An Exploratory Evaluation of Legislative Lawlessness in the Nigerian Budget Process

Oladipupo, Festus

doi:10.12816/0007338

Cited by 5 publications

(4 citation statements)

References 4 publications

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“…71.74 percent disagreed that the government handles the nation's budgetary problems effectively while 79.71 percent disagreed that the management of the budget is very effective. This result is consistent with the findings of Nwankpa and Okeke, (2017);Igbara et al, (2016) and Olaoye (2014); they revealed that the Nigerian budgetary processes are characterised by indiscipline, deficient governance and implementation crises which have prevented the actualisation of the long-expected goals. They advocate for a disciplined-based process in the Nigerian budgetary system.…”

Section: Data Presentation For Nigeriasupporting

confidence: 92%

A Comparative Survey Data Analysis of Declining Oil Revenue Implications on the Economic Performance of Oil-Exporting Countries: Nigeria, Venezuela and Norway

2021

JRDM

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The global oil markets have witnessed different episodes of oil price fluctuations at different intervals. The effect of the fluctuations differs across nations and partly depending on the direction of the shocks. Declining oil revenue also has both direct and indirect impact on the economic performance of the countries where the heavy dependency on crude oil prevails. This study is a comparative survey analysis of declining oil revenue implications on the economic performance of oil-exporting countries; the case of highly oil-dependent nations: Nigeria (West Africa), Venezuela (South America) and Norway (Europe). Purposive sampling was used in selecting our samples, while the Survey Monkey cloud-based tool was employed to administer and collect the questionnaires from the targeted audience. Survey data analysis was carried out using SPSS Version 25 and the Survey Monkey platform. The results reveal that both increasing and decreasing oil price affect the oil revenues and the external reserves of Nigeria, Venezuela and Norway proportionately. The outcome also shows that during periods of declining oil revenues, Nigeria and Venezuela attain their budgetary needs through borrowing and seigniorage. On the other hand, Norway utilises its savings with the Sovereign Wealth Fund (SWF) and Pension Funds in financing its fiscal needs, thereby exonerating Norway from the resource curse syndrome. It is recommended that these nations explore other sources of revenue through diversification and the development of other natural resources. Nigeria and Venezuela should also restore security which would help in attracting further foreign investors. They should also ensure effective management of government funds and pay attention to its human capital development. However, an economic model is proposed to aid in closing the revenue gaps in these highly oil-dependent nations, given that the "power of oil" is gradually fizzling out as other alternative forms of energy that are assumed to be environmentally friendly are widely embraced.

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Section: Data Presentation For Nigeriasupporting

confidence: 92%

A Comparative Survey Data Analysis of Declining Oil Revenue Implications on the Economic Performance of Oil-Exporting Countries: Nigeria, Venezuela and Norway

2021

JRDM

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“…Based on existing literature, there are quite some valuable theoretical perspectives surrounding the increasing and declining effects of oil revenues on the budgets of both oils importing and oil-exporting economies. The conventional theories of oil price are the main tenets of theories identified in the literature of oil revenue effects on the budgets of both oil-exporting and consuming nations (Hayes, 2015;Gosling, 2016;Al-Zeaud, 2015;Mupimpila et al 2015;Olaoye, 2014;Aladejare, 2014;Al-Qahtani et al, 2008;Reddick, 2003 andAl-Yousef, 1998;Sielke, 1995;Wilson and Sylvia, 1993;Linderoth, 1992;Downs and Rocke, 1984;Padgett, 1980). Principally, the research assessed three major theories upon which this research is based.…”

Section: Theoretical Frameworkmentioning

confidence: 99%

The Ordeal of a Petrostate Amidst Declining Oil Revenue and Implications on Budgetary Objectives: An ARDL Bound Test Approach for Angola

2021

JESD

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The combination of the quest for renewable energy for global decarbonisation and the decrease in economic activities across the world due to the COVID-19 pandemic has brought about the incessant plunge in the oil prices leading to a sharp decline in oil revenues of most of the oil-exporting countries. Hence, deterioration in trade, a decrease in economic growth, and inability to meet the nation's fiscal needs. This study analyses declining oil revenue implications on the budgetary objectives of the oil-exporting countries-the case of a petrostate, Angola, which is the second-largest oil exporter in sub-Sahara Africa. The Autoregressive Distributed Lag (ARDL) Bound Test Approach is used to estimate the model's parameters. Yearly time series data for 39 years were employed for the empirical analyses. The unit root tests were first carried out using the Augmented Dickey-Fuller (ADF) and Philips Peron's (PP) Tests. The Unit Root results indicate that all the variables are stationary at level I(0) and at first difference I(1). This outcome was the basis for the choice of the ARDL estimation technique for the analyses. Primary data were also used to supplement the secondary data analysis. The results show that Angola's government revenue decreased significantly as oil price declines, which indicate that Angola is overwhelmingly relying on oil exports for its sustainability. Contrary to expectation, the results reveal that a percentage decline in oil price exerts a positive and substantial impact on the Angolan economy's government expenditures, financed mainly through borrowing and seigniorage. It is highly recommended that Angola diversifies their revenue base, develop other mineral resources in the economy aside oil and ensure effective management of government funds. However, an economic model is proposed to close the revenue gap in this highly oil-dependent nation.

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“…Another study which provided evidence for the ineffective use of budget for national developmental purposes was that conducted by Olaoye (2014). The author examined the effect of lawless legislative practices on budget process in Nigeria.…”

Section: Empirical Review Of Literaturementioning

confidence: 99%

Use of Service-Wide-Vote (Contingency Budget) for National Development: Evidence from Federal Ministries, Departments And Agencies in Nigeria

2019

RJFA

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This paper examines the use of service-wide-vote (Nigeria's contingency budget) for national development. Documentary pieces of evidence have shown that the Federal government of Nigeria through its MDAs has grossly short-changed Nigerians through the year-in-year-out mismanagement of the service-wide-vote. The objective of this study is therefore, to evaluate the extent to which Federal MDAs in Nigeria have been able to use the servicewide-vote to achieve national developmental objectives. To what extent has the service-wide-vote been used to develop the Nigerian Nation? In order to provide an answer to the foregoing question, primary sources, scholarly journals and reputable online and library sources were used to obtain research materials. The study revealed that federal MDAs and even the EFCC abused the service-wide-vote to the tune of over N4.17 trillion between 2004 and 2018 due to non-compliance with rules governing the use of the vote and this made it difficult for the national developmental objectives of the vote to be achieved. The following recommendations were therefore, suggested by the paper: allocation of 5 percent of the annual budget to service-wide-vote, regular replenishment of releases from the service-wide-vote, obtaining approval from the National Assembly before releasing funds from the vote, roll over of unspent funds, prosecution of corrupt MDA officials and avoiding those sharp practices that will make the use of the service-wide-vote ineffective in achieving national developmental objectives.

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An Exploratory Evaluation of Legislative Lawlessness in the Nigerian Budget Process

Cited by 5 publications

References 4 publications

A Comparative Survey Data Analysis of Declining Oil Revenue Implications on the Economic Performance of Oil-Exporting Countries: Nigeria, Venezuela and Norway

A Comparative Survey Data Analysis of Declining Oil Revenue Implications on the Economic Performance of Oil-Exporting Countries: Nigeria, Venezuela and Norway

The Ordeal of a Petrostate Amidst Declining Oil Revenue and Implications on Budgetary Objectives: An ARDL Bound Test Approach for Angola

Use of Service-Wide-Vote (Contingency Budget) for National Development: Evidence from Federal Ministries, Departments And Agencies in Nigeria

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