trend, government fiscal policies, undulating foreign exchange rates, the fall This may So, the weakness and strength of conventional fiscal and monetary policies are ascertained and these tools better enriched. Related Articles: Monetary Policy: Its Meaning and Contents ; Monetary Policy in Under-Developed Countries ; Policies. The best way to ensure the fiscal policy is able to achieve its aim is to curb private spending and to control excessive purchasing power. Some other purposes of fiscal policy are highlighted below: • It helps in encouraging investment in various aspects of the Nigerian economy • It equally takes part in growth and capital formation • It helps improve on economic stability of the country • It ensures an equitable distribution of the nation’s wealth and income • It ensures resources are allocated optimally • It provides acceleration for rate of economic growth and development • It brings about price stability and • It genders towards full employment. 2. can cure all the problems in an economy (Ndiyo and Udah, 2003). Second Recession in 5 Years: Urgent Need for Robust Fiscal and Investment Policies - The GDP numbers released on Saturday (November 21) confirmed that Nigeria has officially fallen into a recession. It is an instrument the government uses to measure, access and control the informal sector that dominate developing economies of the world (Wambai and Hanga, 2013). The issues surrounding fiscal deficits are certainly not new, but the economic development of the past decade has rekindled the interest in fiscal policy issues. Financial liberalization, foreign aid and capital mobility: Evidence from 90 Fiscal policy is one of such policies that government uses to correct market examine the factors influencing the proper implementation of various fiscal Nigeria? 2. This research will also serve as a countryâs economic activities has led to the periodical increase in the INTRODUCTION. 2.3 problems of direct monetary policy in Nigeria . The scope of this study will cover the period 1981-2015. First Bank Nigeria Online: Its Many Features, Internet Business in Nigeria: How to Get Started, Population of Nigeria by States (2020 Estimate), Pound to Naira Exchange Rate Today (Black Market). Hi3: Central Bank of Nigeria’s monetary and credit Policy guidelines and money supply do have impact on the level of outputs. Ordinary least square (OLS) estimation technique is employed in estimating the specified model. is required to stabilize, correct, guide and supplement the market forces. changes in future expectations and the accelerator are some of the factors Time lags. Nagayasu, This investigates the three elements of fiscal policy (1) government spending, taxation and the other source of revenue which finance public spending and the resulting budget deficit or surplus which occurs wherever government expenditure does not exactly equal revenue. The Nigerian experience, Nigerian Journal Economics and Development Matters, - WP/03/155 Created Date: 8/11/2003 8:12:31 PM weapon that involves measure taken to regulate and control the volume, cost and It can also be seen as government spending policies that influence macroeconomic conditions. CHAPTER TWO. Give examples of the ways in which incentives to adopt policies with concentrated benefits and dispersed costs, or immediate benefits and long-term costs affect fiscal policy. stabilization such as monetary and exchange rate policies among others, are The cyclical fluctuations in the efficiency of the researcher in sourcing for the relevant materials, literature However, one cannot say the goals and objectives of setting up the policies have been achieved. The FSDH Research says that there are limitations to the use of monetary policy alone to stimulate economic growth. Internally, the unstable investment and provide new explanation to the topic. The scope of this research work has been limited to fiscal policy formulations and implementation in Nigeria between 1998 and 2000. it also includes the relationship between fiscal policies and other government economic policies how it is used to fight inflation, unemployment, encourage, investment/production of goods and services and generally encourage private participation in economy building. Nike Popoola. Notify me of follow-up comments by email. A. 1.0INTRODUCTION. The goal of the Nigerian fiscal policy is best achieved via stable instruments, like government expenditure and interest rate. The two main instruments of fiscal policy are changes in the level and composition of taxation and government spending in various sectors. 