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Fiscal Policy in Nigeria

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  • Thomas Baunsgaard
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    Abstract

    Fiscal policy in oil-producing countries can be profoundly affected by oil revenue uncertainty and volatility. Policy formulation should factor in the exhaustibility of the natural resources and aim at reducing oil revenue volatility passed on to the economy. Past fiscal policy in Nigeria has not been successful in this regard, since both revenue and expenditure have been highly volatile, to a large extent reflecting oil price developments. The paper discusses the role an appropriately designed fiscal rule, nested within the long-run sustainable use of oil revenue, could have in providing a more stable framework for fiscal policy formulation. It also highlights practical implementation and transitional issues.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/155.

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    Length: 37
    Date of creation: 01 Jul 2003
    Date of revision:
    Handle: RePEc:imf:imfwpa:03/155

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    Keywords: Oil revenues; Oil producing countries; fiscal policy; expenditure; fiscal rule; fiscal rules; primary deficit; fiscal stance; fiscal policy rules; expenditure programs; capital expenditure; fiscal sustainability; fiscal balance; expenditure program; fiscal policy formulation; government expenditure; primary expenditure; long-run fiscal stance; taxation; fiscal policy rule; fiscal adjustment; fiscal responsibility; expenditure adjustments; fiscal policies; expansionary fiscal; expansionary fiscal stance; fiscal federalism; fiscal deficit; expenditure paths; primary fiscal deficit; budget deficit; fiscal surpluses; fiscal vulnerability; higher expenditure; expenditure cuts; fiscal balances; tax base; public spending; fiscal operations; tax burden; public expenditure; budget process; expenditure management; primary fiscal balance; national budget; fiscal prudence; budget deficits; budget balance; increase in government expenditure; tax revenue; sustainable fiscal policy; expenditure increases; government revenue; public debt; fiscal incentives; fiscal affairs department; prudent fiscal policy; composition of expenditure; expansion of expenditure; medium-term expenditure framework; fiscal target; fiscal data; fiscal affairs; tax rates; medium-term expenditure; fiscal variables; fiscal response; prudent fiscal policies; budget systems; recurrent expenditure; fiscal activities; fiscal management; expenditure share; fiscal illusion; fiscal profligacy; expenditure framework; fiscal strategy;

    References

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    1. Steven Barnett & Rolando Ossowski, 2002. "Operational Aspects of Fiscal Policy in Oil-Producing Countries," IMF Working Papers 02/177, International Monetary Fund.
    2. Eduardo M.R.A. Engel & Rodrigo Valdés, 2000. "Optimal Fiscal Strategy for Oil Exporting Countries," Documentos de Trabajo 78, Centro de Economía Aplicada, Universidad de Chile.
    3. George Kopits, 2001. "Fiscal Rules," IMF Working Papers 01/145, International Monetary Fund.
    4. James Daniel, 2001. "Hedging Government Oil Price Risk," IMF Working Papers 01/185, International Monetary Fund.
    5. Sheila Bassett & Claire Liuksila & Alejandro García, 1994. "Fiscal Policy Sustainability in Oil-Producing Countries," IMF Working Papers 94/137, International Monetary Fund.
    6. Ernesto Talvi & Carlos A. Vegh, 2000. "Tax Base Variability and Procyclical Fiscal Policy," NBER Working Papers 7499, National Bureau of Economic Research, Inc.
    7. M. Alier & Martin David Kaufman, 1999. "Nonrenewable Resources," IMF Working Papers 99/44, International Monetary Fund.
    8. Thomas Baunsgaard, 2001. "A Primeron Mineral Taxation," IMF Working Papers 01/139, International Monetary Fund.
    9. Eifert, Benn & Gelb, Alan & Borje Tallroth, Nils, 2002. "The political economy of fiscal policy and economic management in oil exporting countries," Policy Research Working Paper Series 2899, The World Bank.
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    Cited by:
    1. Jan-Peter Olters & Daniel Leigh, 2006. "Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy," IMF Working Papers 06/193, International Monetary Fund.
    2. Budina, Nina & van Wijnbergen, Sweder, 2007. "Quantitative approaches to fiscal sustainability analysis : a new World Bank tool applied to Turkey," Policy Research Working Paper Series 4169, The World Bank.
    3. Bandiera, Luca & Budina, Nina & Klijn, Michel & van Wijnbergen, Sweder, 2007. "The"how to"of fiscal sustainability : a technical manual for using the fiscal sustainability tool," Policy Research Working Paper Series 4170, The World Bank.
    4. Ilkin Sabiroglu & Samad Bashirli & Faiq Qasimli, 2011. "Creating a Favourable Deployment Mechanism of Oil and Gas Revenues with Regard to Volatile Oil Prices: The Case of Azerbaijan," Transition Studies Review, Springer, vol. 18(1), pages 179-199, September.
    5. Joseph Ntamatungiro, 2004. "Fiscal Sustainability in Heavily Indebted Countries Dependenton Nonrenewable Resources," IMF Working Papers 04/30, International Monetary Fund.
    6. Odusola, Ayodele, 2006. "Tax Policy Reforms in Nigeria," Working Paper Series RP2006/03, World Institute for Development Economic Research (UNU-WIDER).
    7. Damian Ondo Mañe, 2005. "Emergence of the Gulf of Guinea in the Global Economy," IMF Working Papers 05/235, International Monetary Fund.

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