Nigerian Fiscal Policy

Dear Vinod Sir, I want to know Nigerian fiscal policy. What is this? And how can I evaluate critically the objectives of the Nigerian fiscal policy?

Ogunnubi Morufat from Nigeria
Nigerian fiscal policy means the fiscal policy of the country of Nigeria. Nigeria is located in the West Africa comprising 36 states. For, development of Nigeria, it is the duty of the Govt. of Nigeria to make a good fiscal policy. Fiscal policy is the part of public finance. Under Nigerian fiscal policy, Govt. collects money from his different sources. After this, it is utilized for welfare and development expenditures. Nigerian Govt. tax policy and expenditure policy will be under fiscal policy.

I am not the native of Nigeria, but as internet savvy, I am trying to evaluate critically the objectives of the Nigerian fiscal policy for you. First of all. I collected some of financial data of Nigeria which is showing following things

1. # Main source of earning of Govt. of Nigeria is petroleum. 80% of earning of Nigerian govt. is from petrol production and export. Nigeria's anticipated revenue from petroleum is about $52.2 billion.

Earning of Nigeria is good but it is dependent on one source of earning which is not good. In future, when petrol will decrease, it will be more difficult for Nigeria to survive. So, from today, Govt. of Nigeria has to work hard to research new sources of earning.

2. # Health, health care, and general living conditions in Nigeria are poor.

This is one of very sad information for me. Why are health conditions of Nigeria so poor. Is Govt. of Nigeria no money to open hospitals for Nigeria peoples. Or Govt. is not interested in it. What so ever, but one thing is clear, if Nigerian people will start to care health themselves, there is no need to invest money in hospitals. From my 31st years, I am living very healthy in India without any problem due to following rules, you can learn all these rules.

a) Never eat meat, non-veg. or eggs.

b) Never drink alcohol.

c) Never drink tea. Always drink milk.

d) Pray of God day and night.

e) Come to help to needy and helpless.

3. Education is in a state of neglect.

It is also sad news. Govt. of Nigeria should create good provision not only free education but compulsory attendance of students of Nigeria. To provide technical education is good way to empower Nigerian peoples. If educated Nigerian will start NGO for providing education to poor community, they can also reduce the expenditures of education in Nigeria.

3. Nigeria's human rights record remains poor and government officials at all levels continue to commit serious abuses.

This is not the problem of Nigeria but it is the problem of human being. It is easy to learn bad things. But it is difficult to learn good things. Govt. officials who commit serious abuse should be given hard punishment.

4. Nigeria is home to a substantial network of organized crime, active especially in drug trafficking.

This information shows that Govt. is not providing good money in its budget for reducing all these things. Special crime branch should be organized for reducing these things.

5. As a result of corruption 80 percent of energy revenues benefit only 1 percent of the population.

This is another critical point which is against the objective of fiscal policy of Nigeria.

6. About 57 percent of the population lives on less than US$1 per day.

I think, above points affect this point. When people will become educated, they can earn US $ 1000 in day.

7. In 2005 Nigeria’s central government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5 percent.

This is the good sign of Govt. budget. No need to get loan for this budget deficit.

8. In 2005, Nigeria imported about US$26 billion of goods.

Nigeria should produce its necessary things. After this, it can save money from imported goods and give employment to its people.

9. In recent years, Nigeria has expanded its trade relations with other developing countries such as India. Nigeria is the largest African crude oil supplier to India — it annually exports 400,000 oil barrels per day to India valued at US$10 billion annually.

India will always support to Nigeria what we can do because we believe, live and to be live.

10. Conclusion

There is lots of plus and minus points of Nigerian fiscal policy but Govt. should not forget that it is accountable for public of Nigeria. Govt. of Nigeria should do his duty with honesty and dedication. After this, Nigeria can develop.

Related : Economy of Malaysia 2010






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Accounting Education: Nigerian Fiscal Policy
Nigerian Fiscal Policy
Accounting Education
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