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Articles 1 - 30 of 145
Full-Text Articles in Macroeconomics
Central Bank Of Nigeria And The Developmental Function: Some Thoughts On Policy Measurement Perceptions, Xavier-Itam Antigha Okon, Igonibo D. Abili
Central Bank Of Nigeria And The Developmental Function: Some Thoughts On Policy Measurement Perceptions, Xavier-Itam Antigha Okon, Igonibo D. Abili
Bullion
The developmental function is one prominent contribution of the Central Bank of Nigeria to the Nigerian economy. Routine reporting of this function focuses on volume of projects funded, disbursements, and repayments. Exploring the possibility of expanding the reporting scope, this paper conceptualized and illustrated handy measures of policy anchored on macroeconomic aggregates, to track this function relative to other macroeconomic policy ends. Descriptive and inferential analyses suggested that the financial, economic and market intensity measures were quite responsive to developments in the economy and could be useful tools for policy reporting purposes. The pricing intensity indicator suggested distortions in the …
Pass-Through Effects Of Standing Facilities On Bank Interest Rates In Nigeria, Victor Ezeora Eleam, Chinyelu Gloria Ekwom, Chibueze Charles Ariolu, Chukwubuzo Jackson Umebali, Adewale Timothy Balogun
Pass-Through Effects Of Standing Facilities On Bank Interest Rates In Nigeria, Victor Ezeora Eleam, Chinyelu Gloria Ekwom, Chibueze Charles Ariolu, Chukwubuzo Jackson Umebali, Adewale Timothy Balogun
Economic and Financial Review
The paper investigates the pattern of pass-through effects of standing facilities rates on commercial bank retail interest rates in Nigeria. Monthly data spanning 2007:06 to 2019:12 and the Gregory-Hansen cointegration method that accounts for structural breaks are used in the empirical analysis. The adjustment parameters for the standing deposit and lending facilities are found to be significant, but with a low speed of adjustment. This provides some evidence on the nature of the interest rate channel of monetary policy transmission in the country. Furthermore, the study could not confirm asymmetry in the adjustment of retail rates to their long-run equilibria. …
Asymmetric Trade Flows, Monetary And Business Cycle Asynchronization Among Ecowas Member Countries: Feasibility Of Ecowas Monetary Union Formation Beyond 2020, Joseph Okwori, Walter O. Ugwuoke
Asymmetric Trade Flows, Monetary And Business Cycle Asynchronization Among Ecowas Member Countries: Feasibility Of Ecowas Monetary Union Formation Beyond 2020, Joseph Okwori, Walter O. Ugwuoke
Bullion
The formation of the West African Monetary Union which was initially slated for 2003 was postponed severally in 2005, 2009, 2015 and 2020. This raises the curiosity of investigating the possibility of its formation beyond 2020. It is against this backdrop that this paper investigated asymmetric trade flows, monetary policy and business cycle asynchronization among ECOWAS member countries: Feasibility of ECOWAS Monetary union formation beyond 2020. The objective was addressed using Pearson correlation analysis on computed zscores and the seemingly unrelated regression estimation (SURE). The finding shows that the flow of trade within ECOWAS member countries were highly asymmetric indicating …
Fluctuations Of Macroeconomic Variables And Manufacturing Output: Issues, Challenges And Prospects Of The Growth Of Manufacturing Output In Nigeria, Chris Ac-Ogbonna
Fluctuations Of Macroeconomic Variables And Manufacturing Output: Issues, Challenges And Prospects Of The Growth Of Manufacturing Output In Nigeria, Chris Ac-Ogbonna
Bullion
The study examined the impact of fluctuations of macroeconomic variables such as exchange rate, lending rates and inflation rates on the manufacturing output in Nigeria. The paper used descriptive analysis to investigate the relationship between manufacturing output and macroeconomic stability in Nigeria. The findings revealed that macroeconomic instability impacted negatively on the manufacturing output. The paper therefore recommended that policies that will streamline the multiple and volatile exchange rates, interest rate and inflation control should be designed and implemented to ensure their predictability to aid planning and attract both domestic and foreign investors to the, manufacturing sector. This is expected …
Contemporary Issues In Nigeria's External Debt And Implications For National Sovereignty, Umar E. Mahmud, Yusuf A. Ogwuzebe
Contemporary Issues In Nigeria's External Debt And Implications For National Sovereignty, Umar E. Mahmud, Yusuf A. Ogwuzebe
Bullion
