• The average total debt to GDP was 10.07 per cent. • The average fiscal deficit to GDP was 1.75 per cent. • The average share of fiscal deficit financed by the CBN was 13.2 per cent. • The average share of the total federal budget allocated to social sectors and community services was 13.86 per cent. • The average credit extended to the private sector was 27.8 per cent. • The average credit extended to the public sector was 32.38 per cent. Making macroeconomic projections 478. The CSAR is critical of the government’s capacity to make credible macroeconomic projections. It attributes poor macroforecasting to the practice of benchmarking macroeconomic variables on volatile oil and gas revenues, as well as on poor macroeconomic management by previous regimes. 479. Most of the government’s projections for the 2001 to 2005 period were off target (see table 4.2). It overestimated real GDP but underestimated unemployment rates and the performance of the nonoil sector. Consequently, the CSAR recommends that the government improve its oil revenue price forecasting. Table 4.2: Selected macroeconomic projections vis-ă-vis actual (percentages) PROJECTIONS ACTUAL Macroeconomic variables 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 Real GDP growth rate 10 * 10.2 5 6 4.7 4.6 9.6 6.6 6.2 Growth in nonoil sector * * 3.3 7.3 8.5 * 16.07 13.72 23.51 24.89 10 9 8 8 7 13.6 11.2 11 12.6 * 5 5 9 9 9 18.9 12.9 14 15 17.9 Unemployment rate Inflation rate Source: African Institute for Applied Economics (AIAE), Report on economic governance and management for the African Peer Review Mechanism, National Focal Point (NFP) Secretariat, Abuja, Nigeria, 2006, page 61. 480. The CSAR recommends that the government forecast higher oil revenue prices. Sectoral microeconomic policies for economic growth and sustainable development 481. 152 Nigeria has adopted and implemented several sectoral policies and programmes to support sustainable development. Major sectoral policies include those for agriculture and food, industry and finance.