Government Fiscal Strategy and Sustainable Fiscal Management in Nigeria

Okonkwo N. Osmond and Nnamocha P.N.

Journal of Empirical Economics, 2015, vol. 4, issue 1, 20-28

Abstract: Government fiscal strategy in Nigeria actually commence effectively in 2010 in Nigeria provided for by the Fiscal Responsibility Act (2007) thus compelling the researchers curiosity to investigating its concept, character, depth and its implication for sustainable fiscal management in Nigeria. Findings in this study revealed that to mitigate the effects of shocks to the fiscal system, the government pursued the creation of the Sovereign Wealth Fund (SWF) to insulate the economy from the possible negative effects of windfall in oil revenue, provide a legal framework for the management of excess oil revenues and serve as a means of attracting local and foreign investors. The researchers also recommended amongst others that sustainable fiscal consolidation and management require greater fiscal discipline. Therefore, Nigeria requires a continuous policy effort as a nation to live within her means. Fiscal consolidation is aimed at reducing the budget deficit and minimizes debt accumulation through more diligent revenue generation and prudent expenditure management.

Keywords: Fiscal strategy; Fiscal responsibility act; Medium term expenditure framework; Economic growth. (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:rss:jnljee:v4i1p3

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