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Direct payment of taxes through designated banks.
No full textThis paper examine the Federal Government policy on direct payment system of tax through designated Nigerian Banks. The main objective of the scheme is to improve the administration of taxation in Nigeria by making it more convenient to tax payers in terms of time saving, reducing the incidence of fraud which has, over the years, depraved Government of needed revenues, minimizing the risk of carrying cash, providing transparency and -improved accountability, and of course, enhancing revenue yield substantially
Nigeria\u27s domestic public debt stock: an assessment.
No full textSince the early 1980s, Nigeria has taken steps to evolve external debt management strategies encompassing refinancing, restructuring, buyback, collateralisation and debt conversion arrangements as well as issuing external borrowing guidelines. Although the county\u27s external debt problem remains severe, judging both by the absolute level of the debt stock and the unsustainable trend of the various debt servicing ratios, such as debt stock/GDP, debt stock/exports and debt service/export earnings, it is generally acknowledged that the Government had made concerted efforts to address the problem. However, the domestic debt has not been given the same attention, if any at all. the domestic debt question is in urgent need of a rigorous assessment to determine its size, components, structure, trends and implications, as well as evolving strategies for managing the problem. Therefore, the main body of this presentation is organised into five parts. The first part provides the conceptual framework while the second part gives an overview of Nigeria\u27s Domestic Public Debt during the period, 1960 to 1995. The third part highlights some leading issues in Domestic Debt Management while the fourth part outlines the elements of a Domestic Debt Strategy for Nigeria. Part five provides the concluding statement
The impact of macroeconomic policy reforms on Nigerian agriculture
No full textThe aim of the paper is to identify the outstanding issues in Nigeria\u27s agricultural policy in the context of the macroeconomic policy reforms adopted in the last ten years. Beset partly by macroeconomic policy distortions, agricultural sector performance was grossly inadequate in the 1970s and up to 1985. The macroeconomic policy reforms adopted in 1986 were aimed at removing the distortions to enhance macroeconomic stability and sectoral performance. A major finding of the study is that agricultural sector performance improved significantly especially during the initial phase of the policy reforms. However, the improved agricultural sector performance has not been sustained in recent years owing to poor policy implementation, lack of complementary policy measures to support the core policy initiatives such as the exchange rate adjustment and an imprecise agricultural development strategy during the period of reforms. The policy implications of the analysis include the need to strengthen and streamline the economic policy framework for agricultural development during deregulation, enhance policy analysis and implementation, design viable strategies for the delivery of services to producers, as well as institute a more viable public expenditure programme on the basis of well-defined public sector activities
Keynote Address at the CBN Executive Seminar
No full textKeynote Address delivered by Mallam Ismaila Usman at the fourth in-house CBN executive policy seminar organized by the Research Department in collaboration with the Personnel Departmen
Fiscal Federalism: revenue allocation for economic development in Nigeria.
No full textFrom colonial administration to independence in 1960 and 35 years of self-rule, revenue allocation in the Federal Republic of Nigeria has had a chequered history. It has been subject of intensive lobbying by politicians in the attempt to have their wishes engrained in the Constitution. This paper is prepared in three parts. Part I is a theoretical overview of fiscal federalism while Part II reviews the Nigerian experience with Fiscal Federalism. Part III analyses proposals for an effective fiscal Federalism that would enhance economic development
Opening address at the 4th CBN Executive Seminar
No full textOpening Address delivered by Alhaji Saidu Mohammed at the fourth in-house Executive Policy Seminar organized by the Research Department and the Personnel Department
An overview of Nigeria\u27s macroeconomic environment
No full textThe paper provides a general overview of Nigeria\u27s macroeconomic environment which required the probe into the political and economic history of Nigeria
Further Empirical Analysis of Inflation in Nigeria
No full textThis paper analyses the main factors which influence inflation in Nigeria with a view to determining the relevant policy instruments that will reduce it. The empirical analysis confirms the findings of earlier studies that monetary expansion significantly influences the rate of inflation in Nigeria. The other dominant factor is the exchange rate which has a significant and positive impact on inflation. Growth in real income and level of rainfall are also significant in explaining inflation in Nigeria
Monetary Policy and Commercial Bank\u27s Performance in Nigeria: Some Theoretical and Empirical Extensions
No full textThis study provides richer insights into the performance of commercial banks in Nigeria using more indicators and more refined methodologies. It sheds more light on the critical factors responsible for differential performance among the banks. The high levels of profitability declared by banks in the light of their high levels of under-capitalization imply excessive risk-taking which is incompatible with prudent banking behaviour. We also found that the size of banks exert a positive and statistically significant effect on their performance. The result suggests that the promotion of large banks may be in the interest of maintaining a safe and sound banking system. The results further show a statistically significant and negative effect of managerial efficiency on banks\u27 profit performance. This finding is reinforced by the low level of operating efficiency as indicated in the ratio of operating expense to total earnings. The findings raise serious concern about the quality of management in the Nigerian banking industry and the need for concerted efforts to promote staff development programmes as a logical first step in preparing for dynamic banking in the 1990s and beyond. Our results also show that the monetary-authorities in Nigeria are unable to impose their capital adequacy standards on the banks they presumably regulate. This was reflected by the non-significance and negative Sign on the regulatory variable. However, the Central Bank had no enabling Decree empowering it to take more drastic or punitive measures against the erring banks within the period under review. Although BOFJ and the Failed Banks Decrees have now remedied the situation, the lapses in these Decrees, such as the absence of instrument autonomy and high cost of restructuring, should be quickly addressed
Research and economic policy in the Nigerian public sector.
No full textThe paper examines the role of research for economic policy management in the Nigerian public sector. The subject is treated comprehensively for the information of participants. It further discusses some conceptual issues, the policy framework for economic management, appraisal of policy research in the public sector, the observed problems in national policy research and some proposals for improvement