Government Debt and Social Infrastructural Development in Nigeria (Published)
The study is to determine the effectof Nigeria debtson social infrastructurein Nigeria. This study utilizes ex-post facto research design. Secondary data were used and were extracted from the Nigeria budget annual report from 2002 to 2022. The variables tested were external debt, internal debt, debt service, are independent variables while expenditure on education and expenditure on health are dependent variables. The model is multiple regression analysis used in determining the extent of the effect on expenditure on education and expenditure on health. The relative statistical tool regression was employed for analysis and results obtained. The results of the analyses showed that there was positive (Cf = 0.163238) significant (0.05 < 0.0059) relationship between government external debt and expenditure on education in Nigeria while there was negatively non-significant (Cf = -0.026210; 0.05 > 0.7492) relationship between external debt and expenditure on health in Nigeria. Government internal debt has positive (0.043553) non-significant (0.4556) effect on expenditure on education in Nigeria and internal debt has negative (-0.114673) and non-significant (0.2171) effect on expenditure on health in Nigeria and Growth of Nigeria’s expenditure on education was positively (0.500242) significant (0.0000) effect by debt service fees as well as expenditure on health (Cf = 0.185590; 0.05 > 0.0399). The study recommended thatin order to guarantee that the education sector receives accurate funding allotted, policymakers should develop and put into effect suitable policies that will make the money allocated to it transparent. The government should make sure that only authentic medications and equipment are purchased and maintained, and health officer staff members should be motivated to carry out their duties with efficacy and efficiency. Doing so will significantly boost the amount of health development in the nation and raise productivity. Politicians and other policymakers must make sure that Nigeria’s debt is not taken on for personal gain or political gain, but rather to boost the country’s economy and guarantee that loan payments are made on schedule and in full.
Keywords: Social Infrastructure, external debt and internal debt, government debt
Perception on the Naira Devaluation and Its Effects on Poverty Reduction in Nigeria (Published)
The crash of crude oil price has devastated Nigerian economy being a mono-product economy. The nation’s reserves have dropped and the Central Bank is finding it difficult to meet its import demands. There is agitation from investors and the IMF to devalue the currency to stimulate economic growth, encourage export and discourage import. The public thinks otherwise. The study revealed devaluation of the naira will not encourage significant demand for local goods but rather rise in the prices of local products which rise in direct proportion with imported substitutes thereby fuelling inflation. Also, the economy has remained neither diversified nor internationally competitive. It is recommended among others that government review the current import tariffs, promote incentives to encourage investment in local manufacturing, direct foreign direct investment (FDI) on manufacturing/productive industries with hundred per cent (100%) local raw materials and tax holidays.
Keywords: Devaluation, Inflation, Perception, Social Infrastructure, economic growth