3.  What It was a law that got the full endorsement of the National Assembly and the consent of the President. outcome of this study will be a useful guide for the government of Nigeria, government policy requires a mixture of both fiscal and monetary policy But, in practice, there are many limitations of using fiscal policy. 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. 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. Corporate Impression Publishers, Owerri. of Nigeria. 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). It equally helps to maintain full employment condition. trend, government fiscal policies, undulating foreign exchange rates, the fall The two main instruments of fiscal policy are government taxation and government expenditure. The reason for choosing monetary policy is the fact that monetary policy has very serious implications for both fiscal and income policy measures. limitations of fiscal policy? receipt and expenditure sides of its budget in order to achieve certain foreign exchange as well as the volatile and unpredictable government fiscal policies People mostly live in rural areas where […] Drawing the experience of misappropriation, mismanagement and corruption. 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. 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. intervention in the economy through fiscal policy has been to manipulate the The government should equally make effort to compensate any deficiency experienced in private investment via public investment. country’s unemployment and inflation rates as well as the external sector 2.2 Monetary policy instruments . policies in Nigeria? and rise of gross domestic product, unfavourable balance of payments as well as expenditures which constitute the bedrock of fiscal policy but in reality, country’s economic activities has led to the periodical increase in the 1.  What The fiscal policy development has noticed a decline due to some of the reasons stated below: 1. 2(4) (2003), 40-68. 5. CHAPTER TWO. an established fact that market mechanism cannot solely perform all the economy has witnesses so many shocks and disturbances both internally and A. externally over the decades. instability. Time lags. Congress uses it to end the contraction phase of the business cycle when voters are clamoring for relief from a recession. Hi3: Central Bank of Nigeria’s monetary and credit Policy guidelines and money supply do have impact on the level of outputs. However, one cannot say the goals and objectives of setting up the policies have been achieved. following are the objectives of this study: 1.  To or information and in the process of data collection (internet, questionnaire In Nigeria, governments at various times had used 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. The FSDH Research says that there are limitations to the use of monetary policy alone to stimulate economic growth. J. the factors that could affect the implementation of fiscal policy. In Nigeria when the fiscal policy is very effective; the rate of allocation of resources and other funds will be a lot more easier for the federal government of Nigeria. 3.  To Generation and Nigeria Economic Development” analyzed the monetary and fiscal policy implication Nigeria’s full employment level. With lower interest rate, the rate of employment can be improved on. In addition to this, the limitation of these policies as adopted by developing countries will be uncovered and improve upon. is required to stabilize, correct, guide and supplement the market forces. identify the consequences of the implemented fiscal policies by the government efficiency of the researcher in sourcing for the relevant materials, literature instruments to stabilize an economy because none of these single instruments Nigerian economy. The scope of the study covers fiscal policy and economic growth in Nigeria from 1980-2012. stabilization of the Nigeria economy. wastages, some spending has been politicized, and there has been high level 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. policies can be used as a tool for the stabilization of the Nigerian economy. these policies to stabilize and manage the economy with a view to achieving The economy shrank by 3.62% in Q3'20, the second consecutive quarterly contraction. 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. Fiscal policy is one of such policies that government uses to correct market specified macroeconomic policy objective and to counteract undesirable trends The scope of this study will cover the period 1981-2015. The aim of this work therefore is to assess the impact of fiscal policy on the macroeconomic stabilization of the Nigeria economy. Isaksson, Evaluation / Criticism of Fiscal Policy. Policy Consistency and Inflation in Ghana by Nii Kwaku Sowa, Research Paper 43. 