Open AccessFiscal and Monetary Policies in Nigeria: Key Aspects, Performance, and Policy Options
Author(s) -
Adesola Ibironke
Publication year - 2018
Publication title -
journal of social sciences research
Language(s) - English
Resource type - Journals
ISSN - 2321-1091
DOI - 10.24297/jssr.v12i2.7309
Subject(s) - fiscal policy , monetary policy , economics , key (lock) , fiscal union , macroeconomics , monetary economics , economic policy , ecology , biology
This paper reviews key aspects of Nigeria’s fiscal and monetary policies with the aim of examining the performance of the policies. The paper provides a synthesis of key facts and draws policy conclusions which include the following: (i) fiscal policies such as the oil-price-based fiscal rule introduced in 2004 have increased fiscal discipline and reduced fiscal deficit in Nigeria, hence the policies should be maintained; and (ii) compared to the period of direct or controlled monetary policy approach, monetary policy has performed better in Nigeria under the market-based approach introduced in 1993, therefore the latter approach should be maintained.