Macroeconomic Report & Economic Updates

October 31, 2016

Nigeria Economic Update (Issue 45)

Recently
released report by Nigeria Extractive Industries Transparency
Initiative (NEITI)shows a significant decline in revenue
allocation across the three tiers of government for 2016H1 (January to June). Specifically, total disbursements dropped
(year-on-year) by 30.45 percent to N2.01 trillion in 2016H1. The
drop in revenue allocations is accountable to the decline in both oil and
non-oil revenue. While lower oil revenue was triggered by the drastic fall in
oil price and production in 2016H1, lower non-oil revenue was driven by the decline
in tax revenue occasioned by contraction in economic activities in the review
half-year.

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Nigeria Economic Update (Issue 39)

The monthly monetary survey by the CBN shows a decline in money supply for the month of August 2017, relative to July 2017. Narrow and broad money supply dropped by 4.2% and 1.5% to N9,891 billion and N21,851 billion respectively. The continuous monetary contraction witnessed over the past months may be associated with aggressive sale of treasury bills by the CBN through open market operations. This act is capable of mopping up liquidity in the economy, reduce loanable funds in the banking system, and constrain the easing of lending rates in the near term.