Recent media highlights suggests that the Federal Government made a non-oil-based revenue of N1.27 trillion from operating surpluses between 2007 and 20161. The period which covers the years of operation of the Fiscal Responsibility Act, shows a list of agencies and government organizations that paid the operating surpluses (revenues above approved budgetary expenditure at the end of each year) to the federal government. Notably, the annual remittances shows year-on-year increases. This is likely attributable to the improved monitoring and intervention activities of the Fiscal Responsibility Committee over the years. There is greater scope for operating surpluses from public corporations with intensified efforts at monitoring the implementation of the template for calculating operating surplus liabilities across scheduled corporations.
Macroeconomic Report & Economic Updates
External Reserve: External reserve picked up from its year-2000 level below $10,000 million to above $60,000 million in 2008. However, the external reserve fell deeply in 2010/11 and even further in 2
In the second quarter of 2016, the Nigerian economy witnessed its first recession in twenty years due to the interplay of several external and internal factors. The recession has continued until date and has given rise to relentless unemployment rate and job losses, double digit and soaring inflation, currency depreciation and widening gap between parallel market and official exchange rates, amongst other adverse effect on individuals and firms in the country. Thus, there is a need to take a deeper look into the nature of the present recession as well as the impact of monetary and fiscal policy responses thus far, in order to shed light on the way forward towards tackling the recession and ensuring sustainable economic growth. This paper analyses the ongoing recession in the Nigerian economy to provide insights into the interplay of events and recommendations for policy.
All Share Index (ASI) and Market Capitalization declined by 13 percent to close at 23514.04 points and N8.09 trillion respectively at the end of the trade session on January 15. The huge drop in the Index, representing a 3-year low, led to the introduction of the Index Circuit Breakers Rule. While this policy measure may prevent huge losses in the stock market, rising concerns about macroeconomic stability in Nigeria may significantly increase the level of volatility in the stock market. This may have substantial adverse implications for investors in the Stock Exchange.
Business Confidence Index: After its peak in 2011, business confidence fell sizeably in 2012 as well as 2015Q2. Most recently, BCI has declined to a negative levels in 2016Q1 and Q2. The recent declin