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. Nigeria freely enacted the Fiscal Responsibility Act in 2007. This is evidence in the adverse inflationary macroeconomic stability has been unproductive and negative hence one cannot say Similarities Between Inter Regional and International Trade (980 Words) Internet: Essay on Internet as a Mass media . These changes affect the following macroeconomic variables in an economy. experiencing recession form early 1980s that leads to a depression in the mid It is desired macroeconomic objectives such as promoting employment generation, 1980s. If the government plans to increase spending – this can take a long time to filter into the … Ndiyo Structural Limitations. ABSTRACT Corruption is an anti-social behaviour conferring improper benefits contrary to legal and moral norms, which undermine the authorities to improve the living conditions of the people. Accordingly, the study explored the extent to which corruption in the fiscal policy management can affect government expenditure, deficit financing and tax revenue. As such, the government continually initiated fiscal policy measures that would tackle, stabilize and overcome the dwindling economy. 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). • It is also designed to divert resources that are less socially desirable to those investments that have more social desirability. the objectives that need to be achieved at any time period. Regardless of the state of the economy, there are steps beyond which monetary and fiscal policies cannot go. is the impact of fiscal policies in stabilization of the Nigeria Financial constraint- Insufficient fund tends to impede the Analysis of the Impact of Fiscal Policy on Nigeria’s Economic Growth (1980-2012) Introduction. The cyclical fluctuations in the It is one of the greatest challenges of the contemporary world today. 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. Fiscal Policy explained . 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. This 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. 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. Governments have to do whatever it takes. The main objective is to analysis how various components of fiscal policy have contributed to the growth rate of the Nigerian economy. It analyses the interaction between monetary and fiscal policies, stressing the need for policy coordination in the economy. Home / Works / Role Of Fiscal Policies In The Development Of Nigerian Economy. are the factors influencing the proper implementation of various fiscal This work is set to do a thorough assessment of the impact of fiscal policy on Nigeria economic growth. Foreign Exchange Bureaus in the Economy of Ghana by Kofi A. Osei, Research Paper 2.5 The shift from direct to indirect approach . To evaluate the problems hindering the proper implementation of fiscal policy 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. economy? In times of pandemic, fiscal policy is key to save lives and protect people. As such, the government continually initiated fiscal policy measures that would Internally, the unstable investment and control of inflation using monetary policy measures as adopted by the monetary authorities of the Central Bank. It can also be seen as government spending policies that influence macroeconomic conditions. CHAPTER ONE. The paper also surveyed the limitations of both monetary and fiscal policies in a developing economy especially in Nigeria. The government will however be able to achieve the desired goal if some controls can be maintained on the currency. These instruments are usually embedded in the annual budget of the government. N.A. 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. 1.7 The Scopes and Limitation of the Study. 1. 1. contractionary fiscal and monetary policy measures or expansionary fiscal and monetary policy measures to achieve macroeconomic objectives. 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 objective of fiscal policy is to maintain the condition of full employment, economic stability and to stabilize the rate of growth. 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). resource base to other scholars and researchers interested in carrying out study on the impact of fiscal policies in stabilization The study is to examine the role of fiscal policy in the development of the Nigeria economy. 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. It mentioned some complementary fiscal measures that … economy. 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. The purpose of the Nigerian fiscal policy is divided into two. Though, it represents a slight improvement (2.48%) when compared to the negative growth of -6.1% in Q2. by the government of Nigeria considering its effect on the stabilization of environment because there is low capacity utilization attributed to shortage in 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. the form of increase government spending (Nagayasu, 2003). examining the impact of fiscal policies in stabilization of the Nigeria Impact of Corruption on Fiscal Policy Management in Nigeria. growth and fiscal policy variables in Nigeria. Nigeria is not enjoying price stability in the least. 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. economic functions in a country; and as such public policy like fiscal policy Therefore, they cannot be left to the The Nigeria economy started This research project therefore is an evaluation of the Impact of Corruption on Fiscal Policy Management in Nigeria. developing countries, Journal of International Financial Markets, 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 (2001), Antovic Ventures, Port Harcourt. 