IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-0-230-58319-1_9.html
   My bibliography  Save this book chapter

Issues in Fiscal Policy Management under the Economic Reforms (2003–7)

In: Economic Policy Options for a Prosperous Nigeria

Author

Listed:
  • Bright Okogu
  • Philip Osafo-Kwaako

Abstract

Oil-dependent economies face two interrelated challenges in the management of oil resources: in the short run, there is the need to create a stable macroeconomic environment by delinking oil revenue earnings from public expenditures, while in the long run it is necessary to maintain a sustainable use of resources that ensures intergenerational equity. In most of the past three decades, Nigeria’s management of oil resources was poor. The Nigerian economy has experienced significant macroeconomic volatility, driven largely by external terms-of-trade shocks, the country’s large reliance on oil export earnings and poor policy choices in the management of oil revenues. By some measures, Nigeria ranked among the most volatile economies in the world for the period 1960–2000 (Chapter 3). Moreover, contrary to the received wisdom of increasing financial assets as a means of saving oil revenues, Nigeria had accrued significant domestic and foreign liabilities.

Suggested Citation

  • Bright Okogu & Philip Osafo-Kwaako, 2008. "Issues in Fiscal Policy Management under the Economic Reforms (2003–7)," Palgrave Macmillan Books, in: Paul Collier & Chukwuma C. Soludo & Catherine Pattillo (ed.), Economic Policy Options for a Prosperous Nigeria, chapter 8, pages 187-203, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-58319-1_9
    DOI: 10.1057/9780230583191_9
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-0-230-58319-1_9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.