The imperative of public borrowing to finance development, combat natural or artificial disasters, and for other reasons is incontrovertible. The diverse traumatic experience of debt-victim nations: Spain, Mexico, Egypt, Venezuela, et cetera, which narrowly escaped total loss of national sovereignty to foreign lenders, due to debt-induced bankruptcy, have been xr-ayed by literature: Magaji (2000) and Bature (2015), among others. The objectives of this paper are to examine the situation of Nigeria, vis-à-vis the nations which travelled the path of Nigeria's current adventure; and to proffer policy antidotes for averting the highly probable cataclysm which unsustainable external debt might precipitate, particularly …
External Sector Liberalization And Output Growth In Nigeria, Emmanuel A. Onwioduokit, Obong E. Effiong
External Sector Liberalization And Output Growth In Nigeria, Emmanuel A. Onwioduokit, Obong E. Effiong
Bullion
The paper investigates the impact of external sector liberalization (foreign direct investment, external debt stock, trade openness and exchange rate) on the output growth in Nigeria from the period 1981 to 2019, utilizing correlation analysis, Granger causality test and vector autoregression (VAR). The results indicate that foreign direct investment, external debt stock, trade openness and exchange rate all correlate positively with gross domestic product. Also, the granger causality test indicates that foreign direct investment, trade openness and exchange rate granger cause the output growth in Nigeria. From the VAR result foreign direct investment exerted positive and significant impact on the …
Impact Of Monetary Policy On Inflation Rate In Nigeria: Vector Autoregressive Analysis, Eggon Ahmed Henry, Ajidani Moses Sabo
Impact Of Monetary Policy On Inflation Rate In Nigeria: Vector Autoregressive Analysis, Eggon Ahmed Henry, Ajidani Moses Sabo
Bullion
The Nigerian monetary authorities have implemented several monetary management policies with the aim of achieving price stability and economic growth in the country, but without success. This study was conducted to examine the impact of monetary policy management on inflation in Nigeria during the 1985- 2019. Autoregressive distributed lag analysis was employed on time series data covering the period. It was found that while monetary policy rate and foreign exchange rate impacted negatively on inflation; broad money supply impact positively on it. Therefore, the study recommended that monetary authorities should fix the exchange rate at where the value of Naira …
Impact Of Financial Deepening On Socio-Economic Development In Nigeria: 1991 - 2018, Igonibo Dumoteim Abili
Impact Of Financial Deepening On Socio-Economic Development In Nigeria: 1991 - 2018, Igonibo Dumoteim Abili
Bullion
This study investigates the relationship between financial deepening and socioeconomic development in Nigeria. The specific objectives examined the impacts of broad money supply, private sector credit and financial openness on human development index in Nigeria from 1991 to 2018. Time series data on each of the variables were analyzed using Fully Modified Least Squares and Granger Causality test. The unit root test results revealed that all the variables in the model became stationary after first difference and are all I (1). The cointegration test result revealed that the variables had long run relationships. The cointegrating regression result indicated that broad …
Relationship Between Volatility In Domestic Oil Production, Oil Price And Exchange Rate In Nigeria: Co-Integration And Granger Causality Tests, Bashir Umar Faruk
Relationship Between Volatility In Domestic Oil Production, Oil Price And Exchange Rate In Nigeria: Co-Integration And Granger Causality Tests, Bashir Umar Faruk
Bullion
The paper examines the relationship between volatility in domestic oil production, oil prices, and exchange rate in Nigeria. The study employs monthly time series data, from January 2006 to August 2018. Data for the Nigerian Bonny light oil prices (COP), Domestic Oil Production (DOP) and Exchange Rate (EXC) are obtained from the Central Bank of Nigeria (CBN) website. While, dummy variable (DUM) represents stability and instability in the Niger-Delta oil-rich region was traced from historic oil disruptions in the region. Autoregres s i ve Di s tributed Lag (ARDL)/bound testing method and pairwise granger causality were employed. Unit root test …
The Role Of Agriculture In The Economic Diversification Of The Nigerian Economy: (1980 – 2016), Adamu Hassan Muhammad, Tahir Hussaini Mairiga, Iliya Ayuba Thompson, Usman Ismaeel Bello
The Role Of Agriculture In The Economic Diversification Of The Nigerian Economy: (1980 – 2016), Adamu Hassan Muhammad, Tahir Hussaini Mairiga, Iliya Ayuba Thompson, Usman Ismaeel Bello
Bullion
