Budget Deficit and its Impact on the Nigerian Economic Growth and Development

Description

– Budget Deficit and its Impact on the Nigerian Economic Growth and Development –

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Abstract

The policy of deficit budgeting had grown tremendously in Nigeria between 1985 and 2008. The essence was to help accelerate the growth of capital in Nigeria using the policy of deficit budgeting as formulated by Keynes.

The statement of the problem is: To what extent is the policy of deficit spending applicable to Nigeria as a tool for economic growth and development bearing in mind that Nigeria is a newly emerging industrialized country and that the policy of deficit spending has prominence in the Keynesian macroeconomic model,

which was developed for conditions appropriate for developed countries. Categorically in Nigeria, the reverse seems to be the case.

This is given to the fact that the major policy focus or thrust of SAP was to divest government in the operations of the economy and promote private sector driven economy through privatization programme.

Yet the government is still prominent in deficit spending. We seem to focus on classical ideas but tenaciously hold on to Keynesian conduct.

Introduction

1.1 Background of the Study

It is important to understand budget deficit and its impact on the economic growth in Nigeria. The argument over the involvement of government in running the economic affairs of a country was put to rest by a renowned British economist, John Maynard Keynes.

Before Keynes, emphasis had been placed on the concept of the invisible hand where the economy is self adjusting.

The role of the government as embodied in its fiscal operations in determining aggregate demand, income, prices and more recently, the balance of payments, is the outcome of Keynesian economists which came into being after Great Depression of the 1930’S.

A major recognition by Keynes is that an economy could converge to a stable equilibrium which may be undesirable, since it might involve some involuntary unemployment and, in the Keynesian model, only government has the will and means through fiscal policy to move the economy towards a regulation of its revenue and expenditures.

There has been urgent need for rapid economic development in most developing countries. The need for the government to be involved in the process is more pronounced because the question of development cannot be answered without a conscious planning.

Although in some of the countries, particularly in Nigeria, the government often tends to pre-occupy itself with the issue of development and the breaking of vicious cycle of poverty

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