Fiscal Structure and Socioeconomic Wellbeing of Nigerian Populace under Democratic Regime (Published)
This study analyzed the impact of fiscal structure on socioeconomic wellbeing of Nigerian populace under the democratic dispensation. The statutory revenue allocations to the three tiers of government in Nigeria were used in this study to typified fiscal structure while socioeconomic wellbeing was measured with human development index (HDI). Data collected were subjected to Vector Error Correction Mechanism and results indicated that allocations to: the federal government showed no significant impact on HDI; the state governments exhibited significant negative impact on HDI while the local governments exerted a significant positive impact on HDI. The study therefore holds that the local government system remains the most efficient level of governance in terms of bettering the wellbeing of the people. The study recommended (among others) that the huge fiscal responsibilities allocated to the federal government of Nigeria should be depleted and transferred to the government closer to the populace (the local government).
Keywords: Human Development Index, fiscal structure, socioeconomic wellbeing, statutory allocation
Federal Government Statutory Fund Allocation and Infrastructural Development in Ogun State, Nigeria (Published)
The level of Federal government revenue allocation to state determines sound infrastructural foundation and overall socio-economic development of a state. However, Ogun state still experiencing poor infrastructural development facilities in terms of environmental management, health, educational and agricultural sectors due to inadequate federal statutory revenue allocation. The main objective of the study is to examine the effect of federal statutory revenue state allocation on infrastructural development in Ogun State, Nigeria. The study employed ex-post facto research design with ARDL method of analysis and data was sourced from National bureau of statistics, Ogun State Inland Revenue Service, Ogun State Ministry of Finance and Ministry of Budget and Planning. Findings revealed that federal statutory revenue state allocation significantly affects environmental management in Ogun State (R2 = 64%, t-stat(1,19)=-6.095293, p<0.05); that federal statutory revenue state allocation significantly affects educational development in Ogun State (R2 = 73%, t-stat(1,19)==-3.811322, p<0.05); that federal statutory revenue state allocation significantly affects agricultural development in Ogun State (R2 = 34%, t-stat(1,19)=-5.707987, p<0.05); that federal statutory revenue state allocation significantly affects health sector in Ogun State (R2 = 67%, t-stat(1,19)=-9.379976, p<0.05) and that federal statutory revenue state allocation significantly affects infrastructural development in Ogun State (R2 = 77%, F-stat(4,16)=89.68, p<0.05). The study concluded that both in the short and long runs federal statutory revenue state allocation significantly affect infrastructural development in Ogun State. The study recommended that more financial control and value for money audit should be carried out to minimize wastages and corruption in the states of the federation, so as to change the direction of influence of states’ revenue allocation on infrastructural development.
Keywords: financial control, infrastructural development, sector, statutory allocation, value for money audit