This study empirically examines the role of agriculture in the diversification of the Nigerian economy, using time series data from 1980–2016. Estimation results using Cointegration and Vector Error Correction Technique indicate that agricultural output has a positive relationship and significant impact with non-oil exports (NOE) and that non-oil revenue has a positive relationship with non-oil exports (NOE). It was recommended that, government should endeavor to increase agricultural productivity by improving its expenditure on the sector so as to enhance the growth of the economy. Government should also increase its non-oil revenue and revive the sector through sufficient budgetary allocation and …
Impact Of Tax Revenue On Economic Growth In Nigeria (1981-2017), Abubakar Biliksu Aliyu, A. A. Mustapha
Impact Of Tax Revenue On Economic Growth In Nigeria (1981-2017), Abubakar Biliksu Aliyu, A. A. Mustapha
Bullion
The main objective of this research is to assess empirically the impact of tax revenue on economic growth in Nigeria, spanning from 1981 to 2017. It employs, time series data obtained from the CBN statistical bulletins, FIRS annual publications and National Bureau of Statistics (NBS) portal. To achieve the objectives of the study, OLS and ARDL techniques were employed to estimate the relationships and the dynamics and longrun effects of independent variables on dependent variable. ARDL bound test revealed that the variables are cointegrated while ARDL long-run estimation indicated that petroleum profit, value added tax and government domestic debt are …
An Adjusted Classical Model For Interest-Free Financing In Nigeria, Abdul Ibrahim, Habibu M-G Salihu
An Adjusted Classical Model For Interest-Free Financing In Nigeria, Abdul Ibrahim, Habibu M-G Salihu
Bullion
This paper examines an interest-free macroeconomic models by adjusting the classical model into an interest-free macroeconomic model as a basis for developing a comparative analysis. The study adopted a descriptive approach by describing the mechanics for obtaining an interest-free macroeconomic model from a prototype western model. It was observed that most Muslims in Nigeria are interested in adopting interest free financing under the western system. This is a reason for converting a western model into an interest-free model.This conversion allows policy-makers to gain useful insight in the process in transition from the western system to the Islamic system. The Islamic …
Leveraging Import Substitution For Economic Expansion: The Case Of Nigeria, Paul Ihuoma Oluikpe
Leveraging Import Substitution For Economic Expansion: The Case Of Nigeria, Paul Ihuoma Oluikpe
Bullion
The objective of this paper is to describe the import substitution policies of Nigeria with a historical and analytical outlook with a view to amplifying its dimensions of impact, and recommending potential options for optimizing policy and implementation. Method The methodology adopted for this paper is descriptive and historical analysis. Comparisons were drawn from various countries policies such as Chile, Brazil, Argentina, Mexico, India, South Korea, and the Philippines and outcomes are highlighted, and then extrapolated to the Nigerian context with a view to understanding the local context in the light of peer country implementation. The results from the implementation …
Firm Survival Of Listed Nigerian Financial Institutions: A Consolidated Methods Approach, Sunusi Garba, Adamu M. Abubakar, Ahmad I. Mohammed, Mohammed S. Damamisau
Firm Survival Of Listed Nigerian Financial Institutions: A Consolidated Methods Approach, Sunusi Garba, Adamu M. Abubakar, Ahmad I. Mohammed, Mohammed S. Damamisau
Bullion
The firm's survival is regarded as an essential element usually used by the capital market participants in making vital decisions. This study examines the combined roles of bankruptcy, earnings management, and profitability in explaining a firm's survival in the listed Nigerian financial institutions. To achieve this, a descriptive research design is adopted and data were generated from databases of the listed companies in the Nigerian Stock Exchange for the period 2006 to 2015. Panel data analysis was employed in analysing collected data of the sampled 29 financial institutions in the Nigerian financial sector. The study found that most of the …
Efficiency Gain Argument Of Fiscal Federalism And Economic Growth: Evidence From Five Selected Developing Federal Economies, Hyacinth E. Ichoku, Walter O. Ugwuoke
Efficiency Gain Argument Of Fiscal Federalism And Economic Growth: Evidence From Five Selected Developing Federal Economies, Hyacinth E. Ichoku, Walter O. Ugwuoke
Bullion