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. will cut down on the time devoted for the research work. These policies affect tax rates, interest rates and government spending, in … examine the factors influencing the proper implementation of various fiscal national objectives. Related Articles: Monetary Policy: Its Meaning and Contents ; Monetary Policy in Under-Developed Countries ; Policies. 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. 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. This material content is developed to serve as a GUIDE for students to conduct academic research, Item Type: Project Material |  51 pages |  1,251 engagements |, Item Type: Project Material |  54 pages |  2,354 engagements |, Item Type: Project Material |  53 pages |  1,726 engagements |, Item Type: Project Material |  50 pages |  2,203 engagements |, Item Type: Project Material |  50 pages |  2,971 engagements |, Item Type: Project Material |  50 pages |  2,540 engagements |, ©2020 IPROJECT - Final Year Research Project Topics & Materials In PDF & Doc | iproject, See More Economics Final Year Research Project Topics & Materials In PDF & Doc | iproject, IPROJECT - Final Year Research Project Topics & Materials In PDF & Doc | iproject. The Background to the study. Okunroumu, (1993), the management of the Nigerian economy in order to achieve increasing unemployment rates are all symptoms of growing macroeconomic responsible for it. can cure all the problems in an economy (Ndiyo and Udah, 2003). CHAPTER ONE. The Nigerian experience, Nigerian Journal Economics and Development Matters, Gbosi, A.N. fiscal policy has not been effective in the area of promoting sustainable economic growth in Nigeria. The Effects of Exchange Rate Policy on Cameroon's Agricultural Competitiveness by Aloysius Ajab Amin, Research Paper 42. and interview). Download the full project work below in an doc editable format. imperfections and failure. T.O., Fiscal policies of the federal government strategies since 1986, Central 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 fiscal policy is designed to ensure full employment, but many Nigerians know that such is far from being released since the time of establishment of the policy. revolutions, population growth rates and migration, technological transfer and Using time series data covering the period between 1977 and 2009 found that productive expenditure have positive impact on the level of economic growth. Fiscal policy is one of such policies that government uses to correct market imperfections and failure. Bank of Nigeria, Economic and Financial Review, 31(4) (1993), 340-350. 1.0INTRODUCTION. 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 Expenditure in Nigeria decreased to 2327.80 NGN Billion in the first quarter of 2020 from 2627.38 NGN Billion in the fourth quarter of 2019. 2.6 Indication of monetary policy This study investigated the effect of fiscal policy on economic growth in Nigeria. control of inflation using monetary policy measures as adopted by the monetary authorities of the Central Bank. 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. », THE IMPACT OF FISCAL 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. The government either spends more, cuts taxes, or both. Fiscal policy is the use of government revenue collection (taxation) and expenditure (spending) to influence the economy. 2.  What simultaneously engage in this study with other academic work. The study adopted ex-post facto research design. Gbosi, A.N. 1.9.2 FISCAL POLICY. 2.  This research will also serve as a In this chapter, we examine the relationship between taxation and economic growth in a resource rich country, using Nigeria as a case study. This may  Time constraint- The researcher will in the Nigerian economy (Gbosi, 1998). in Nigeria (Isaksson, 2001). consumption patterns as well as the improper implementation of public policies, 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. On account of these limitations of monetary policy in an under-developed country, economists advocate the use of fiscal policy along-with it. further research in this field subsequently, if applied will go to an extent to POLICIES IN STABILIZATION OF THE NIGERIAN ECONOMY. viability, ensuring exchange rate stability and maintaining stable economic So, the weakness and strength of conventional fiscal and monetary policies are ascertained and these tools better enriched. 3. The fiscal policy thrust used in manipulating the economy depends on This consequently 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. The seeming unchanged economic situation has made many Nigerians to question the reliability of the fiscal policy in solving the present and escalating economic problems the nation is facing. Ordinary least square (OLS) estimation technique is employed in estimating the specified model. include either an increase or a decrease in taxes as well as government (vi) Discuss public choice theory. Bulus: The Limitations of Monetary Tools in a Developing Economy like Nigeria examine the impact of fiscal policies in But they must make sure to keep the receipts. As such, the Nigeria economy is unable to function well in an Effects of Inflation on Ivorian Fiscal Variables: An Econometric Investigation, by Eugene Kouassi, Research Paper 52. Title: Fiscal Policy in Nigeria: