A Study on the Effect of Coordinated Fiscal and Monetary Policies on National Savings in Nigeria
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Background of the Study
The interplay between fiscal and monetary policies is pivotal in shaping a country’s savings rate. In Nigeria, coordinated fiscal and monetary policies aim to create a stable macroeconomic environment conducive to increasing national savings. Fiscal measures such as improved tax collection and expenditure control, when combined with accommodative monetary policies, can enhance disposable income and incentivize saving behavior (Okoro, 2024). Recent reforms have underscored the importance of policy synchronization in mitigating inflation and stimulating economic growth, thereby creating a favorable climate for savings (Balogun, 2025). The integration of these policies is expected to reduce uncertainty, lower interest rate volatility, and promote a disciplined economic framework (Adeyemi, 2023). This study examines the effect of coordinated fiscal and monetary policies on national savings in Nigeria, exploring how policy synergy can enhance saving rates, support capital formation, and foster sustainable economic development. The analysis also addresses the challenges of policy coordination in an environment marked by external shocks and domestic fiscal pressures (Okoro, 2024; Adeyemi, 2023; Balogun, 2025).
Statement of the Problem
Despite attempts at policy coordination, national savings in Nigeria remain below optimal levels. The lack of a unified fiscal and monetary framework has resulted in persistent inflation and low consumer confidence, which in turn dampens saving behavior (Balogun, 2025). Inconsistencies between fiscal stimulus and monetary tightening have led to mixed signals for savers, undermining efforts to boost domestic savings. This misalignment highlights the need for a comprehensive evaluation of how coordinated policies can effectively increase national savings (Adeyemi, 2023; Okoro, 2024).
Objectives of the Study
- To evaluate the effect of coordinated fiscal and monetary policies on national savings.
- To identify the factors that influence saving behavior under a coordinated policy regime.
- To recommend policy measures to enhance national savings.
Research Questions
- How do coordinated fiscal and monetary policies affect national savings in Nigeria?
- What are the key determinants of saving behavior in a coordinated policy framework?
- Which policy measures can further improve national savings?
Research Hypotheses
- Coordinated fiscal and monetary policies positively impact national savings.
- Policy alignment reduces inflationary pressures, thereby encouraging savings.
- Improved policy coordination enhances the overall saving rate.
Significance of the Study
This study is significant as it highlights the crucial role of coordinated fiscal and monetary policies in boosting national savings. Its findings will offer practical policy recommendations that can enhance saving rates and support long-term economic development (Okoro, 2024; Adeyemi, 2023; Balogun, 2025).
Scope and Limitations of the Study
This study is limited to examining the effect of coordinated fiscal and monetary policies on national savings in Nigeria. It focuses exclusively on the interaction between these policies and saving behavior.
Definitions of Terms
• Fiscal Policies: Government actions related to revenue collection and expenditure.
• Monetary Policies: Central bank actions aimed at controlling money supply and interest rates.
• National Savings: The total savings accumulated by a country’s households, businesses, and government.
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