Opinion

Since the sharp contraction in government revenues due to the oil price crash of mid-2014, Nigeria’s rising debt profile has raised sustainability concerns. Although government’s revenues have recently been supported by increasing oil prices, stable oil production and improving tax collection, Nigeria’s revenue to GDP still lags pre-oil price crash levels. Based on annualised Q3:2018 revenue data, we estimate that gross revenues was N7.0tn in 2018. While this is the highest revenue collection on record, it is weak relative to GDP at 5.5% compared with 7.8% in 2013.

The World Bank has cut its growth forecast for Sub-Saharan Africa this year to 2.8 percent from an initial 3.3 percent, it said on Monday.

The commodity price slump of 2015 cut short a decade of rapid growth for the region, and the bank said growth would take longer to recover as a decline in industrial production and a trade dispute between China and the United States take their toll.

The second meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria will hold between 25th and 26th March 2019. Since the last meeting, global and domestic economic conditions have remained favourable. On the global scene, monetary policy is now accommodative, supporting the return of investors into Emerging and Frontier markets. On the domestic scene, growth has improved, inflation is moderating, and external reserves have strengthened due to a surge in capital inflows post-elections.

President Muhammadu Buhari has held a special meeting with members of his cabinet where he told them that the new four-year mandate given to his administration would be tough.

He told them that he would pursue his campaign promises of securing the country, transforming the economy and the fight against corruption.

The cabinet ministers were in the State House, Abuja, on Friday to congratulate him on his electoral victory.