This work focuses on fiscal policy a major tool for economic stability in Nigeria. Fiscal policy serves as an avenue through which the government influences the state of the economy and takes care of the welfare of her citizens. The Nigeria economy has been characterized with series of disturbances which include; inconsistent rise in prices, inflation and unemployment, to this effect, this study, seeks to find out the impact fiscal policy on the stability of the Nigeria economy. In the study, GDP was regressed on tax revenue, government spending and the differenced value of the GDP. Secondary data was used, collected from Central Bank of Nigeria (CBN) statistical bulletins to estimates the statistical relationship. The findings from the study showed that government spending as an instrument of fiscal policy has significant positive impact on GDP while tax revenue has insignificant impact on GDP. Also the differenced variable of GDP has significant positive impact on GDP. It was concluded that fiscal policy exhibits partial or no impact on economic stability in Nigeria. Also, that the poor performance of fiscal policy in Nigeria has been due to policy inconsistencies, high level of corruption, wasteful spending and poor policy implementation. This study therefore recommended that government should ensure that policy inconsistencies are minimized, government expenditure should be properly monitored to avoid leakages in the system, the government should avoid unnecessary borrowings and ensure that existing debts are properly serviced as at when due and tax and revenue generation policies should be properly addressed economically to avoid leakages in the system.
Fiscal Policy a Major Tool for Economic Stability in Nigeria
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