Macroeconomic Report & Economic Updates

March 9, 2018

Nigeria Economic Update (Issue 13)

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 […]

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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.




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Nigeria Economic Update (Issue 49)

Nigerias Petroleum Products Imports statistics show a gradual reduction in the volume and value of petroleum imports (PMS, AGO, HHK) between May and September 2016. Specifically, volume of imports declined by 34.1 percent for PMS, 37.6 percent for AGO, and 60.3 percent for HHK in the period.The significant decline in imports in the reporting periods may be as a result of persistent forex scarcity issues faced by importers. On account of stagnation in domestic production of refined petroleum products, continuous decline in oil imports may create a demand gap with upward pressure on gasoline prices in the economy.