2022 Nigerian Economic Outlook: Performance will be Determined by the Implementation of 2022 Budget

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Friday January 14, 2022 / 1:42 PM / by FDC Ltd / Header Image Credit: AYOTOGRAPHY;iStock

 

How much money did the government spend and how was it funded?

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  • The Economic Sustainability Plan was a success given the rebound in GDP growth
  • However, the Economic Recovery and Growth Plan (ERGP) was not a success

 

What Was the Size of the Budget?

  • Total budget expenditure increased by 28.33% to N13.59trn in 2021
  • In dollar terms, it only increased by 6.57%
  • When discounted for inflation, it grew by 22.47%

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How was the Budget Allocated?


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How Did Government Fund its Budget?


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Actual Revenue (Jan'21-Aug'21)


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Debt Profile

Total debt: $92.62bn (Sep-21), ratio of 59:41 (domestic/external)

  • Up by $6.23bn (7.2%) since Dec-21 ($4.6bn external, $1.63bn domestic)
  • Debt/GDP ratio: 19.91% (Sept-21) vs 18% (Sept-20), borrowing limit is 40%
  • Debt/exports ratio: 119.8% (Sept-21) vs 106.3% (Sept-20)


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Debt Breakdown

Total debt up by $6.23bn in 2021

  • External debt up by $4.6bn in 2021 (73.8% of new borrowings in the period)
  • Domestic debt up by $1.62bn


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Does Govt. Borrowing Crowd-out Private Investment?


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  • Credit to the private sector increased by 15.2% to N35.31trn
  • While credit to the govt. grew marginally by 5.93% to N13.03trn

 

Other Economic Indicators


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Nigeria's Trading Partners

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Download Full Presentation Here


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