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Budgeting for Development: The Case of Nigeria
Author(s) -
Nwagwu Emeka O. C.
Publication year - 1992
Publication title -
public budgeting and finance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.694
H-Index - 30
eISSN - 1540-5850
pISSN - 0275-1100
DOI - 10.1111/1540-5850.00930
Subject(s) - bust , boom , government (linguistics) , business , resource (disambiguation) , economics , capital (architecture) , business cycle , economic policy , finance , macroeconomics , engineering , geography , computer science , computer network , philosophy , linguistics , archaeology , environmental engineering
This article evaluates the developmental efforts of the federal government of Nigeria and how these efforts have proceeded during the “boom and bust” cycles that have been a major feature of the Nigerian economy. The unpredictability of resource flows creates uncertainty in resource allocation and capital accumulation. Thus, economic development is subject to the characteristic “boom and bust budgeting,” resulting in disastrous delays and cancellations of expenditures and projects. For economic development to continue uninterrupted, Nigeria must develop a core of ability‐based, as opposed to needs‐based, programs that must be protected from the hazards of boom and bust budgeting and the business cycle.