ECONOMIC INSIGHT External reserves FG mopped up N3trillion with TSA -Adeosun appreciate by $10.5bn, Oil closed 2017 at $66.8/b

The external reserves have appreciated by about $10.5billion in the year 2017, according to the figures by the Central Bank of Nigeria.

The nation’s reserves was at $26,094,171,362 at the begin of the year, January 2nd , 2017 but close as at December 31st , 2017 at $38,730,963,337.

The depletion of the reserves was among the reasons for the economic recession witnessed in 2016 when it falls below $26 billion. The appreciation in the reserves was due to the increase in the foreign exchange inflows through the CBN as a result of the aapreaciation of the crude oil prices at the international market.

The external reserves stood at $25.361bn on December 22, 2016 a decrease of about $4 billion compared to $29.341bn as of December 22, 2015.

Meanwhile, Oil continued its revival from the biggest crash in a generation, the commodity end the 2017 at $66.87 a barrel of brent crude, one of the most referenced grade in the world.

Futures are up more than 12 percent in 2017, having entered a bull market in September. In 2018, investors will watch whether rising prices trigger a new flood of U.S. output, Bloomberg said. The Federal Government has so far mopped up over N3 trillion as revenue accruals since the policy of Treasury Single Account commenced, the minister of Finance, Mrs Kemi Adeosun has said.

In a statement to unveil some of the ministry’s achievement in 2017, Adeosun said the TSA is another initiative towards efficient and transparent management of federal government finance and revenue collections that have been implemented in the past year, through the Federal Ministry of Finance.

In addition the ministry commenced the IPPIS project with seven pilot Ministries, Departments and Agencies, with the objective of ensuring centralized payment of salaries; aiding of manpower planning and budgeting as well as reducing financial wastages.

“At present, capturing of more Agencies on the IPPIS platform is ongoing and the Minister of Finance, Mrs Kemi Adeosun is working tirelessly to ensure that all institutions of government are captured under IPPIS.”

The statement also said on March 21, 2017, the Ministry of Finance announced the development of an International Public Sector Accounting Standards (IPSAS) Compliant accounting software suite “OneBook” towards improving public financial management across all levels of Government.