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An Empirical
Analysis Of The Impact Of Government Expenditure On Economic Growth Of Nigeria
ABSTRACT
The study
investigates the impact of government expenditure on economic growth of Nigeria
from the period 1980-2011. The objective was set to address the problem of
utilization of revenue targeted to improving the economic condition of Nigeria.
The review of theoretical and empirical literature provided a basis for the
selection and specification of model which was used to show if government
capital and recurrent expenditure has positive or negative impact on economic
growth. The data were got from CBN statistical bulletin. To proper solution to
the problem, policies were recommended to tackle the setbacks to economic
growth.
TABLE OF
CONTENT
Title page
Approval
page
Dedication
Acknowledgement
Abstract
Table of
content
CHAPTER ONE-
INTRODUCTION
1.1 Background of study
1.2 Statement of problem
1.3 Objective of the study
1.4 Statement of hypothesis
1.5 Significant of study
1.6 Scope and limitation of study
CHAPTER TWO
LITERATURE
REVIEW
2.1 Theoretical Literature
2.1.1 The
Role of Public Expenditure
2.2 Empirical Literature
CHAPTER
THREE
3.0 Research Design and Methodology
3.1 Model Specification
3.1.1
Regression Model
3.2 Method of Estimation
3.3 Method of Evaluation
3.4 Economic Apriori Expectation
3.5 Source of Data
CHAPTER FOUR
4.0 Presentation and Analysis of Result
4.1 Interpretation of Result
4.2 Evaluation of Result
4.2.1Economic
Apriori Criteria
4.2.2Statistical
Criteria {first order test}
4.2.2.1 Coefficient of Multiple
Determinants {R2}
4.2.2.2 The
student’s-Test t
4.2.3
F-Statistics
4.3 Economic Criteria 4.3.1 Test for
Autocorrelation
4.4 Policy Implication
CHAPTER FIVE
SUMMARY,
RECOMMENDATION, CONCLUSION
5.1 Summary
5.2 Recommendation
5.3 Conclusion Bibliography
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
In all most
all economics today government intervention in undertaking fundamental roles of
allocation, stabilization, distribution and regulation, especially where or
when market proves inefficient or its outcome is socially unacceptable.
Government also intervenes, particularly in developing economics to achieve
macroeconomics objective such as economic growth and development, full
employment, price stability and poverty reduction.(AESS PUBLICATION 2011).
Public
finance is to provide information to all arms of government in other to provide
use full data as done for the develop nations that transferred public finance
technology to developing nation. Public finance is used for allocation,
stabilization and distribution (Musgrave and Musgrave 1989).
Public
finance is the study of the principle underlying the spending and raising of
funds by public authorities (shirras, 1969). It is the field of economics that
studies government activities and alternative means of financing expenditure
(hymann 1993))
It is a fact
that no society though out history has ever attained a high level of economic
affluence without a government. Where government do not exist anarchy reigned
and little wealth was accumulated by productive economy activity. After
government took hold the rule of law and the establishment of private property
right often contributed and it has similarly impacted on their societies as
well.
Economic
growth represents the expansion of a country GDP or outputs. Growth means an
increase in economic activities.
Todaro
(1995) Citing Kuznets defined a country economic growth as a long term rise in
capacity to supply increasing diverse economic goods to is population, this
growth capacity based on advancing technology and the institutional and
ideological adjustment that is demand. The board objective of this project is
the role of government expenditure in economic growth.
Government
is necessary through by no means sufficient condition for prosperity it is also
a facts, however, that where government have monopolized the allocation of
resources and other economic decisions, societies have been successful in
attaining
relatively
high level of economic affluence. Economic progress is limited both when it is
at or near 100%. The experience of the old Soviet Union is revealing as well
the comparison of east and West Germany during the cold war era or of north and
South Korea today.
In the
Nigeria context, the public sectors consist of the federal government, state
government and local government. The second national development, just as it
considered public enterprise as crucial to growth and self reliance due to
capital scarcity, structural defects in the private sector. Third
nation’sdevelopment plan(1975-1980) advocated some shift in resources
allocation in favors of rural areas which were said to have benefited little
from the economic growth of the 1970’s.
Thus smaller
farmer and the rural population were expected to benefit from public
expenditure.
During the
first nation rolling plan (1989-1991), government aimed at effort to combat
inflation, hence large budgetary deficits were to be made more avoided.
Government expenditures were to be made more cost effective and kept at level
that were consistent with
the nations
resources realistic growth target and general economic stability
The major
instruments by which the government can ensure an effective growth in economic
activities are;
i. Expenditure that induce the firm or
workers to produce certain goods and services.
ii. Taxes that reduce private consumption
or investment and thereby free resource for public expenditure.
iii. Regulation and controls that direct
people performance or desist for economic growth to attain economic growth.
These
objectives are summarized as;
a. Provision of infrastructural facilities such
as good roads, light, water, transport and communication facilities etc in both
urban and rural area with the view to adequate support to the productive sector
and enhancing private sector participation on the various sectors of the
economy.
b. Streamlining public expenditure to give
priority to the completion of the initial ongoing viable project.
Direct
expenditure is that incurred in an establishment of economically viable
commercial enterprises such as iron and steel complex, oil and gas refineries
etc.
Government
expenditure in addition to raising the level of economic growth also influences
the pattern of production and the component of output.
Generally
government expenditure is classified into two which are by current expenditure
which involves all expenditure by government for maintenance of existing or new
institutions and services, they are salaries, wages of public offers and fringe
benefits and expenses for servicing activities which involves administration,
defense and other social services like education, health and pension schemes.
The other
one is capital expenditure this are the cost of bringing into existence new
institutions, services and project. It is simply all government expenses on
building road, factories, schools, and equipment requirement for providing
social and economic services.
1.2 STATEMENT OF PROBLEM
The size of
government expenditure and its effects on long-run economic growth and vice
versa has been as issued of sustained interest for decades.
According to
Dunnet (1990) economic growth is an increase in real per capita gross national
product (GNP).
Economic
growth is the steady process by which the productivity capacity of an economy
is increased over time to bring about rising level of national output and
income.
Growth is an
engine of development, there can be no development without growth hence, and
economic growth is desirable since it associated an increase in welfare.
At the new
dawn of millennium Africa in general and Nigeria in particular still face
monumental development like low level of income characterized by low per capita
income, inequality, poor health and inadequate education. All this are
consequences of poverty Nigeria present a paradox the country is rich but the
people are poor. Per capital income today in Nigeria is around the same level
as 1970.
Meanwhile
between1970-2000 over 200million dollars has been earned from the exploitation
of countries resources.
Nigeria is
rich in land, oil, people and natural gas resources, yet Nigeria has been
bedeviled with debts problem.
Nigeria has
been classified by the World Bank as a low developing country. She is
characterized by the wide spread poverty not less than 60% of Nigerian
population are below poverty line according to the united national development
report (UNDP) 1998.
The better
reality of the Nigerian situation is not yet that the poverty line is getting
worse by the day but more than fourteen of Nigerians live in condition of
extreme poverty of less than ₦320 per month which barely provide for a quarter
of the nutritional requirement of health living.
The sluggish
growth of the Nigerian economy despite the increase in government expenditure
has been rather surprising.
Since
independent according to Kweka, P.J (1969, 1986, 1999), government consumption
and investment expenditure in Nigeria has been on the increase.
On the other
hand, the GDP growth rate of Nigerian economy has not been regular; in fact it
has been less static. In order to
successfully
map out a strategy for acc rate in the year ahead it is necessary to full
understand the sources
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