AN ECONOMIC ANALYSIS OF REVENUE AND EXPENDITURE IN NIGERIA, 1970-1998

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AN ECONOMIC ANALYSIS OF REVENUE AND EXPENDITURE IN NIGERIA, 1970-1998

Abstract:

Nigeria’s fiscal operations since early 1980’s have resulted into persistent and huge fiscal deficit. This is attributed to revenue shortfall and rapid increase in government spending. The purpose of this thesis is to undertake an analysis of the relationship between spending and revenue at the Federal level in Nigeria. Using regression analysis on time series data over the period 1970-1998, the study discovered that oil Revenue, Tax Revenue, Population and wages of the public sector employees are statistically significant in explaining the rapid growth in government spending which invariably lead to deficit. The results of the study indicate that oil revenue was the most significant factor. The results show that rapid growth of Federal Government expenditure was caused by persistent deficits. The study recommends that government should embark on policies aimed at raising revenue and reducing expenditure. Restructuring measures aimed at attaining fiscal viability over a long period should be adopted.

AN ECONOMIC ANALYSIS OF REVENUE AND EXPENDITURE IN NIGERIA, 1970-1998

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