| Notation | Definition | Type | Unit |
| CGDMB | Credit to Government by deposit Money Banks | Exogenous | Million Naira |
| CPI | Consumer Price Index | Exogenous | Index |
| CPS | Credit to the Private Sector | Exogenous | Million Naira |
| CREA | Credit to Agriculture | Exogenous | Million Naira |
| CREM | Credit to Manufacturing | Exogenous | Million Naira |
| CRES | Credit to services | Exogenous | Million Naira |
| CUA | Capacity Utilization in Agriculture | Exogenous | Million Naira |
| CUM | Capacity Utilization in Manufacturing | Exogenous | Million Naira |
| CUS | Capacity Utilization in Services | Exogenous | Million Naira |
| DDS | Domestic Debt Stock | Exogenous | Million Naira |
| PLR | Prime Lending Rate | Exogenous | Percent |
| EDS | External Debt Service | Exogenous | Million Naira |
| EMP | Employment | Endogenous | Percent |
| EXB | External Borrowing | Exogenous | Million Naira |
| EXR | Exchange Rate | Endogenous | Percent |
| FDI | Foreign Direct Investment | Endogenous | Million Naira |
| FDII | Foreign Direct Investment in the Industrial Sector | Exogenous | Million Naira |
| FDIN | Non-oil Foreign Direct Investment | Exogenous | Million Naira |
| GEX | Government Expenditure | Exogenous | Million Naira |
| GRE | Government Recurrent Expenditure | Endogenous | Million Naira |
| GKE | Government Capital Expenditure | Endogenous | Million Naira |
| GRV | Total Government Revenue | Identity | Million Naira |
| GRVN | Non-oil Government Revenue | Endogenous | Million Naira |
| GRVO | Oil Government Revenue | Endogenous | Million Naira |
| INF | Inflation Rate | Endogenous | Percent |
| INTR | Interest Rate | Exogenous | Percent |
| IEP | Index of Electricity Production | Endogenous | Index |
| IRD | Interest Rate Differential | Exogenous | Percent |
| M | Imports | Endogenous | Million Naira |
| MK | Import of Capital Goods | Exogenous | Million Naira |
| M2 | Money Supply | Exogenous | Million Naira |
| NER | Nominal Exchange Rate | Exogenous | Percent |
| OPN | Index of Trade Openness | Exogenous | Index |
| OPEC | Oil Production by OPEC Quota | Exogenous | Million Naira |
| PI | Private Investment | Endogenous | Million Naira |
| PO | Oil Price | Exogenous | Million Naira |
| PPT | Petroleum Profit Tax | Exogenous | Million Naira |
| PC | Private Investment | Endogenous | Million Naira |
| RNF | Amount of Rainfall | Exogenous | Index |
| Y | Real Gross Domestic Product | Exogenous | Million Naira |
| YN | Non-oil Real Gross Domestic Product | Identity | Million Naira |
| YA | Agricultural Output | Endogenous | Million Naira |
| YM | Manufacturing Output | Endogenous | Million Naira |
| YS | Services Output | Endogenous | Million Naira |
| YO | Oil Real Gross Domestic Product | Endogenous | Million Naira |
| RES | External Reserves | Endogenous | Million Naira |
| RMT | Personal Remittance | Endogenous | Million Naira |
| TAR | Tariff Rate | Exogenous | Percent |
| TBL | Trade Balance | Exogenous | Million Naira |
| TDS | Total Debt Service | Identity | Million Naira |
| X | Total Exports | Identity | Million Naira |
| XA | Exports of Agriculture | Endogenous | Million Naira |
| XM | Exports of Manufacturing | Endogenous | Million Naira |
| XS | Exports of Services | Endogenous | Million Naira |
| XO | Oil Exports | Endogenous | Million Naira |
| YD | Real Personal Disposable Income | Exogenous | Million Naira |