In resource-endowed countries, the ability of governments to spend on the critical sectors of their economies depends on the stability of resource prices. Similarly, in crude oil-endowed countries, governments face fiscal constraints during a decline in crude oil prices. Such declines often affect economic performance and mostly result in economic downturns (Raifu et al., 2020). This has been the experience of Nigeria, the largest oil-producing country in Africa. Since crude oil was discovered in 1956 at the Oloibiri village of Niger Delta and became commercialised in the early 1970s, it has become the mainstay of Nigeria’s economy. The survival of Nigeria’s economy largely depends on oil price stability and oil revenue generation.
August 15, 2023
Are All Shocks Alike? Evidence From the Effects of Oil Shocks on Military Expenditure in Nigeria
This study reviews and assesses the 2016 budget of the Federal Republic of Nigeria in line with IMFsbudget assessment indicators, namely: comprehensiveness, transparency, and realism. The assessment is based on clear understanding of the present administrations objectives, which are: to achieve socio-economic and infrastructural development, to diversify the Nigerian economy, and to achieve improved security of lives and properties.