AN EMPIRICAL STUDY OF THE IMPACT OF FISCAL POLICY ON PUBLIC CONSUMPTION AND EXPENDITURE IN NIGERIA 1975 – 2005
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TABLE OF CONTENT: CHAPTER ONE INTRODUCTION 1.1
Background of the Study 1.2
Statement of the Research Problem 1.3
Objectives of the Study 1.4
Significance of the Study 1.5
Research Questions 1.6
Research Hypothesis 1.7
Conceptual and Operational Definition 1.8
Assumptions 1.9
Limitations of the Study CHAPTER TWO LITERATURE REVIEW 2.1
Sources of Literature 2.2
The Review 2.3
Summary of Literature Review CHAPTER THREE RESEARCH
METHODOLOGY 3.1
Research Method 3.2
Research Design 3.3
Research Sample 3.4
Measuring Instrument 3.5
Data Collection 3.6
Data Analysis 3.7
Expected Result CHAPTER FOUR DATA ANALYSIS AND
RESULTS 4.1
Data Analysis 4.2
Results 4.3
Discussion CHAPTER FIVE SUMMARY AND
RECOMMENDATIONS 5.1
Summary 5.2
Recommendations for Further Study Bibliography |
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CHAPTER
ONE |
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1.1 INTRODUCTION The structure
of the Nigerian economy
has been involving since
the nation was put
together by British in
the early part of
this century. Prior to the
second world war,
the Nigerian economy
was solely based on
Agriculture with little
emphasis on export. After
independence from the British, the economy
took a spiral leap towards
development. Many structures were
put in place
by the government of the
day to turn the
economy around . One of these was
the Structural Adjustment Programme of 1986. Prior to independence, the Nigerian
economy was characterized by under – development, dualistic
tendencies and un-organization. (Itoha, Itsede, 2003). There
has been concerned effort
by various government in
Nigeria to develop and
regulate the economy. And
one of the tools used
by the government is its fiscal
and monetary policies. Monetary policy is a
tool employed by government to
achieve internal and external
balance. It is a macroeconomic tool. Fiscal policy involves the
use of government budget to
influence the level
of economic activities ( Itoha, Oyefusi, Otiakhi, 2003). For the purpose of
this project, our emphasis
will be on
fiscal policy and
it’s effect on
public consumption
expenditure. Fiscal
policy refers to the
use by government of it’s
expenditures and taxes
to influence the
level of aggregate demand
in the economy. Government expenditure in
the economy constitute an
injection into the economy
while taxes serves
as leakages out
of the flow
of economic activities
and Income.
w.w.w.wikepedia.com/ finance. Government expenditure in the economy has varied over
the years. In
the years 1975 – 1992, Government expenditure share
in the country’s Gross domestic product (GDP) has
been 1975 60.5%) 1978
(18.4%) 1992 (31.8%) selectively. In 1997, it
was 17.6%. This low
percentage in 1997 may be
due to Military interference in
the government. The higher the percentage, the higher
the level of public
expenditure on consumption. The
fiscal policy of any country
has a big
role to play in
public expenditure on
consumption 1.2
STATEMENT OF
THE RESEARCH PROBLEM;
The role
of every society
(developed or
under-developed) is to
maximize the available
resources to determine
societal preferences. One of
the instrument used
by government to achieve
this purpose is
the use of
fiscal policy to
raise revenue and
determine the kind of
expenditure (both on consumption
and capital) to embark
upon. Consumption expenditure over
the year has form
part of the
major outlay from
government purse. Such
consumption are monies
spent on day to day maintenance of
government (current Expenditure) – The problems
that will be
answered in the
course of this study are: i)
What
role has fiscal
policy played over
the years in raising fund and
finance Expenditure by
government. ii)
Despite the high
consumption Expenditure
by government , the Nigeria Economy
is still hampered with
the problem of inadequate funding of
the various government
Ministries and Parastatals. 1.3
OBJECTIVES
OF THE STUDY;
The objectives of the
study is to
examine the impact
of fiscal policy on
the public consumption expenditure in
Nigeria 1975 – 2005. 1)
To
ascertain whether increase
in consumption expenditure in
Nigeria between 1975
to 2005 has
increase to level of economic development 2)
What
fiscal policies have
been used by
the government from the
period 1975 – 2005 and
it’s impact on
consumption expenditure by the
government. 3)
implementing tax
collection from the public. 1.4
SCOPE
OF THE STUDY:
This research work will cover a
several review of
the fiscal policy
that has been
put in place
from the period
of 1975 – 2005. Other
areas to be evaluated are: i)
Consumer spending
patterns in the
economy. ii)
The
role of budgets
and taxes as
fiscal policies and their
impact in the
economy. iii)
The
role of the central Bank
in managing and controlling in
implementing the fiscal policies. 1.5
SIGNIFICANCE
OF THE STUDY: For the past years, the researcher has scarcely, come across any literature by
local authors on the
subject matter. This can
be attributed to the slow pace
of development of the subject here in
Nigeria when compared with other countries. This
study is therefore a contribution to knowledge and scholars.
Particularly this study would be
beneficial to the fellowship
group of persons and significant to
the benefit derivable therefore. i)
Students will
benefit from this
scholarly article because there
is scarcely any
local literature on
the rudiments of
fiscal policy and
overall consumption and
expenditure of the public. ii)
Corporate organization will
benefit from this
study as it will have a
better understanding of
the fiscal policy
in place and how
it affects it’s business. iii)
This
study will be
significant to the government as
the government of the present day
will be able
to learn of
the trends in
fiscal policy development in
the period under review and to know the best options that suits the
economy . Also, the government will be able to know the spending patterns of
the public. iv)
The
tool authorities will
benefit from this study as
it will be able
to determine the tool
to be paid
and it’s effect on
the paying public taking inflation
into cognizance. v)
This study if
followed will lead
to economic development
in the sense
that high fiscal deficits jack
up interest rates
or reduces credit to
the private and
public sectors of
the economy. It
will also lead
to the implementation of
a well tailored fiscal policy
that will reflect
the level of
public expenditure in
the economy. 1.6
STATEMENT
OF RESEARCH PROBLEM: In explaining the
impact of fiscal policy on government consumption
Expenditure, the following hypothesis
have been formulated. 1)
Increase in public consumption Expenditure by
government bring about
an increase in GDP. 2)
Increase in
tool revenue by
government increase the level of government spending
on consumption. 3)
As
inflation rate increase,
the level of spending on
consumption increases. 4)
Total debt is
a major determinant of government expenditure in
Nigeria. |
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