Macroeconomic Report & Economic Updates

February 25, 2019

Nigeria Economic Update (Issue 5)

States’ Internally Generated Revenue (IGR) declined in the third quarter 2018, replicating the same downward trend as seen in the previous quarter. IGR dropped to N264.38 billion in 2018Q3, compared to N279.78 billion generated in the preceding quarter – down by 5.5 percent1. The recently released IGR report by the NBS also shows that 20 […]

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States’ Internally Generated Revenue (IGR) declined in the third quarter 2018, replicating the same downward trend as seen in the previous quarter. IGR dropped to N264.38 billion in 2018Q3, compared to N279.78 billion generated in the preceding quarter – down by 5.5 percent1. The recently released IGR report by the NBS also shows that 20 states generated less revenue during the quarter (including the FCT), and only 17 states recorded growth in IGR. Reductions in Pay-As-You-Earn (PAYE) Tax, Direct Assessment, Road Taxes and revenues from Ministries, Departments and Agencies (MDAs) prompted the overall decline. In order to expand the tax base thereby improving tax revenues, a special focus should be given to harnessing the informal sector into the tax net.




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Nigeria Economic Update (Issue 29)

OPEC weekly basket price decreased marginally from $45.95 on June 24, 2016 to $45.26 on July 1, 2016,while Nigerias bonny light fell by $1, from $48.90 to $47.91. The apparent decline in crude oil price was driven by lingering market demand uncertainty, following the unexpected Brexit referendum. More so, ease in supply disruptions in Nigeria and Canada may have contributed to the downward pressure on prices. Going forward, until there is greater regulatory precision on global oil output levels, prices may likely remain stuck or continue to exhibit a downward trend. Although, Nigerias fiscal constraints slightly relaxed with oil production increasing in the review week (following repairs on sabotaged pipeline channels), potential global crude oil oversupply threatens governments revenues. However, oversupply threats could be reduced if there is a consensus on oil production quotas in the upcoming OPEC meeting.