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RESPONSIVENESS OF ECONOMIC GROWTH TO BUDGETARY APPLICATION IN NIGERIA
Abstract
In Nigeria, the research looked at how responsive economic development is to budgetary application. The study’s independent variables were government spending on health, education, agriculture, and security, whereas the study’s dependent variable was economic growth as measured by the gross domestic product. The study used an ex-post-facto research methodology and spanned the years 2009 to 2018. The Statistical Bulletin of the Central Bank of Nigeria provided secondary data. The data was analyzed using the covariance analytical method. According to the study’s specific objectives, which include determining the relationship between government expenditures on health, education, agriculture, and security on Nigeria’s gross domestic product, all budgetary application indicators have a positive and significant relationship with the country’s GDP. Therefore, all the explanatory variables provide a sound benchmark for measuring the gross domestic product in Nigeria. It is recommended therefore that government should build state of the art hospitals accross the country to enable them fight diseases and pandemics. They should build and equip schools with academic materials relevant for proper learning. Significant investment will also be needed to improve the quality of staff teaching in primary schools. The government needs to rely more on agriculture especially at this time of crude oil price crisis. They can do this by enhancing seeds used in the farm. Also, Agriculture mechanization should set firmly at the core if Nigeria hopes to reverse the negative trend in the agricultural sector. Decisions will be made in policy vacuums, resulting in waste and corruption, unless there is a guiding policy framework in place. They should invest more in security by hiring more personnel in the armed forces, and equipping them with modern machineries to combat security problems in the country.
Keywords: Gross Domestic Product, Education, Health, Agriculture, Security