The Impact of Government Expenditure on Standard of Living in Nigeria

The Impact of Government Expenditure on Standard of Living of the People of Nigeria

The Nature and Constituents of Government Expenditure

Government expenditures refer to the expenses that government incurs for its own   maintenance, for the society and the economy as a whole (Weil, 2009). Government spending reflects the policy choices of government. Once government has decided upon the type and quantity of goods and services to provide, government spending represents the cost of carrying out these policies (Weil, 2009).

The rationale behind the need for expenditure is associated with the existence of externality or market failures, there is no reason to assume that additional public sector investments would be more productive than the private sector investments (Tanzi, 1997). [Read more…]

Money Market and the Economic Growth of Nigeria

Money Market and the Economic Growth of Nigeria

The money market is a market for short term funds and as the name suggest, it is a market in which money is bought and sold, the market is used by business enterprise to raise fund for the purchase of inventories, by banks to finance temporary reserve loss, by companies to finance consumer credit and by government to bridge gap between its recipient and expenditure. [Read more…]

Government Expenditure and Economic Growth in Nigeria

Government Expenditure and Economic Growth in Nigeria

Government Expenditure – Economic growth represents the expansion of a country’s potential national output or potential real GNP; the expansion of economic power to produce (Ukwu, 2004). Without some kinds of economic growth, developing countries cannot extricate themselves from the quagmire of primordial poverty. Thus, these countries usually pursue fiscal policy to achieve accelerated economic growth. The term fiscal policy refers to the use of fiscal instruments (such as taxation and spending) to influence the working of the economic system in order to maximize economic welfare (Tanzi, 1994). The main objective of fiscal policy in less developed countries should then, be promoting long term growth of the economy. [Read more…]

Globalization and Economic Development in Nigeria

Globalization and Economic Development in Nigeria

This chapter deals with the review of relevant literature.
In carrying out these research studies, which includes, articles, seminars paper, newspaper, text books etc.
The review materials are grouped under the following headings:
1.    Positioning Nigeria for development in an era of globalization
2.    The challenges of globalization
3.    Globalization and economic development
4.    Obstacles to economic development
5.    Benefits of globalization [Read more…]

Deregulation of the Downstream Oil Sector in Nigeria

Deregulation of the Downstream Oil Sector in Nigeria

According to Hornby (2001:313), deregulation is the freeing of a trade or business activity from rules and controls. In his own view, it is the determination of price by the interplay of demand and supply. It means the withdrawal of government control of resources allocation mechanism, thereby allowing the forces of demand and supply to determine the prices of goods and services (Obioma 2000). [Read more…]