• The National Assembly, CSOs and the mass media oversee and monitor the accession to, implementation of, and compliance with the standards and codes, and the applicable reporting obligations. (National Assembly, CSOs and umbrella bodies of the mass media) 4.3 Assessment of performance on APRM objectives OBJECTIVE 1: PROMOTE MACROECONOMIC POLICIES THAT SUPPORT SUSTAINABLE DEVELOPMENT i. Summary of the CSAR 475. The CSAR notes the perspectives and perceptions of stakeholders on the following aspects of Nigeria’s macroeconomic framework and sustainable development programmes: the soundness of the macroeconomic policy framework and its effectiveness in supporting sustainable development; the credibility of macroeconomic projections; the effectiveness of sectoral microeconomic policies (agriculture and food, industry and the financial sector) for economic growth and sustainable development; the measures taken to achieve gender equality; the progress made towards sustainable development; the effectiveness of measures to mobilise domestic resources; and vulnerability to internal and external shocks. Soundness of the macroeconomic policy framework and its support of sustainable development 476. Overall, the CSAR notes that Nigeria’s recent macroeconomic policies have been moderately effective in ensuring stability. It acknowledges government’s compliance with budgeting requirements and the good progress made in achieving fiscal sustainability and compliance with the due process requirements of procurement. However, the CSAR expresses concern about the recent surge in the rate of inflation and continued volatility in the exchange rate. Most importantly, it emphasises the fact that macrostability has not visibly improved the living conditions of the masses. This is shown by the double-digit unemployment rates coupled with the modest decline in the poverty rate. 477. The CSAR highlights some of the indicators of macroeconomic development in Nigeria for the 2001 to 2005 period: • The average inflation rate was 13.92 per cent. • The average real GDP per capita was N81,275, or US$642.16. • The average ratio for servicing debt to revenue was 5.1 per cent. • The average share of domestic debt to total debt was 25.13 per cent. • The average total debt to exports was 58.12 per cent. 151