International Journal of Innovative Research and Development

Abstract

In line with the current realities in the oil market, an import dependent economy and heavy consumption pattern, the need arises to reform Nigeria’s fiscal federalism. The current issues border on reducing the pressures on the foreign exchange market, diversifying Nigerian economy through a robust Small and Medium Scale Enterprise framework, giving incentive to local products, so that the basic needs of the people can be delivered with a relative ease, and the guarantee of sustained development.

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Abstract

Monetary federalism deals with the financial system policies of the various committees of the apex bank and the regulatory directives of the Central Bank of Nigeria and most crucially its implication on the fiscal policy trust of the Ministry of Finance. These two variables of political economy are supposed to be examined from the perspectives of official data from the National Bureau of Statistics. Today there are conflicts in the coordination of data that have to do with the outcome and which of these units should be the umpire? Such that the three central bodies of the executive branch of government alone, that are of cardinal objectives to the country economic development namely the Ministry of Finance, Central Bank and National Bureau of Statistics, contradict themselves on information dealing with economic development, unemployment and citizens’ welfare. In this work we shall appraise the monetary policy management issue and its impact on fiscal policy and vise versa. And the overall goal of public policy, national development and sustainable development.

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