This discussion is based on staff revisions of the national accounts, which are described in Chapter II.
The estimates refer to “open” unemployment captured by the Federal Office of Statistics (FOS) surveys. In the past, the FOS has not made any attempt to measure “disguised” unemployment.
The derivation of the consolidated government accounts is described in Chapter IV.
In addition, there is a two month lag in the receipt of oil revenues.
AFEM profits declined because a larger portion of foreign exchange demand was being met from central bank sources, which were purchased from private parties at the AFEM rate and which, hence, did not generate profits. Only foreign exchange purchased at the official rate from the government and subsequently sold in the AFEM generate profits.
The high levels of inflation and the relatively low interest rates on borrowing also contributed to private sector demand for credit early in the period.
The PSTF held deposits of ₦7 billion, ₦51 billion, and ₦49 billion in 1995, 1996 and 1997, respectively. These deposits accumulated because the PSTF did not begin full-scale operations until 1997—long after its creation in 1995, when it began receiving transfers from the Petroleum Trust Fund.
The large negative short-term capital (net) in 1996 possibly reflects an offsetting entry to the unusually low imports officially recorded in that year.