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Fiscal Policy in Nigeria : Any Role for Rules?
Author/Editor: Thomas Baunsgaard
Release Date: © July, 2003
ISBN : 978-1-45185-733-7
Stock #: WPIEA1552003
Stock Status: On back-order
Languages and formats available
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.
More publications in this series: Working Papers
More publications by: Thomas Baunsgaard