Empirical Analysis Of Fiscal Policy and Its Implication For Management Of The Nigerian Economy

Reference code: c031

ABSTRACT

This study is aimed to investigating the relationship that exists between fiscal policy and economic growth in Nigeria. The study which covered a period of 50 years from 1961 to 2011 proxied fiscal policy with government revenue and expenditure while economic growth was represented as gross domestic product. In order to achieve the objectives of the study, secondary data was collected from the Central Bank of Nigeria annual statistical bulletin and analyzed using multiple regression analysis, Augmented Dickey Fuller Test and Johannsen Co-Integration Test. The findings of our data analysis revealed that there was an overall significant relationship between fiscal policy tools of government expenditure and government revenue and gross domestic product in Nigeria. Furthermore, we find a long-term relationship between gross domestic product and the fiscal policy variables of government revenue and expenditure. Given our findings, we conclude that: Increases in Government Revenue will normally lead to growth in the economy. This is because the increase in government revenue will lead to increased spending in investment in infrastructure and other growth promoting activities. It will also lead to increase in the income of the populace. We also conclude that increased Government Expenditure leads economic growth by stimulating increase in economic activities. There is the proviso of course that the government spending activities must be in activities and sectors that have the ability to drive growth. On the basis of our findings, we make the following recommendations: Fiscal policy should give priority attention to capital and public investments by making them of higher proportion in gross government expenditure, thereby creating more jobs and enhancing the quality of public spending and the attainment of sustainable growth and development. Government macro-economic policies should focus on diversification of the economy to enhance the performance of the non-oil sector. Finally, Government fiscal policy should refocus and redirect government expenditure towards production of goods and services so as to enhance GDP growth.

TABLE OF CONTENT

CHAPTER ONE: INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF THE PROBLEM
1.3 AIMS OF THE STUDY
1.4 RESEARCH QUESTIONS
1.5 RESEARCH HYPOTHESES
1.6 SIGNIFICANCE OF THE STUDY
1.7 SCOPE AND LIMITATIONS OF THE STUDY


CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.0 INTRODUCTION
2.1.1 THEORETICAL FRAMEWORK
2.1.2 STRUCTURE AND TRENDS IN FISCAL POLICY OPERATIONS IN NIGERIA
2.1.3 STRUCTURE AND TREND OF GOVERNMENT REVENUE
2.1.4 STRUCTURE AND TREND OF GOVERNMENT EXPENDITURE
2.1.5 TAXATION AND FISCAL REGULATIONS IN NIGERIA
2.4 REVIEW OF PREVIOUS EMPIRICAL STUDIES


CHAPTER THREE: RESEARCH METHODOLOGY
3.0 INTRODUCTION
3.1 RESEARCH DESIGN
3.2 SAMPLE PROCEDURE AND DATA COLLECTION METHOD
3.4 MODEL SPECIFICATION
3.5 OPERATIONAL MEASURES OF VARIABLES
3.5.1 Gross Domestic Product
3.5.2 Federal Government Revenue
3.5.3 Federal Government Expenditure


CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.0 INTRODUCTION
4.1 DATA PRESENTATION
4.2 DATA ANALYSES
4.4 HYPOTHESES TESTING
4.5 SUMMARY AND DISCUSSION OF FINDINGS

CHAPTER FIVE: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS
5.1 SUMMARY
5.2 CONCLUSIONS
5.3 RECOMMENDATIONS
BIBLIOGRAPHY
APPENDICES


Reference code: c031
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Reference code: c031

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