growth can be attributed to the improvements in average annual rate of natural increase the difference between crude birth rate and death rate. As in preceding years, the composition of children and youths make up the highest share of the population growth. This presents a potential increase in the rate of labour supply. Going forward, there is need for the government to support rapid job creation in order to check the potential upsurge in unemployment rate.