No abstract

Experts opined that education affects the society both at the micro and macro levels. However, the place of education has not been given its right place in Nigeria as reflected in the nation's budgetary allocations. Hence, this study examined the impact of different levels of education on different components of growth in Nigeria. Data were sourced from the cbn Statistical Bulletin (see http://www.cbn.gov.ng/documents/statbulletin.asp), the Nigerian Bureau of Statistics (see http://www.nigerianstat.gov.ng) and The World Bank (see http://www.worldbank.org) from 1970-2015. The Fully Modified ols estimator was used and the results revealed that different levels of education impact at varying magnitude on each of the components of growth positively in Nigeria but the magnitude of the impact is much higher from completion rate. By implication completion rate explains growth at a higher magnitude than enrolment rates in Nigeria, therefore government should endeavour to provide modalities to curtail school dropout rate in the schooling system as a measure to boost completion rates that will facilitate growth.

In this study, the role of budget and political institutions in promoting the efficiency of the budget process in Nigeria is examined. Efficiency of the budget process is described as budget activities that aid fiscal policy to respond asymmetrically to the business cycle by contracting during booms and expanding during recession. The direct institutions guiding the budget process as well as politically motivated institutional influences are considered in the study in order to show their varied impacts. Descriptive and correlation analyses are employed in describing the relationships using budget data obtained from annual budget reports in Nigeria. The empirical results from the study compare well with both regional and international positions; the budgetary process in Nigeria is fraught with largescale inefficiencies in terms of preparation and allocations. Moreover, budget institutions in Nigeria are shown to be weak in terms of maintaining accelerated processes or efficient resource use. The institutions do not provide the expected formidable guard against inefficiency of budget outcomes in Nigeria. This is largely due to strong influences of political factors in fiscal operation which, in turn, is due to inconsistent oil price development overtime. Thus, more external factors appear to bear in on the budgetary processes in Nigeria. To ensure improved countercyclical fiscal performance based on budgetary provisions therefore, the institutional framework of budget processes has to be strengthened.