TABLE OF CONTENT
Title page
Declaration of page
Certification
Abstract
Table of content.
CHAPTER ONE
1.0 INTRODUCTION
Background of the study
Statement of the problem
Objectives of the study
Scope and limitation of the study
Significance of the study
Definition of terms.
CHAPTER TWO
2.0 LITERATURE REVIEW
History of fiscal policies in the Nigeria pre-independence
Definition and meaning of fiscal policies
Difference between fiscal and monetary policies
Tax as a tool of fiscal policy
Expenditure in fiscal policy
Tax and expenditure in fiscal policy
Limitation of fiscal policy implementation
The role of the central bank in the formulation and
implementation of fiscal policy.
CHAPTER THREE
Introduction
Research design for the study
Sources of data
Methods of data analysis
Population and sample size
Design and administration of questionnaires
CHAPTER FOUR
4.0 PRESENTATION,
ANALYSIS & INTERPRETATION OF DATA
Introduction
Presentation of data for 2006 fiscal year
Analysis of data for 2006 through 2008 fiscal year
Analysis of the federal government revenue and expenditure
of 2006-2011
Analysis of the state of the economy (2006 – 2011)
Interpretation of data.
CHAPTER FIVE
5.0 SUMMARY AND DISCUSSION OF FINDINGS, CONCLUSIONS AND
RECOMMENDATIONS.
Introduction
Discussion of findings
Summary of findings
Conclusion
Recommendation
Questionnaire sample.
Bibliography
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE
STUDY
The economy of
any country, irrespective of its structure is regulated by certain policies
developed by the government. Some of these include economic policies, social
policies, monetary policies etc. however of all these policies economic
policies are most fundamental. The economic factors are cynical because they
serve as a foundation for the success of the other policies of government. The
constituent element of these economic policies need to be manipulated simultaneously
to achieve the desired results. The techniques of manipulating the economic
factors play an important role two. One of the essential arms of economic
policies – the fiscal policy, serve as a means of planning, organizing,
controlling and coordinating the tempo of activities in the economy. Fiscal
policy in itself can be said to be made up of specific course of action
involving the formulation of tax structure and expenditure patterns. The
direction of these expenditures and taxes are specific in nature for results or
changes. Before the world war, fiscal policy as a key to economic restructuring
and development has been in existence. Many economists had propounded theories
as a means to economic prosperity from the destruction of the world war, but in
the early 20the century, Lord John Keynes put forward on articulated and
constructive solution to solving economic problem. Lord Keynes in his book
explain that the revamping of an economy could be achieved through the
redirection of government expenditures from war machines to soft loans to
increase investment, generate employment and consequently increase aggregate
demand as a means of getting hold on the hyperinflation that existed after the
Second World War.
In Nigeria, the
earliest known forms of fiscal policies were used. It was established as far
back as 19th century by the British Administration. Then the political system
became complex due to the existence of the indigenous government under Emirs,
Obas, Obongs, Obis etc. along with the colonial masters. In effect, payment for
the administration of the country were made to the British government.
The government
policy used by the colonial masters on revenue for development was adopted from
Dr. Earl Grey report (1852) in which he advocated economic development amongst
civilized people. Through self determination under the British supervision.
Because of the existence of local authorities which led to indirect rule
policy, the policy suited Nigeria. The revenue generation method which was
based on duties paid on imported goods was pursued because it avoided
disruption of the indigenous social and economic system and its incidence did
not directly affect the average Nigerian. Besides, revenue from duties the
British government support however, began to dwindle due to increase public
criticism in Britain against spreading of Brutish influence in West Africa.
1870, the government supplement stopped and was reduced from #5,000.00 to
#2,000.00 to #1,000.00 in 1862, 1863 and 1865 respectively. The expenditure was
solely directed towards improving the comfort of the British officers and the
maintenance of law and orders. These and then. The revenue and expenditure
volume also increase considerably well into the 20th century. Considering this
modern time, fiscal policy as a means of economic development are not developed
in isolation. They are formulated and implemented simultaneously with monetary
policies, foreign policies by the government with the aim of having a
synchronized approach in tackling economic problems. The generally accepted
fiscal policy measure incorporates welfare economics as a means of reducing
adverse effects that may arise thus reducing the standard of living of the
citizens of the country.
From the
foregoing, this research is aimed at identifying the role of fiscal policies in
the development of Nigerian economy.
1.2 STATEMENT OF THE
PROBLEMS.
Fiscal policies
can be valuable tool for economic growth and development if accurately and
timely implemented. Therefore by the end of this project the following
questions will be answered.
Do Nigeria fiscal policies posses the required components
and impact needed to fiscal economic growth?
Are the fiscal policies consistent or not?
Are they properly implemented?
Can any improvement be made
1.3 OBJECTIVES OF THE
STUDY
To examine the fiscal policies formulation in Nigeria from
2006-2011
To identify the role they play in the development of
Nigerian economy
To determine if these roles have been consistent with stated
objectives of the government.
To determine the extent of implementation of formulated
fiscal policies.
To make recommendation where appropriate.
1.4 MAJOR RESEARCH
HYPOTHESIS.
In order to interpret the result of this research study, the
following hypothesis are formulated
1. Ho: Fiscal
policies have not helped in the development of Nigerian economy
H1: Fiscal policies have helped in the
development of Nigerian economy.
2. Ho: For some
years now, fiscal policies have not been properly implemented.
H1: For some years now, fiscal policies
have been properly implemented.
1.5 SCOPE AND
LIMITATION OF THE STUDY
The scope of
this research work has been limited to fiscal policy formulations and
implementation in Nigeria between 2006 and 2000. it also includes the
relationship between fiscal policies and other government economic policies how
it is used to fight inflation, unemployment, encourage, investment/production
of goods and services and generally encourage private participation in economy
building.
This study
further highlights the relevance of fiscal policies in the Nigeria economy. Its
emphasis, encompasses the component of fiscal policies. Its relationship with
other disciplines, how it is used in the economy. It does not however include
comparison with other countries since economic structure and system differ and
therefore would amount to unfair comparison. Constraints faced during this
research work include.
Limitation of cost and time
Restricted access to some classified documents
Fiscal disability and scarcity of related items.