1. Evaluation / Criticism of Fiscal Policy. economic functions in a country; and as such public policy like fiscal policy 1.7 Scope, limitation and delimitation 1.8 Definition of terms CHAPTER TWO 2.1 Objective of monetary policy 2.2 Monetary policy instruments 2.3 problems of direct monetary policy in Nigeria 2.4 Problems of direct monetary policy in Nigeria 2.5 The shift from direct to indirect approach 2.6 Indication of monetary policy THE IMPACT OF FISCAL POLICY ON THE NIGERIA ECONOMY. Is the use of government revenue collection (taxation) and expenditure spending to influence the economy. experiencing recession form early 1980s that leads to a depression in the mid availability as well as direction of money in an economy to achieve some The scope of this research work has been limited to fiscal policy formulations and implementation in Nigeria between 1998 and 2000. it also includes the relationship between fiscal policies and other government economic policies how it is used to fight inflation, unemployment, encourage, investment/production of goods and services and generally encourage private participation in economy building. CHAPTER ONE. The next chapter represents the conceptual framework, while chapter 3 is the methodology, chapter four data analysis while chapter five concludes the study with appropriate recommendations. changes as well as the openness of the countryâs Nigerian economy are some of We explore the linkages between availability of higher resource revenue and lower taxation effort of other revenue categories and the effects of these on growth. Government should equally make cheaper money policy available to encourage investors borrow money and create employment. 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They are highlighted below: • It is designed to expand investment in both the private and public sectors. 2.6 Indication of monetary policy For example, the Federal Reserve can't set the interest rates well below zero, because it creates a disincentive to use the banks at all.If banks started charging customers interest for deposits rather than paying it, consumers likely would pull their money out. ensuring economic stability, maintaining price stability and balance of payment Corporate Impression Publishers, Owerri. Fiscal Policy in Nigeria: A Brief Overview. Government expenditure, revenue and budget deficit financing will be used as fiscal policy instruments. On January 13, 2020, President Buhari signed the Finance Bill into law, thus, introducing some of the most remarkable and unprecedented changes to the Nigerian tax administration in the 21 st century. Congress uses it to end the contraction phase of the business cycle when voters are clamoring for relief from a recession. As such, the Nigeria economy is unable to function well in an Most of these problems are as follows: The researcher encountered the problem of getting adequate literature materials as it relates to fiscal policy in Nigeria. 2.5 The shift from direct to indirect approach . Fiscal policy deals with government deliberate actions in spending money and levying taxes with a view to influencing macroeconomic variables in a desired direction which includes sustainable economic growth, high employment creation and low inflation. », THE IMPACT OF FISCAL However, the researcher is Over the years, introduction of the policy have not positively affected the interest rate at all, as it still remains high, putting off investors who may need to borrow money for business. Nigerian economy. stabilization of the Nigeria economy. are the consequences of the implemented fiscal policies by the government of Fiscal Expenditure in Nigeria averaged 1400.82 NGN Billion from 2010 until 2020, reaching an all time high of 2627.38 NGN Billion in the fourth quarter of 2019 and a record low of 743.65 NGN Billion in the first quarter of 2011. But, in practice, there are many limitations of using fiscal policy. It was a law that got the full endorsement of the National Assembly and the consent of the President. national objectives. Isaksson, The objective of fiscal policy is to maintain the condition of full employment, economic stability and to stabilize the rate of growth. outcome of this study will be a useful guide for the government of Nigeria, Therefore, they cannot be left to the misappropriation, mismanagement and corruption. The model should serve as analternative for monetary policy, fiscal policy as well as external sectors growthand suitable for policy formulation and implementation in Nigerian economy. Nigeria freely enacted the Fiscal Responsibility Act in 2007. imperfections and failure. control of inflation using monetary policy measures as adopted by the monetary authorities of the Central Bank. Fiscal policy is designed to help in managing the rate of growth of the Nigerian economy towards ensuring its full stability. In the Nigerian tax system, the statute of limitation refers to the maximum period after which the Relevant Tax Authority (RTA) can assess a taxable person to tax in respect of a certain year of assessment (YOA). The economy shrank by 3.62% in Q3'20, the second consecutive quarterly contraction. instruments to stabilize an economy because none of these single instruments Similarly, the external factors identified are wars, The government will however be able to achieve the desired goal if some controls can be maintained on the currency. the form of increase government spending (Nagayasu, 2003). This is evidence in the adverse inflationary The aim of this work therefore is to assess the impact of fiscal policy on the macroeconomic stabilization of the Nigeria economy. To determine the impact of fiscal policy in the economic growth of Nigeria. 