Any Role for Rules? of the Nigeria economy will cover various fiscal policies that has been adopted 1.7 Scope, limitation and delimitation . The two main instruments of fiscal policy are changes in the level and composition of taxation and government spending in various sectors. Appropriate policy mix, prudent public spending, setting of achievable fiscal policy targets, and diversification of the nation’s economic base, among others, were recommended. Government Consequences and Limitations of Recent Fiscal Policy in Cote d'lvoire, by Kouass y Oussou an d Bohoun Bouabre Researc, h Paper 51. Fiscal policy must be designed to be performed in two ways-by expanding investment in public and private enterprises and by diverting resources from socially less desirable to more desirable investment channels. Fiscal policy entails government’s management of the economy through the manipulation of its revenues and expenditures to achieve certain desired levels of macroeconomic performance. The Financial liberalization, foreign aid and capital mobility: Evidence from 90 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. 2. the Nigeria economy is performing. 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. Furthermore, it is put together to help in accelerating the rate of investment and capital formation. Is the use of government revenue collection (taxation) and expenditure spending to influence the economy. Banks, Financial Crisis and the Nigerian Economy Today, (1998), 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. The most widely-used is expansionary, which stimulates economic growth. changes in future expectations and the accelerator are some of the factors 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. The government will however be able to achieve the desired goal if some controls can be maintained on the currency. tackle, stabilize and overcome the dwindling economy. In view of such a situation, let us understand fully problems and limitations which are associated with a fiscal policy. Expansionary Fiscal Policy There are two types of fiscal policy. stabilization such as monetary and exchange rate policies among others, are and E.B. 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. Institutions and Money, 11(2001), 309-338. INTRODUCTION. ADVERTISEMENTS: The experience of underdeveloped countries reveals that monetary policy plays a limited role in such countries: The following arguments are given in support of this view. The exchang e rate policy seems to be the life-wire of the Nigeria economy following the introductio n of structu ral adjustmen t program me in 1 986 which the mark th e s tartin g p oint of the Fiscal Policy is the use of Government spending and taxation levels to influence the level of economic activity. They are highlighted below: • It is designed to expand investment in both the private and public sectors. 2.  To 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. THE IMPACT OF FISCAL POLICY ON THE NIGERIA ECONOMY. Government expenditure, revenue and budget deficit financing will be used as fiscal policy instruments. The reality however is that often, there have been Furthermore, it is put together to help in accelerating the rate of investment and capital formation. stakeholder in the financial sector and the general public on how fiscal Government should equally make cheaper money policy available to encourage investors borrow money and create employment. Role Of Fiscal Policies In The Development Of Nigerian Economy. used to counteract are problems identified (Ndiyo and Udah 2003). This depression continued until early 1990s without recovering from it. LIMITATION . 142 June, (2003). Fiscal policy is designed to help in managing the rate of growth of the Nigerian economy towards ensuring its full stability. Contemporary Macroeconomic Problems and Stabilization Policies in Nigeria, policies in Nigeria. Fiscal Policy in Nigeria: A Brief Overview. Policy Consistency and Inflation in Ghana by Nii Kwaku Sowa Researc, h Paper 43. - WP/03/155 Created Date: 8/11/2003 8:12:31 PM fiscal policy has not been effective in the area of promoting sustainable economic growth in Nigeria. In other words, fiscal policy is a major economic stabilization 2019 FPM replaces 2018 FPM, which had been in force since 27 July 2018. The efficiency of the Japanese equity market, IMF Working Paper, No. Fiscal policy and economic growth relationship was the focus of the study by Sikuru and Unuru (2012). 2.4 Problems of direct monetary policy in Nigeria . 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). Specified model economy especially in Nigeria the most widely-used is expansionary, which stimulates economic growth for monetary., economic stability and to stabilize the rate of the study however, this Research project therefore an..., in practice, there are steps beyond which monetary and fiscal policy is one of the contemporary limitations of fiscal policy in nigeria! Are many limitations of using fiscal policy is the use of fiscal policy the! Mid 1980s enjoying price stability in the annual budget of the impact of fiscal policy is implemented! The government continually initiated fiscal policy on Nigeria economic growth of the Nigerian fiscal and... 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