This paper investigated efficiency gain argument of fiscal federalism and economic growth with evidence from five selected developing federal economies. The curiosity is to ascertain whether the efficiency gain –the fundamental argument why countries adopt fiscal federalism is justified in these economies. The paper uses stochastic frontier model to achieve this objective. The evidence from the selected developing federal economies revealed diverging results. While in Nigeria, Ethiopia and India there is more expenditure decentralization than revenue decentralization suggesting that efficiency gains from fiscal federalism may remain elusive, in Brazil and South Africa there is more revenue decentralization than expenditure decentralization …
The Impact Of External Debt On Agricultural Production In Nigeria (1980-2016): Autoregressive Distributed Lag Modelling, Aishatu U. Yerima, Hussaini M. Tahir
The Impact Of External Debt On Agricultural Production In Nigeria (1980-2016): Autoregressive Distributed Lag Modelling, Aishatu U. Yerima, Hussaini M. Tahir
Bullion
The study analyzed the impact of external debt on Nigeria's agricultural production from 1980 to 2016 using secondary data obtained from Central Bank of Nigeria (CBN) statistical bulletin and the World Development Indicators (WDI). Augmented DickeyFuller unit root test and the autoregressive distributed lag (ARDL) bound testing approach to co-integration were utilized, to achieve the objectives of the study. Empirical results revealed that the variables were cointegrated, indicating that they exhibited long run relationship, both in the short and the long run. External debt stock (EDS) had a significant positive impact on agricultural production (AGP), indicating that EDS positively impacted …
Education, Inclusive Growth And Development In Nigeria: Empirical Examination, Emmanuel Onwioduokit
Education, Inclusive Growth And Development In Nigeria: Empirical Examination, Emmanuel Onwioduokit
Bullion
Fundamental changes in the intellectual and social stance of any society have always been preceded by educational renaissance. This paper investigates the role of education in achieving and sustaining economic development in Nigeria. Abstracting from the theory, the paper examines education in Nigeria, its enhancing, including comparative analysis with selected African countries and its connection with economic development. The ARDL model was adopted to examine both the short run and long run relationships between education and development proxied by HDI and education and economic growth within the context of inclusive growth model. Evidence from the estimated long run ARDL model …
Investigating The Impact Of Widening Price Limits On Volatility: The Experience Of The Nigerian Stock Exchange, Mohmmed A. Yadudu
Investigating The Impact Of Widening Price Limits On Volatility: The Experience Of The Nigerian Stock Exchange, Mohmmed A. Yadudu
Bullion
This paper empirically evaluates the impact of return volatility from widening price limits from 5% to 10% on the Nigerian Stock Exchange(NSE) on September 18, 2012 using a Stochastic Volatility model in an event study framework. Using daily trading data from September 2010 to September 2014, the study finds that widening of price limits in the NSE has not increased volatility as feared by some regulators. Stocks with higher free floats and institutional ownership display lower volatility when price limits are widened. This suggests that smaller stock exchanges can improve market efficiency by widening price limits without increasing volatility. The …
Portfolio Capital Inflows And Banking Crisis In Emerging Market And Developing Economies (Mdes): Bank-Level Evidence From Nigeria, Tijjani Mohammed Jume
Portfolio Capital Inflows And Banking Crisis In Emerging Market And Developing Economies (Mdes): Bank-Level Evidence From Nigeria, Tijjani Mohammed Jume
Bullion
The objective of the paper is to assess the effects of foreign portfolio capital surge on the banking sector in Nigeria from 2005 - 2018. Using a simple trend analysing a static general equilibrium framework, the paper reveals that portfolio capital inflows, in the wake of monetary policy independence in Nigeria, led to portfolio capital surge which resulted to credit boom and speculative transactions in the Nigerian Stock Exchange (NSE) leading to assets price bubble. When the bubble burst during the global financial crisis (GFC) in 2007, and thereafter in 2014, portfolio capital inflows reversed and banking stocks prices declined …
Pension Fund, Financial Development And Output Growth In Nigeria, Iwegbu Onyebuchi
Pension Fund, Financial Development And Output Growth In Nigeria, Iwegbu Onyebuchi
Bullion
This study examines the indirect effect of pension fund on economic growth in Nigeria through the financial system. Using Autoregressive Distributive Lag (ARDL) model, the study found out that pension fund contribution is effective in stimulating growth through investment in portfolios that yield short term returns; this implies that pension fund contribution cannot on its own without a credible financial system impact on economic growth. The policy implication of this study is for Pension Fund Administrators (PFAs) to invest in portfolios with short-term returns; thus, a large chunk of funds invested in federal government securities should be unbundled to other …
