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The Nigeria Vision 20: 2020 is a perspective plan; an economic business plan intended to make Nigeria one of the top 20 economies by 2020, with a growth target of not less than $900 billion in GDP and a per capita of not less than $4,000 per annum. The three Pillars of the NV 20:2020 are i) guaranteeing the well-being and productivity of the ...
The Bill for an Act to Repeal and Re-enact the Revenue Mobilisation Allocation and Fiscal Commission Act, 2023 has passed the second reading in the National Assembly. The new law seeks to strengthen the Commission to carry out its duties of monitoring and disbursement of revenue inflows more effectively. [ 1 ]
Revenue, Mobilization, Allocation & Fiscal Commission; New Partnership for African Development ; Border Communities Development Agency [9] (BCDA) Federal Road Safety Corps; National Energy Council; Nigeria Atomic Energy Commission; National Hajj Commission of Nigeria (NaHCON) [10] Infrastructure Concession Regulatory Commission (ICRC)
Government spending can be a useful economic policy tool for governments. Fiscal policy can be defined as the use of government spending and/or taxation as a mechanism to influence an economy. [13] [14] There are two types of fiscal policy: expansionary fiscal policy, and contractionary fiscal policy. Expansionary fiscal policy is an increase ...
The debt-to-GDP ratio of Nigeria rose from 5.6% in 1960 to 75% in 1991, reaching a peak of US$35.9 billion. [14] The period between 1986 and 1993 witnessed a sharp rise in Nigeria's external debt, marking the onset of challenges in debt servicing that persist today. [12]
Fiscal policy can be distinguished from monetary policy, in that fiscal policy deals with taxation and government spending and is often administered by a government department; while monetary policy deals with the money supply, interest rates and is often administered by a country's central bank. Both fiscal and monetary policies influence a ...
Fiscal imbalance is a mismatch in the revenue powers and expenditure responsibilities of a government. Fiscal imbalances as differences in net fiscal benefits [ edit ]
The policy is in use in several countries around the world. [1] Such a unified structure is recommended by the IMF, as all government funds are collected in one account which could reduce borrowing costs, extend credit and improve government's fiscal policy among other benefits to government. The IMF also recommends the establishment of a legal ...