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Aim/Purpose: The purpose of this study is to provide empirical evidence on the impact of independent generated revenue of the three tiers of government on money supply in Nigeria. Design/methodology/approach: The study employs ex post facto research design and makes use of annual time series data spanning from 1981 to 2017. The data have been sourced from CBN Statistical Bulletin 2017 edition and CBN Annual Reports while Ordinary Least Squares method is used to carry out the analysis with the aid of Statistical Package for Social Sciences (SPSS) version 20. Findings: The results of the study indicate that Federal Government Independent Revenue (FGIR) and State government Independent Revenue (SGIR) influence money supply positively and significantly. On the contrary, the Local Government Independent Revenue has an insignificant negative impact on money supply. Research implications/Limitations: The implication of this finding is that if independent generated revenue under the jurisdiction of Local Government Councils in Nigeria is not properly regulated by the Monetary Authority in the country through a well-structured monetary policy measures, it will adversely affect the money supply. Originality/value/contribution: this study has been able to establish the influence of independent revenue of each tier of government in Nigeria on money supply. Most importantly, the study finds evidence that independent generated revenue of local government councils in Nigeria does not have positive influence on money supply in the country. Therefore, the study suggests that monetary policies in the country should incorporate local government optimal management of revenue to avoid unfavorable economic situations such as inflation which is prompted by too much money circulating in an economy.

Independent Generated Revenue of Three Tiers of Government and Money Supply in Nigeria