An Examination of the Relationship Between Fiscal Policy Coordination and Economic Recovery in Nigeria
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Background of the Study:
Fiscal policy coordination has emerged as a vital strategy for promoting economic recovery in Nigeria, particularly in the wake of recent global economic disruptions. By aligning taxation, public spending, and borrowing decisions, the government seeks to stimulate aggregate demand and restore investor confidence (Okafor, 2023). The coordinated approach is designed to counteract the adverse effects of economic shocks, ensuring that fiscal interventions are implemented in a synergistic manner (Ibe, 2024). Historically, Nigeria’s economic recovery has been hampered by fragmented fiscal policies that produced mixed results in terms of growth and stability. Current efforts emphasize the importance of a unified fiscal framework that leverages complementary policy measures to foster a resilient economic environment (Nwachukwu, 2023). Recent academic studies suggest that enhanced fiscal coordination can accelerate recovery processes by minimizing policy conflicts and promoting efficient resource allocation (Udo, 2024). The background of this study underscores the need to critically examine how coordinated fiscal policies contribute to economic recovery, identifying the mechanisms that drive positive outcomes and those that may inhibit progress. Through this analysis, the study aims to provide a detailed understanding of the relationship between fiscal coordination and economic resurgence in Nigeria.
Statement of the Problem:
Notwithstanding the adoption of coordinated fiscal policies, Nigeria continues to face challenges in achieving a robust economic recovery. The lack of seamless coordination among different fiscal instruments has resulted in delays and inefficiencies, undermining the overall recovery process (Adebayo, 2023). Inconsistent policy implementation and fragmented fiscal actions contribute to a suboptimal recovery trajectory, as evidenced by ongoing unemployment and reduced investor confidence. These issues highlight a significant disconnect between fiscal coordination objectives and actual economic outcomes. Consequently, it is imperative to examine the specific barriers that prevent effective fiscal coordination and to explore measures that can bridge this gap (Chinaza, 2024).
Objectives of the Study:
- To analyze the extent of fiscal policy coordination in Nigeria.
- To evaluate its impact on economic recovery.
- To recommend strategies for improving fiscal coordination to support recovery efforts.
Research Questions:
- How does fiscal policy coordination affect economic recovery in Nigeria?
- What are the main challenges to effective fiscal coordination?
- Which policy measures can enhance recovery through better fiscal integration?
Research Hypotheses:
- H1: Fiscal policy coordination positively influences economic recovery.
- H2: Poor coordination among fiscal instruments negatively impacts recovery.
- H3: Strengthened inter-agency coordination leads to faster economic resurgence.
Significance of the Study:
This study is significant as it provides insights into the critical role of fiscal policy coordination in promoting economic recovery. The findings will guide policymakers in addressing coordination gaps and implementing strategies that expedite recovery. By offering evidence-based recommendations, the research contributes to a more resilient economic framework that benefits both investors and citizens (Eze, 2024).
Scope and Limitations of the Study:
The study is confined to examining the relationship between fiscal policy coordination and economic recovery in Nigeria, excluding other macroeconomic influences such as monetary policy and international trade factors.
Definitions of Terms:
• Fiscal Policy Coordination: The alignment of various fiscal instruments to work together effectively.
• Economic Recovery: The process of restoring economic performance following a downturn.
• Policy Synchronization: The harmonization of fiscal actions across different governmental levels.
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