ABU Journal, Department Of Public Administration
Volume No: 2|
NIGERIA&RSQUO;S FISCAL POLICY AND THE WORSENING POVERTY AND UNEMPLOYMENT LEVELS IN THE FOURTH REPUBLIC
1-DR. ANYIO, FELIX SILAS 2-DR. ADAGBA, ONAH SUNDAY
1.DEPARTMENT OF PUBLIC ADMINISTRATION,&NBSP;AHMADU BELLO UNIVERSITY, ZARIA, 2-DEPARTMENT OF POLITICAL SCIENCE,&NBSP;FEDERAL UNIVERSITY, WUKARI,&NBSP;TARABA STATE - NIGERIA
Fiscal policy has been adjudged the world over as one of the most important macro-economic tools used to achieve certain desirable objectives in an economy. However, questions are being raised from different quarters on why these fiscal policies have not been able to achieve the desirable objectives in Nigeria including reduction in poverty and unemployment. This paper attempts to highlight the factorsthat have hindered the achievement of these objectives and posits data on the worsening unemployment and poverty level in the country. The data for this study are largely secondary, and experiences of experts in the field of financial management were also relied on. The paper concludes that the basis of the failure of these fiscal policies was not so much because of the ineffectiveness of these fiscal policies as economic tools, but poor leadership, faulty application and implementation of policies, corruption and the lack of fiscal discipline/responsibilities etc. It therefore calls for greater fiscal discipline, reorientation and popular participation in planning and implementation of policies geared toward alleviating poverty and unemployment in the economy.
Overall, this paper has explored the factors which have contributed to the worsening levels of unemployment and poverty despite abundant resources in the fourth republic. The paper thus concludes that the failure of the various fiscal policies to achieve their desired objectives was not so much because of the in effectiveness of the policies as economic tools but the poor leadership, faulty application and often time poor implementation of policies, large scale corruption and lack of fiscal discipline and lack of any welfare system. In view of the above conclusion, the paper has deemed it fit to proffer the following recommendations.
1. The fiscal responsibility bill initiated by the previous legislative house having been signed into law should be strictly enforced to ensure strict processes and procedures for public revenue and expenditure management and other associated issues. This is because the law relates to how monies and finances are raised and spent, the development goals and targets, the underlying macro-economic assumptions and aggregates, debts and loans, budget formulation and implementation, reporting and popular participation in budgeting, penalties and sanctions for misconduct etc.