1980s. 1. Though, it represents a slight improvement (2.48%) when compared to the negative growth of -6.1% in Q2. will cut down on the time devoted for the research work. Banks, Financial Crisis and the Nigerian Economy Today, (1998), As such, the government continually initiated fiscal policy measures that would tackle, stabilize and overcome the dwindling economy. The fiscal policy thrust used in manipulating the economy depends on The study adopted ex-post facto research design. The Nigeria economy started experiencing recession form early 1980s that leads to a depression in the mid 1980s. The Fiscal Monitor shows how policymakers can offer emergency lifelines to: save lives; protect people from losing jobs and incomes, and companies from bankruptcies; and enable a recovery. of the Nigeria economy will cover various fiscal policies that has been adopted Fiscal Policy is the use of Government spending and taxation levels to influence the level of economic activity. According to 1.5 SIGNIFICANCE OF THE STUDY However, this research work will assist the economy to derive possible solution to the research problem e.g. 142 June, (2003). or information and in the process of data collection (internet, questionnaire LIMITATION . 3. contractionary fiscal and monetary policy measures or expansionary fiscal and monetary policy measures to achieve macroeconomic objectives. The Nigeria Economy A. Ogar, S. E. Nkamare & E. G. Emori Department of Banking & Finance, Faculty of Management Sciences, University of Calabar, Calabar, Cross River State - Nigeria ABSTRACT The study examined the empirical link on the effect of fiscal and monetary policy on the Economic Growth of Nigeria (1986-2010). The study is to examine the role of fiscal policy in the development of the Nigeria economy. Background to the study. The paper investigates fiscal policy measures and balance of payments in Nigeria. Some of the major limitations of fiscal policy are as follows: Although fiscal policy gained prominence during world depression of 1930’s, yet its practical application has a number of problems or limitations. Gbosi, A.N. The Federal Government of Nigeria (FGN) has approved and ordered the implementation of the 2019 Fiscal Policy Measure (2019 FPM), effective 1 July 2019. 2019 FPM replaces 2018 FPM, which had been in force since 27 July 2018. The main objective is to analysis how various components of fiscal policy have contributed to the growth rate of the Nigerian economy. But they must make sure to keep the receipts. The Nigeria economy started Accordingly, the study explored the extent to which corruption in the fiscal policy management can affect government expenditure, deficit financing and tax revenue. The government either spends more, cuts taxes, or both. 4. Apere (2003) notes that taxation is a microeconomic and fiscal policy instrument; it involves the transfer of resources from the private to the public sector for the accomplishment of economic and social goals. Fiscal policy is one of such policies that government uses to correct market imperfections and failure. the factors that could affect the implementation of fiscal policy. by the government of Nigeria considering its effect on the stabilization of Financial constraint- Insufficient fund tends to impede the However, on the other hand, all the fiscal variables significantly reduced unemployment in Nigeria. Also, the relationship between fiscal policies and other government economic policies, how it is used to fight inflation, unemployment, encourage, investment/production of goods and services and generally encourage private participation in economy building. Role Of Fiscal Policies In The Development Of Nigerian Economy. policies in Nigeria. To evaluate the role of fiscal policy in the development of Nigeria. economy has witnesses so many shocks and disturbances both internally and On account of these limitations of monetary policy in an under-developed country, economists advocate the use of fiscal policy along-with it. and rise of gross domestic product, unfavourable balance of payments as well as Hi3: Central Bank of Nigeria’s monetary and credit Policy guidelines and money supply do have impact on the level of outputs. The first phase (1959-1986) placed emphasis on direct monetary controls, while the second phase (1986-date) relies on market mechanisms or market-based controls. POLICIES IN STABILIZATION OF THE NIGERIAN ECONOMY. further research in this field subsequently, if applied will go to an extent to 2.2 Monetary policy instruments . 1.7 The Scopes and Limitation of the Study. The Effects of Exchange Rate Policy on Cameroon's Agricultural Competitiveness by Aloysius Ajab Amin, Research Paper 42. In view of such a situation, let us understand fully problems and limitations which are associated with a fiscal policy. 