Meanwhile net foreign exchange inflow into the economy rose by 33 percent to $12.01 billion in the fourth quarter of the year
“It is evident that significant progress has been made towards the goal set at the 4th OPEC and non-OPEC Ministerial Meeting of 23 June 2018, whereby countries agreed to strive to adhere to the overall conformity level, voluntarily adjusted to 100...
They, however, said while the current administration had made remarkable progress in the area of reducing inflation and increasing external reserves, there was a need to intensify its economic diversification programme.
Similarly, total allocations to local councils during the period under review stood at N430.75 billion, 26.8 per cent below the proportionate quarterly budget estimate.
The Federal Government recorded a fiscal deficit of N910.41bn in the fourth quarter of 2018, the Central Bank of Nigeria revealed in its latest economic report.
The FDC explained that this is likely to be a reflection of a fall in disposable income in January, leading to a decline in aggregate demand for consumer goods.
Luke Ombara, director regulatory policy and strategy at CMA attributed the slowness to high foreign outflows brought about by volatility in international trade.
According to the report, the 116 per cent rise in its bottom line figure is as a result of an improved efficiency in the operations of its upstream subsidiary, the Nigerian Petroleum Development Company.