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February 26, 2010

Issues In Fiscal Policy Management Under The Economic Reforms

This paper was produced as part of a larger project which was jointly financed by the UKDepartment for International Development in Nigeria (through its Policy and Knowledge facility)and the Research Committee of the World Bank.

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Author:Dr. Bright Okogu &Philip Osafo-Kwaako

Publication Date: April 2008

Document Size: 22 pages


Oil-dependent economies face two interrelated challenges in the management of oilresources: in the short run, there is the need to create a stable macroeconomic environmentby delinking oil revenue earnings from public expenditures, while in thelong run it is necessary to maintain a sustainable use of resources that ensures intergenerationalequity. In most of the past three decades, Nigerias management of oilresources was poor. The Nigerian economy has experienced significant macroeconomicvolatility, driven largely by external terms-of-trade shocks, the countrys largereliance on oil export earnings and poor policy choices in the management of oilrevenues. By some measures, Nigeria ranked among the most volatile economies inthe world for the period 19602000. Moreover, contrary to the receivedwisdom of increasing financial assets as a means of saving oil revenues, Nigeria hadaccrued significant domestic and foreign liabilities.




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Nigeria Economic Update (Issue 27)

The Naira strengthened against the dollar in the review week. Specifically, the Naira appreciated by 2.7 percent to N355/$ (parallel market rate) on June 17, 2016, following the release of the flexible FOREX policy guidelines by the CBN on June 15, 2016. The new policy effectively adopts a single market structure hosted at the autonomous/inter-bank market. The inter-bank trading scheduled to commence on June 20, 2016 will be market-determined, officially eliminating the N197/$ peg. To ensure foreign exchange liquidity, primary market dealers have been introduced while the CBN will participate in the market through periodic interventions.