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Institutional framework for the regulation and supervision of the financial sector
No full textSince the 1980s, there has been international consensus on the issue of adequate regulation and supervision of the financial sector (and, in particular, banking institutions) and this issue have featured prominently in many international fora where discussions have centred on the operations/health of the financial sector, whether in developed or developing countries. This paper focusses attention on the institutional framework for the regulation and supervision of the financial sector in Nigeria. It attempts to identify the various institutions that make up the financial sector and articulates how they are regulated and supervised and who has responsibility for what, so as to understand the relationships that exist among the regulatory and supervisory agencies. The study reveals that the evolution of Nigeria\u27s institutional framework for regulating and supervising financial institutions was briefly discussed noting that regulatory/supervisory responsibility has varied overtime depending on the political and economic conditions of the country
The new capital accord: Challenges for the Central Bank of Nigeria and Nigerian Banks.
No full textCapital occupies a vital position in the life of a bank, like any other business. It plays the role of a cushion for losses resulting from crystallisation of the various risks a business entity is exposed to. This paper summarises the 1988 Accord and its inadequacies. It introduces the new Accord, the need for it and its structure. It highlights the challenges to both operators and regulators, and It discusses efforts of the supervisory authorities to implement the Accord in Nigeria. The challenges highlighted in this paper are by no means exhaustive but it is believed that the attempt would bring home the far-reaching implications of the New Accord. Forums like this workshop will continue to provide the system with the sensitisation that the market requires but it behoves the individual banks to take concrete steps to prepare themselves
Review and appraisal of 2003 budget and economic performance.
No full textThe first set of problems in realizing the benefits of a national budget in Nigeria, the 2003 Federal Government Budget in particular, is the delay in formulation and presentation to the National Assembly. This paper examines various definitions of the national budget as understood by some of the important stakeholder. It discusses budget implementation and management, budget 2003 and the people, strengthening programming as a basis of budgeting for development, and co-ordination of economic management in 2003. Finally, the study concludes that NEEDS is a welcome idea but its goals will prove difficult to achieve because of the flaw in concept, based as it is on projects rather than programmes. For example, if the implementation in the medium term inconveniences the life of an average Nigerian, it becomes counter-productive. But if it factors in an improved well-being of the people in an expanded framework, the goals will be more attainable. For example, in selling government-owned houses as a project and displacing current occupants, a medium term programme of personal house ownership was needed
Implications of the monetisation of civil service fringe benefits on the 2004 Federal Government Budget
No full textMonetization is the conversion of benefits previously made available in kind to public officers into cash payment. This paper examines the monetization policy introduced in the 2004 Budget, the impact of monetization on the budget and the effect of monetization on beneficiaries. Finally, It must be realized however, that the cost of so me of the benefits that will no longer be provided by the government will have to be made good by the erstwhile beneficiaries. Also, the amounts being paid out for the monetized items are set at less than their market value. While such a measure would exert so me downward pressure on the market price of the items, the reduction in price may not be as much as to bring the overall cost down to the level of the allowance now being paid to the beneficiaries in that regard. The beneficiaries would therefore have to come up with the shortfalls. It is necessary to realize the burden inherent in the transfer of part of such costs to the erstwhile beneficiaries, since the issue may need to be taken into co n side ration in subsequent years
Fiscal policy thrust of the 2004 budget.
No full textThe budget is an important tool of economic management. Usually, it presents estimates of Government revenue and expenditure for a fiscal year. The objective of this paper is to provide an overview of the fiscal policy measures in the 2004 Budget. This paper contains the background to the budget, the policy thrust and the key parameters. It highlights the revenue and expenditure estimates and identifies the policy priorities and prospects. Finally, a good monetary policy is expected to achieve macro economic stability and a sound financial sector if effectively implemented and barring fiscal shocks. Overall, socio-political stability and fiscal discipline are critical factors for the effectiveness of monetary policy. The efficacy of monetary policy in Nigeria has continued to be constrained by fiscal shocks
Determinants of public sector wages in Nigeria
No full textThis paper discusses the determinants of public sector wages in Nigeria. Using quarterly time series data for 1970-2001, and employing the error correction methodology, the paper identified Trade Disputes, Cost of Living, previous Work Experience and Productivity to be the main determinants. It found the wage level to be inadequate for a decent standard of living, and noted the effects of inappropriate wages on public sector productivity to include personnel attrition, labour freelancing as well as corruption
Fiscal sustainability in the West African Monetary Zone: emerging issues
No full textThe paper discusses the theoretical issues in assessing fiscal sustainability and adopted an eclectic approach to measure sustainability in the monetary zone and also identifies the need for further tax reforms in the WAMZ to focus on the broadly based taxes such as Value Added Tax (VAT)
Special remarks: seminar on current economic reforms in Nigeria: the case of deregulating the downstream petroleum subsector
No full textThis is the special remarks by O. J. Nnanna, Director of Research, Central Bank of Nigeria, Abuja, at the In-house seminar on “current economic reforms in Nigeria: the case of deregulating the downstream petroleum subsector’’ for CBN Executive Staff, Ilorin, October 25-29, 2004
Funding of oil sector activities in Nigeria
No full textThe article examines the funding of the Nigerian oil sector considering the special importance to Nigeria and the critical impact Nigeria\u27s oil has on the world economy. Nigeria, currently the seventh largest oil producer in the world has an oil reserves which represent 6 percent of the world\u27s total outside the Middle East. With 4 per cent of total global production, and the fifth-largest oil producer within OPEC, Nigeria is well located relative to the world markets and so attracts buyers from the major world economies. The article then examines how higher prices of Nigeria’s oil affect the global economy; role of oil in the economy; oil sector activities with specific reference to upstream oil activities downstream activities. The article also discusses the issues and concerns determining funding mechanism for oil sector activities as well as the sources of finance for the oil sector which include equity; joint ventures; bilateral agreements and multilateral agencies
External sector policies in the 2004 budget
No full textExternal sector problems have continued to pose serious challenges to economic management in Nigeria. There is the challenge of conducting trade policy within the framework of the World Trade Organisation\u27s [WTO] rules and regulations without compromising the country\u27s short and Iong-term interests. This paper discusses the policy thrusts with respect to three issues in 2004, viz: Trade policy, Exchange rate policy, and External debt management. In the last few years, the government appears to have recognized the need to conduct trade policy, specifically, trade liberalization in a sensible and orderly manner. Hence, the growing effective protection being accorded local industries. However, in order to minimize the abuses of the privilege of protection, the country must monitor constantly the performance of the infant industries. To actualize this, government would have negotiated certain performance targets with the protected industries, especially in relation to output, income, employment and prices and competitiveness. Besides, it is desirable to map out strategies to deal with some negative effects of the recent ban on imports on the economy, especially in the short term. Very importantly, protection alone may not enhance competitiveness