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Anu K. Toriola
Hallmark University, Ijebu-Itele
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Fiscal Stability and Inclusive Growth in Nigeria Anu K. Toriola; Felix Aberu; Salami O. Amusa; Oluwatoba O. Adeniwura; Babajide H. Mustapha
Indonesian Journal of Contemporary Education Vol 4, No 2 (2022)
Publisher : SAINTIS Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (561.074 KB) | DOI: 10.33122/ijoce.v4i2.36

Abstract

In Nigeria fiscal stability has deteriorated resulting in high rate of deficits and domestic debt. This study investigates fiscal stability and inclusive growth in Nigeria using annual data from the Central Bank of Nigeria (CBN) Statistical Bulletin from 1985 to 2015. The result Autoregressive Distributed Lag (ARDL) estimation technique used in the study showed that in the short run debt ratio and inflation have a significant negative effect on inclusive growth in Nigeria. However, in the long-run, debt ratio have a significant negative effect on inclusive growth. Fiscal deficit and inflation have a significant positive effect on inclusive growth. The Granger causality test shows a uni-direction causality relationship between inclusive growth and fiscal stability measures running only from debt ratio and fiscal deficit to inclusive growth. It is evident from the result that fiscal stability in Nigeria is characterised by policy inconsistency and high level of macroeconomic uncertainty indicating high level of fiscal instability. It was suggested that government need to reduce the size of its deficits, broaden the revenue base by increasing the contribution from non-oil sources.
Monetary Policy Schocks and Economic Growth in Nigeria Anu K. Toriola; Oluwatoba O. Adeniwura; Francis Olawale Lawale; Anayo V. Eyeke; Friday C. Nwakpa; Isaac Adeniran
Indonesian Journal of Contemporary Education Vol 4, No 2 (2022)
Publisher : SAINTIS Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (482.208 KB) | DOI: 10.33122/ijoce.v4i2.37

Abstract

This study examines monetary policy shocks and economic growth in Nigeria. This study following ex post facto research design employed a regression model where economic growth was the dependent variable while money supply, inflation and interest rate were the explanatory variables. Time series data over the period of 1986 to 2018 sourced from Central Bank of Nigeria (CBN) Statistical Bulletin and World Bank Development Index (WDI) was utilized. The study employed the Vector Autoregression (VAR) techniques in the analysis. The result of the vector autoregression estimation shows that money supply exert a significant positive effect on economic growth in Nigeria while inflation and interest rate exert an insignificant positive effect on economic growth in Nigeria. The result proves that monetary policy shocks exert a significant effect on economic growth in Nigeria while interest rate and inflation do not show any effect. It was recommended that the CBN should ensure the downward review of the Monetary Policy Rate of 12% to 9 percent so as to enhance more financial accessibility.
Co-Authors Anayo V. Eyeke Babajide H. Mustapha Felix Aberu Francis Olawale Lawale Friday C. Nwakpa Isaac Adeniran Oluwatoba O. Adeniwura Salami O. Amusa