Cost of Governance and Its Implications on Nigeria's Economy

Eme, Okechukwu Innocent; Okeke, Martin Ifeanyi

doi:10.12816/0018962

Cited by 5 publications

(4 citation statements)

References 3 publications

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“…For growth and development, resources must be channeled to production. The rising cost of governance in Nigeria is more than a means of promoting the common good, as it can be linked to the government's ability to help citizens achieve their individual goals (Okeke & Eme, 2015).…”

Section: Cost Of Governancementioning

confidence: 99%

Cost of Governance and Economic Development: An Empirical Analysis of Presidency, National Assembly and Judiciary Expenditure in Nigeria

Ogunsola

2023

JBMA

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It is expected that increase in cost of governance by government should bring about a commensurate increase in the level of economic development of a country, but this seems not to be the case in Nigeria. It is on this premise that the study investigated how cost of governance is related to economic development in Nigeria. The focus of the study is on how presidency expenditure, national assembly expenditure and federal judiciary expenditure are related to economic development (unemployment rate, gross domestic product per capita and inflation rate). The study used time series methodology and it covered a period of five years (2016-2020). The data for the study were obtained from Central bank of Nigeria Website and analyzed using inferential statistics. Findings from regression analysis showed that presidency expenditure and national assembly expenditure have negligible and insignificant relationship with unemployment rate. It was also found that judiciary expenditure is insignificantly and negatively related to unemployment rate. Moreover, results revealed that presidency expenditure and national assembly expenditure are negatively related to gross domestic product per capital, whereas there is a positive relationship between judiciary expenditure and gross domestics product per capital, although these relationships are significant. Besides, results showed that presidency expenditure is positively and significantly related to inflation rate. It was also found that there is insignificant positive relationship between national assembly expenditure and inflation rate. However, the study found that the relationship between judiciary expenditure and inflation rate is positive and significant. The study concludes that increase in presidency expenditure and national assembly expenditure tends to worsen economic development, while increase in judiciary expenditure may improve economic development in Nigeria. Therefore, it is recommended that government should reduce budget allocations to presidency and national assembly, while there should be increase in budget allocation to the judiciary to improve economic development.

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Section: Cost Of Governancementioning

confidence: 99%

Cost of Governance and Economic Development: An Empirical Analysis of Presidency, National Assembly and Judiciary Expenditure in Nigeria

Ogunsola

2023

JBMA

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“…In actual fact, the scandalous nature of Nigeria's expensive democracy is nauseating, incredible, and malevolent in a country where many of its citizens, according to the United Nations Human Development Report (UNHDR) published for 2007/2008, live in abject poverty, while the government finds it difficult and unjustifiable to pay workers the paltry sum it considers to be minimum wage (Okeke & Eme, 2015).…”

Section: Avoidance Of Wasteful Spending and Extravagant Lifementioning

confidence: 99%

Economic System of Islām as a Panacea to Economic Recession in Nigeria ‎

Akanni,

Olatoye

2023

IJIEG

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The National Bureau of statistics in July 2016 officially announced that Nigeria has entered into a recession, its first in 29 years. According to the data provided by the World Bank, the most recent time that the nation saw such a significant instance of economic downturn was while Ibrahim Babangida was in power. During that time period, the economy of Nigeria had a decline of 0.51% in the first quarter of 1987 and 0.82% in the second quarter of the same year. The disaggregation of the results for 2016 into its individual quarters revealed the sharpest decline, which was 2.4 percent, and a turning point after that. This is going by the manifestation of economic hardships experienced by the populace, even up to this moment. In point of fact, Nigeria's economy went from a level of economic buoyancy to a level of economic recession in the second quarter of 2016, and it has maintained negative growths in all quarters of that year up to 2017. This downward trend is expected to continue throughout 2017. In a bid to cushion the effect of this situation, the government in the short and medium terms took some measures (policies and reforms) to reverse the recession and put it on the path of growth reliance. In spite of these encouraging developments and despite the fact that it has been two years since the National Bureau of Statistics (NBS) officially declared that Nigeria had emerged from recession in its quarterly report on the country's Gross Domestic Product (GDP), the country's economic situation is still difficult, particularly with regard to the continued high cost of food. For a long-term solution, this paper, therefore, examines some measures of Islamic economic system, which is recession proof, due to the fact that it is basically premised on the fundamental sources of Islam, Sharī῾ah. The paper concludes that if these measures are taken into consideration by the government, it will not only lift the economy out of its current phase but will also guarantee a secure economy. The paper adopts analytical research methods, using majorly secondary data collection.

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“…Fatile and Adejuwon (2017) conducted a qualitative review of the implications of TSA on the cost of governance in a country based on secondary sources. Recently, the cost of governance in Nigeria has been a subject of debate among key stakeholders in the economy (Okeke & Eme, 2015) who have stressed the need for a reduction as a method to increase the amount of money available for development (Fatile & Adejuwon, 2017). This followed suit, as successive governments seemingly increased the cost of governance more than that inherited from their predecessors (Enwegbara, 2013).…”

Section: Introductionmentioning

confidence: 99%

Treasury Single Account (TSA) and cost of governance: Survey of MDAs in Anambra State

Okeke,

Ezeala,

Okoye

et al. 2023

Journal of Governance and Accountability Studies

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Purpose: This study examines the effect of TSA on Nigeria’s public sector governance cost. Research methodology: This study employed a descriptive survey research design. Ten Federal Ministries, Departments & Agencies (MDAs) in Anambra State constituted the study population. The study chose Ten respondents from each MDA were selected using purposive sampling. This study employed primary data from a structured questionnaire for data collection. Results: The results show that e-accounting and TSA have a substantial impact on national spending by curbing leakages, but with little effect on federally generated revenue. Thus, e-accounting and TSA significantly impact the cost of governance. Limitations: The study relied only on questionnaire responses, which is the perception of public-sector employees in MDAs. Contributions: This study contributes to governance and policy research by identifying the benefits of TSA in reducing the overall cost of governance. Novelty: By integrating all government accounts, enabling the government to track and monitor its activities at any time, and giving the government a comprehensive view of its financial position, this study supports stakeholder theory, in addition to the Public Finance Management Perspective, which maintains that the government should effectively manage all financial resources (mobilization and expenditure) for the benefit of the population.

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Cost of Governance and Its Implications on Nigeria's Economy

Cited by 5 publications

References 3 publications

Cost of Governance and Economic Development: An Empirical Analysis of Presidency, National Assembly and Judiciary Expenditure in Nigeria

Cost of Governance and Economic Development: An Empirical Analysis of Presidency, National Assembly and Judiciary Expenditure in Nigeria

Economic System of Islām as a Panacea to Economic Recession in Nigeria ‎

Treasury Single Account (TSA) and cost of governance: Survey of MDAs in Anambra State

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