The Central Bank Balance Sheet As A Tool For Monetary Policy: Evidence From Nigeria, E. U. Kure, O. O. Mbutor, U. A. Rotimi, Y. Adamu
The Central Bank Balance Sheet As A Tool For Monetary Policy: Evidence From Nigeria, E. U. Kure, O. O. Mbutor, U. A. Rotimi, Y. Adamu
Economic and Financial Review
The study examined the impact of the Central bank of Nigeria’s (CBN) balance sheet on the growth of private sector credit, economic growth and price stability during the period 2006-2017. Balance sheet indicators used were total assets of the CBN and proxy for asset distribution. Employing a vector autoregressive (VAR) model, the study found balance sheet policies to be effective in reducing cost of credit, increase in bank lending, economic activities and a decline in inflation. However, the effects favour asset dispersion (credit easing) against growth in assets (quantitative easing), implying that the Bank can, in the short- to medium-term, …
Macroeconomic Instability Index And Threshold For The Nigerian Economy, B. A. G. Amoo, J. K. Achua, N. P. Audu, B. Hamma
Macroeconomic Instability Index And Threshold For The Nigerian Economy, B. A. G. Amoo, J. K. Achua, N. P. Audu, B. Hamma
Economic and Financial Review
The paper employed statistical algorithms, factor analysis and threshold autoregressive models to address the gaps in management of macroeconomic instability in Nigeria. Using data spanning 2010q1 to 2017q2, the findings showed that the values of macroeconomic instability index (MII) fluctuated between 0.316 and 0.609, with a threshold of 0.461. This showed an inverse relationship between macroeconomic instability and economic growth. This framework could serve as a mechanism to gauge early warning signal of instability in Nigeria.
Determinants Of Nigeria's External Sector Competitiveness, O. Duke, M. Yakub, M. Nakorji, B. Gaiya, F. Isma'il, Z. Sani, S. Zimboh, T. Obiezue, O. Asuzu, V. Aliyu
Determinants Of Nigeria's External Sector Competitiveness, O. Duke, M. Yakub, M. Nakorji, B. Gaiya, F. Isma'il, Z. Sani, S. Zimboh, T. Obiezue, O. Asuzu, V. Aliyu
Economic and Financial Review
The study investigated the determinants of Nigeria's external competitiveness, with a view to providing sound policy prescriptions on ways to improve competitiveness. The study employed an Autoregressive Distributed Lag (ARDL) model, using monthly data spanning 2008 to 2016 to determine the short- and long-run relationships among some selected macroeconomic variables. These included real effective exchange rate, exports, productivity, crude oil price, capital flow and consumer price index. The results from the short-run analysis revealed that productivity, proxied by government expenditure, and crude oil price were found to be the major determinants of external sector competitiveness in Nigeria, while CPI was …
Unofficial Dollarisation And Monetary Policy In Nigeria, Y. Adamu
Unofficial Dollarisation And Monetary Policy In Nigeria, Y. Adamu
Economic and Financial Review
This paper examined the impact of dollarisation on monetary policy in Nigeria, using monthly data spanning 2002 to 2016. The paper adopted the conventional IMF proxy for dollarisation and traced its reactions to changing monetary policy stance. Using the vector autoregression (VAR) model and interbank rate as an indicator of monetary policy stance, the results showed that the size of dollarisation could influence the outcome of monetary policy, though the impact was small. This was evident from the output equations, that inflation did not respond in the first month and responded negatively in the second month. However, from the third …
Interest Rate Dynamics And Real Output Behaviour In Nigeria: A Simulation Analysis, S. Rapu, G. Sanni, D. Penzin, N. Nkang, P. Golit, H. Okafor, E. Ibi
Interest Rate Dynamics And Real Output Behaviour In Nigeria: A Simulation Analysis, S. Rapu, G. Sanni, D. Penzin, N. Nkang, P. Golit, H. Okafor, E. Ibi
Economic and Financial Review
The declining output growth observed from the second quarter of 2014, which led to calls for a more expansionary monetary policy despite rising inflationary pressure, necessitated a reassessment of the impact of interest rate on real output growth in Nigeria. Using a Bayesian Vector Autoregressive (BVAR) model and quarterly data from 2000:Q4 to 2015:Q3, the effect of monetary policy transmission (interest rate dynamics) on real output performance was estimated. Although results of the simulation analysis were somewhat mixed, those of the impulse response functions indicated that positive shocks to monetary policy rate (MPR) produced a negative and small impact on …
