The failure of the fiscal policies is the reason Nigeria has continued to struggle with a high unemployment rate, heavy debt burden and stagnant growth.
Director-General of the West African Institute for Financial and Economic Management , Dr Baba Musa, made the assertions last week in a lecture at the launch of a book: ‘Macroeconomic and Public Financial Management in Nigeria: Essays in Honour of Ndubisi Nwokoma’ held at the University of Lagos.
“Real GDP has shown that we have not progressed in output capacity of the economy because when we look at the component of the GDP, especially in the last 10 years what we see in terms of the management of the Nigerian economy is that the service sector contributes higher proportion to the GDP than agriculture, manufacturing and other sectors. The service sector contributes close to 52 per cent of the GDP of Nigeria”, he said.
According to him, this is a critical issue that demands the government’s immediate attention to solve the debt problem. He said the worst thing about fiscal policy in Nigeria is that the expenditure is far higher than the revenue, which shows that the cost of governance is too high. “Therefore, monetary policy was unable to tame inflation. The economic growth has been fragile. The recent IMF forecast for 2024 and 2025 stood at 3.3 per cent and three per cent,” he said.Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.
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