Addressing Budget and Debt Vulnerability amidst COVID-19: Policy Pathways for Nigeria
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Description
Budget constraints and rising debt burdens in Nigeria are macroeconomic issues that have to
be addressed sustainably. Such issues can clog the wheels of progress on economic growth
and sustainable development in the country. This policy brief considers the disconnection
between economic growth objectives and national budgeting amidst closely related problems
of limited revenues, declining oil price, and the resulting debt burdens. Some options for
policymakers to address the challenges as a vehicle to ensure better human capital outcomes
are highlighted. These include: redefining Nigeria's objectives for budgeting; shifting
emphasis from budgetary allocations to funding; addressing inadequate revenue generation;
and financing of the national budget. Others entail: improving budget implementation towards
achieving the budgeting objectives; orientation of citizens to understand that federal
government budgets should fund federal projects alone; and monitoring of sub-national
governments
Keywords
H Social Sciences (General), HJ Public Finance