Savings, Net Foreign Assets And Current Accounts Dynamics In Subsaharan Africa, A. I. Adeleke, W. Ohemeng, K. Ofori-Boateng
Savings, Net Foreign Assets And Current Accounts Dynamics In Subsaharan Africa, A. I. Adeleke, W. Ohemeng, K. Ofori-Boateng
Economic and Financial Review
A profile of the current account balance in sub-Sahara Africa (SSA) shows that many countries in the region have consistently experienced current account deficits, dwindling savings and diminishing net foreign assets. These macroeconomic variables convey important information to economic agents about the health of a nation. The relationships among these three important variables in terms of short-run and long-run dynamics are cloudy in the literature. Therefore, this study examined the long-run and short-run dynamics of savings, net foreign assets and current account balance in subSaharan Africa. Utilising panel econometric techniques with annual data from 38 countries in SSA for the …
A Dynamic Stochastic General Equilibrium (Dsge) Model Of Exchange Rate Pass-Through To Domestic Prices In Nigeria, M. A. Adebiyi Dr, C. N. Mordi Dr
A Dynamic Stochastic General Equilibrium (Dsge) Model Of Exchange Rate Pass-Through To Domestic Prices In Nigeria, M. A. Adebiyi Dr, C. N. Mordi Dr
CBN Occasional Papers
This paper employed a Bayesian framework of DSGE model to estimate the pass-through effect of exchange rate to domestic inflation in Nigeria, using quarterly data for the period 1990 to 2011. The response of inflation rate to exchange rate shocks was found to be positive and statistically significant in the short-run. The pass-through was small and incomplete with almost zero in quarter 1 (0.09), rose to 0.18 in quarter 2 and declined to 0.07 and 0.01 in quarters 3 and 4, respectively. These findings were lower than those obtained elsewhere by other authors. The low pass-through reported in this study …
Empirical Estimation Of Optimal International Reserves For Nigeria: The Sudden Stop Model, G.K. Sanni, T.S. Olusegun, Z. Sani
Empirical Estimation Of Optimal International Reserves For Nigeria: The Sudden Stop Model, G.K. Sanni, T.S. Olusegun, Z. Sani
Economic and Financial Review
The study examined the issue of optimum external reserves for Nigeria during 2010 - 2014, using Jeanne and Ranciere (2006) and Goncalves (2007) sudden stop model approach. The study showed that resident foreign currency deposit accounted for over 90 per cent of the total foreign currency deposit, while non-resident foreign currency deposit accounted for the remaining. The result of the model suggested that external reserves were adequate in 2010 but beyond that period, it was far below optimal level. On average, the optimum external reserves were around 15.7 per cent of GDP in the past four years, translating to US$54.52 …
Economic Growth, Poverty And Income Inequality Matrix In Nigeria: A Further Investigation, H. O. Okafor
Economic Growth, Poverty And Income Inequality Matrix In Nigeria: A Further Investigation, H. O. Okafor
Economic and Financial Review
This paper examined the existing relationship among economic growth, poverty and income inequality in Nigeria. Using the Vector Auto-regressive (VAR) model and the Engle-Granger technique to test for the causality existing among the variables, the results revealed that economic growth had no impact on poverty reduction and income distribution in Nigeria due its non-inclusive nature. There was, however, evidence of a unidirectional causality, running from income inequality to increased poverty. This implied that inequality would lead to increase in poverty in Nigeria. Therefore, the paper recommended that government should develop stronger economic institutions that are capable of reorganising the productive …
Non-Oil Revenue Buoyancy And Elasticity: Implications For Revenue Generation In Nigeria, B. Gaiya, A. A. Ikenna-Ononugbo, K. Ajala
Non-Oil Revenue Buoyancy And Elasticity: Implications For Revenue Generation In Nigeria, B. Gaiya, A. A. Ikenna-Ononugbo, K. Ajala
Economic and Financial Review
The paper employs annual time series data on real government tax revenue components from 1981-2014 to endogenously determine the level of non-oil revenue buoyancy and elasticity and its implication for revenue generation in Nigeria. A partitioning approach to determining tax buoyancy and elasticity is employed to address these objectives. The study found that with the exception of the Company Income Tax, an inelastic tax structure exists in Nigeria for the period under review. The proxy bases had similar results in terms of their responsiveness to the tax system. There were also evidences that the discretionary measures taken during the study …