1.7 Scope, limitation and delimitation . examining the impact of fiscal policies in stabilization of the Nigeria Title: Fiscal Policy in Nigeria: Any Role for Rules? fiscal policy: Abstract: Two of Nigeria's basic problems, unemployment and a general inflationary tendency, could probably be solved by short-term fiscal measures, which, however, will not solve the problems thoroughly. In the same vein but covering a shorter period, Adeoye (2006) analyzed the impact of fiscal policy on economic growth in Nigeria in 1970 to 2002. 2. To In the course of the study, a lot of problems were encountered which consequently led to the confinement of the research result to the final outcome. To examine the extent at which fiscal policy is been implemented in Nigeria. 2. What This work is set to do a thorough assessment of the impact of fiscal policy on Nigeria economic growth. This study investigated the effect of fiscal policy on economic growth in Nigeria. Bank of Nigeria, Economic and Financial Review, 31(4) (1993), 340-350. receipt and expenditure sides of its budget in order to achieve certain Using time series data covering the period between 1977 and 2009 found that productive expenditure have positive impact on the level of economic growth. in the Nigerian economy (Gbosi, 1998). 3. To Fiscal Policy explained . tackle, stabilize and overcome the dwindling economy. The reason for choosing monetary policy is the fact that monetary policy has very serious implications for both fiscal and income policy measures. Fiscal Operations in a Depressed Economy: Nigeria, 1960-90 by Akpan H. Ekpo and John E. U. Ndebbio, Research Paper 44 . and interview). revolutions, population growth rates and migration, technological transfer and As such, the government continually initiated fiscal policy measures that would countryâs unemployment and inflation rates as well as the external sector These changes affect the following macroeconomic variables in an economy. No one is asking for the unrealizable goal of full employment for all; all that the general populace is asking for is for the majority to be employed, a feat the policy has not achieved. This important aspect of the fiscal policy has been a major sources of revenue generation in Nigeria roughly this around the turn of this century. J. Fiscal policy and economic growth relationship was the focus of the study by Sikuru and Unuru (2012). Nigeria is not enjoying price stability in the least. 1. What In Nigeria, governments at various times had used SIGNIFICANCE OF THE STUDY However, this research work will assist the economy to derive possible solution to the research problem e.g. In theory, fiscal policy can be used to prevent inflation and avoid recession. developing countries, Journal of International Financial Markets, Gbosi, A.N.  Time constraint- The researcher will and E.B. This depression continued until early 1990s without recovering from it. Policy Consistency and Inflation in Ghana by Nii Kwaku Sowa, Research Paper 43. The scope of the study covers fiscal policy and economic growth in Nigeria from 1980-2012. In this chapter, we examine the relationship between taxation and economic growth in a resource rich country, using Nigeria as a case study. The paper also surveyed the limitations of both monetary and fiscal policies in a developing economy especially in Nigeria. In times of pandemic, fiscal policy is key to save lives and protect people. This depression continued until early 1990s without recovering from it. increasing unemployment rates are all symptoms of growing macroeconomic There have been two major phases in the pursuit of monetary policy in Nigeria since the inception of the Central Bank of Nigeria, namely before and after 1986 structural adjustment programme (SAP). N.A. instability. Fiscal Operations in a Depressed Economy: Nigeria, 1960-90 by Akpan H. Ekpo and John E. U. Ndebbio, Research Paper 44. This study uses secondary data which were obtained from the Statistical Bulletin of the Central Bank of Nigeria (CBN) covering the period from 1985 to 2015. 0 NTRODUCTION; The growth and development of the Nigerian economy has not been stable over the years as a result, the country’s economy has witnesses so many shocks and disturbances both internally and externally over the decades. If the government plans to increase spending – this can take a long time to filter into the … Structural Limitations. limitations of fiscal policy? Institutions and Money, 11(2001), 309-338. The model should serve as analternative for monetary policy, fiscal policy as well as external sectors growthand suitable for policy formulation and implementation in Nigerian economy. Regardless of the state of the economy, there are steps beyond which monetary and fiscal policies cannot go. 2.4 Problems of direct monetary policy in Nigeria . Also, the relationship between fiscal policies and other government economic policies, how it is used to fight inflation, unemployment, encourage, investment/production of goods and services and generally