Global Economy –Rundown:
United State labour data that was released for the month of January 2020, revealed a steady gains, which was indicated by the 53.06% growth in payrolls increase from the previous month rate that stood at 147,000 acceleration to the current month 225,000 payroll increase, this simply provides an empirical basis for Federal Reserves to halt any further interest rate cut, and thus fosters the claim of a steady growing pace of the United State economy. The report indicated that average hourly earnings inched higher by 0.2% compared to previous month earnings, while the payroll increases was regarded to be broadly base has it surpass the median estimated growth of 165,000 payroll increase.
Domestic Economy –Rundown:
The sum of $1.08bn (N400.90bn) was incurred in servicing the country’s external debt for a 9 months period of the previous year, while the aggregate loan stock of the government stood at N26.2 trillion for same period. In analyzing the composition of the external debt servicing, it was revealed that major chuck of the debt servicing was spent on commercial sourced loans, which accounted for 58.22% of the servicing expense of the external loan, external loan portfolio from multilateral sources accounted for 25.81% of the servicing expense of the external loan, while bilateral and other sources of external loan accounted for 14.05% and 1.93 servicing cost of the debt respectively.