An assessment of fiscal mismanagement’s economic consequences on regional development in Nigeria: Evidence from Oyo State (2000–2020).
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Background of the study:
Fiscal mismanagement, characterized by inefficient public expenditure, corruption, and budgetary imbalances, has long been a barrier to sustainable regional development in Nigeria. In Oyo State, persistent fiscal irregularities have adversely affected economic progress by limiting investment in critical infrastructure, public services, and social welfare. This study assesses the economic consequences of fiscal mismanagement, examining how poor financial governance and misallocation of resources impede regional growth. Recent analyses indicate that fiscal mismanagement can lead to stagnation in key sectors, exacerbating unemployment and reducing investor confidence (Akinola, 2023). Additionally, the misdirection of public funds often results in a widening gap between expected and actual development outcomes (Balogun, 2024). By critically examining the fiscal practices in Oyo State, this study aims to highlight the systemic issues that undermine economic development and propose measures to enhance fiscal discipline. The background underscores the urgent need for transparent and accountable fiscal management to create an environment conducive to sustainable regional development and improved public service delivery.
Statement of the problem:
Fiscal mismanagement in Oyo State has resulted in significant economic setbacks, undermining regional development and eroding public trust. Inefficient allocation of public funds, rampant corruption, and lack of accountability have led to inadequate investment in infrastructure and social services. These issues not only constrain economic growth but also widen regional disparities (Segun, 2024). This study addresses the problem by critically assessing the impact of fiscal mismanagement on Oyo State’s economic development, identifying key areas of inefficiency, and exploring potential corrective measures to restore fiscal discipline and stimulate growth.
Objectives of the study:
- To assess the economic consequences of fiscal mismanagement in Oyo State.
- To identify the main factors contributing to poor fiscal governance.
- To recommend strategies for improving fiscal management and regional development.
Research questions:
- What are the economic impacts of fiscal mismanagement in Oyo State?
- Which factors contribute most significantly to fiscal inefficiencies?
- How can fiscal governance be improved to promote regional development?
Research Hypotheses:
- Fiscal mismanagement negatively impacts regional economic development.
- Poor governance practices are a primary contributor to fiscal inefficiencies.
- Implementing stricter fiscal controls improves economic outcomes.
Significance of the study:
This study is significant because it elucidates the economic consequences of fiscal mismanagement in Oyo State, offering a basis for policy reforms aimed at improving fiscal discipline. The insights provided will be invaluable to policymakers and stakeholders seeking to enhance regional development, promote transparency, and ensure more effective public fund management, ultimately contributing to sustainable growth.
Scope and limitations of the study:
This study is limited to the assessment of fiscal mismanagement and its economic consequences in Oyo State, focusing on governance practices and regional development outcomes.
Definitions of terms:
- Fiscal Mismanagement: Inefficient and corrupt practices in the management of public funds.
- Regional Development: Economic and social progress within a specific geographic area.
- Fiscal Governance: The systems and processes that ensure effective and accountable management of public finances.
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