encourage private participation in economy building. Fiscal policy is the use of government revenue collection (taxation) and expenditure (spending) to influence the economy. The purpose of the Nigerian fiscal policy is divided into two. People mostly live in rural areas where […] It had been some years ago since the fiscal policy was put together by the Nigerian government to see to all the needs highlighted earlier. The Effects of Exchange Rate Policy on Cameroon's Agricultural Competitiveness by Aloysius Ajab Amin, Research Paper 42. viability, ensuring exchange rate stability and maintaining stable economic Consequences and Limitations of Recent Fiscal Policy in Cote d'lvoire, by Kouass y Oussou an d Bohoun Bouabre Researc, h Paper 51. the great depression, government policy measure to curb the depression was in Furthermore, it is put together to help in accelerating the rate of investment and capital formation. Many do not believe that government policies can ever help in curtailing inflation in Nigeria. Udah, Dynamics of monetary policy and poverty in a small open economy: government policy requires a mixture of both fiscal and monetary policy For example, there is no specific or identifiable economic growth or development in Nigeria and this questions the possibility of the policy ever bringing the country’s economy to its optimum and desired level. Apart from serving this important purpose, it has also been a major policy instrument that the government has consistently used in planning, controlling and co-ordinating the various economic activities of the country gear towards economic growth. control of inflation using monetary policy measures as adopted by the monetary authorities of the Central Bank. Despite the lofty place of fiscal policy in the management of the economy, the Nigerian economy is yet to come on the path of sound growth and development. stakeholder in the financial sector and the general public on how fiscal This can be achieved if there is adequate knowledge on the effect of each tool on economic growth. 3. What So, the weakness and strength of conventional fiscal and monetary policies are ascertained and these tools better enriched. 5. These instruments are usually embedded in the annual budget of the government. Fiscal policy is one of such policies that government uses to correct market imperfections and failure. consumption patterns as well as the improper implementation of public policies, fiscal policy has not been effective in the area of promoting sustainable economic growth in Nigeria. Central Bank of Nigeria Annual Report—2011 119 igeria’s fiscal policy thrust in 2011 was to ensure fiscal consolidation, improve physical infrastructure, boost employment generation, and foster inclusive economic growth. Drawing the experience of resource base to other scholars and researchers interested in carrying out expenditures which constitute the bedrock of fiscal policy but in reality, following are the significance of this study: 1. The simultaneously engage in this study with other academic work. With lower interest rate, the rate of employment can be improved on. wastages, some spending has been politicized, and there has been high level Similarities Between Inter Regional and International Trade (980 Words) Internet: Essay on Internet as a Mass media . In the cause of the study, there are some factors which limited the scope of the study; (a)Availability of research material: The research material available to the researcher is insufficient, thereby limiting the study. policies can be used as a tool for the stabilization of the Nigerian economy. Government should equally make cheaper money policy available to encourage investors borrow money and create employment. 1.8 Definition of terms . The findings of this research will assist monetary authorities in assessing the performance of the fiscal policy in Nigeria particularly in terms of their impact on the output of manufacturing sector. growth. Policy Consistency and Inflation in Ghana by Nii Kwaku Sowa Researc, h Paper 43. Which had been in force since 27 July 2018 hinders limitations of fiscal policy in nigeria success of monetary policy measures that tackle... Words ) Internet: Essay on Internet as a Mass media Essay on Internet as a Mass media of.. 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Not say the goals and objectives of this study: 1. to the. 1.5 SIGNIFICANCE of the Nigerian fiscal policy is one of such policies that government uses to correct imperfections. Impact of fiscal policy measures as adopted by the government will however be able to achieve desired. As such, the government should equally make effort to compensate any deficiency experienced in private investment public. Kouassi, Research Paper 44 policy implication Nigeria ’ s monetary and fiscal policy on economic growth fiscal variables an! Essay on Internet as a Mass media policy has very serious implications for both and! Role for Rules in Ghana by Nii Kwaku Sowa Researc, h Paper 43 Words ) Internet: Essay Internet...