scholarly journals Autonomous Generated Income of Three Levels of Government and Money Supply in a Democratic Administration: The Case Study of Nigeria

2019 ◽  
Vol 10 (3) ◽  
pp. 90-96
Author(s):  
Cordelia Onyinyechi Omodero
Keyword(s):  
Money Supply ◽  
State Government ◽  
Time Series Data ◽  
Positive Impact ◽  
Ordinary Least Squares ◽  
Annual Reports ◽  
Series Data ◽  
Ex Post ◽  
Democratic Administration ◽  
Ex Post Facto

Abstract The study provides statistical proof of the influence of autonomous generated income of the three levels of government on money supply in the present day democratic administration in Nigeria. The study uses ex post facto research design and annual time series data ranging from 2000-2017. The data are obtained from CBN Statistical Bulletin 2017 edition and CBN Annual Reports and Ordinary Least Squares technique is employed to analyze them with Statistical Package for Social Sciences (SPSS) version 20. The findings reveal that Federal Government Independent Revenue (FGIR) and State government Independent Revenue (SGIR) impact on money supply positively and significantly while the Local Government Independent Revenue has insignificant positive impact on money supply. The policy implication of the results is that government revenue under the autonomous control of the three levels of government in Nigeria has a lot of influence on money circulating in the economy and therefore, stringent monetary policies should be applied to regulate it in order to prevent inflationary economic situation in the country.

scholarly journals Independent Generated Revenue of Three Tiers of Government and Money Supply in Nigeria

2019 ◽  
Vol 5 (1) ◽  
pp. 137
Author(s):  
Cordelia Onyinyechi Omodero
Keyword(s):  
Local Government ◽  
Money Supply ◽  
Time Series Data ◽  
Least Squares Method ◽  
Negative Impact ◽  
Ordinary Least Squares ◽  
Annual Reports ◽  
Series Data ◽  
Ex Post ◽  
The Impact

<p><strong><em>Aim/Purpose:</em></strong><em> The purpose of this study is to provide empirical evidence on the impact of independent generated revenue of the three tiers of government on money supply in Nigeria.</em></p><p><strong><em>Design/methodology/approach:</em></strong><em> The study employs ex post facto research design and makes use of annual time series data spanning from 1981 to 2017. The data have been sourced from CBN Statistical Bulletin 2017 edition and CBN Annual Reports while Ordinary Least Squares method is used to carry out the analysis with the aid of Statistical Package for Social Sciences (SPSS) version 20.</em></p><p><strong><em>Findings:</em></strong><em> The results of the study indicate that Federal Government Independent Revenue (FGIR) and State government Independent Revenue (SGIR) influence money supply positively and significantly. On the contrary, the Local Government Independent Revenue has an insignificant negative impact on money supply.</em></p><p><strong><em>Research implications/Limitations:</em></strong><em> The implication of this finding is that if independent generated revenue under the jurisdiction of Local Government Councils in Nigeria is not properly regulated by the Monetary Authority in the country through a well-structured monetary policy measures, it will adversely affect the money supply. </em></p><p><strong><em>Originality/value/contribution:</em></strong><em> this study has been able to establish the influence of independent revenue of each tier of government in Nigeria on money supply. Most importantly, the study finds evidence that independent generated revenue of local government councils in Nigeria does not have positive influence on money supply in the country. Therefore, the study suggests that monetary policies in the country should incorporate local government optimal management of revenue to avoid unfavorable economic situations such as inflation which is prompted by too much money circulating in an economy.</em></p>

scholarly journals Investment in Agriculture and Extractive Industry: A Panacea for National Development

2020 ◽  
Vol 11 (1) ◽  
pp. 34
Author(s):  
Cordelia Onyinyechi Omodero ◽  
Kabiru Isa Dandago
Keyword(s):  
Natural Gas ◽  
Time Series Data ◽  
Positive Impact ◽  
National Development ◽  
Ordinary Least Squares ◽  
Series Data ◽  
Crude Petroleum ◽  
Economic Diversification ◽  
Statistical Tool ◽  
Extractive Industry

Economic diversification into agriculture and extractive industry in Nigeria has been a fascinating and crucial economic issue that deserves consideration especially as the country is shifting from mono-economy (caused by oil boom) to other viable economic sectors. The global economic meltdown and depression have stimulated countries to look into other sectors of the economy in order to enhance their national development. Hence, this study tries to examine the contribution of agriculture and extractive industry to the Nigeria’s real gross domestic product (RGDP). The study makes use of time series data gathered from CBN Statistical Bulletin ranging from 1981-2017 and employs Ordinary Least Squares (OLS) method as the statistical tool with the aid of e-views version 9. The findings reveal that agriculture has a robust and noteworthy positive impact on RGDP while the solid mineral equally has a substantial positive influence on RGDP. However, crude petroleum (proxy for crude petroleum & natural gas) has a positive inconsequential effect on RGDP. This brings the study to a conclusion that investment in agriculture and solid minerals is highly imperative at the moment. Therefore, the study has suggested that economic diversification should be focused more on agriculture and solid mineral extraction. In addition, the government should try to manage the crude petroleum and natural gas exploration so as to prevent fund repatriation and transfer to other countries due to borrowed technology.

scholarly journals Impact of Macro-Economic Variable on Pakistan Stock Exchange KSE-100 Index

2021 ◽  
Vol 2 (3) ◽  
pp. 17-23
Author(s):  
Muhammad Faisal Hassan ◽  
Hashim Bin Jusoh ◽  
Sajjad Khan ◽  
Fahad Ali Khan ◽  
Muhammad Naseem ◽  
...  
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Time Series Data ◽  
Positive Impact ◽  
Stock Exchange ◽  
Ordinary Least Squares ◽  
Series Data ◽  
Short Run ◽  
The Impact ◽  
Adf Test

The researcher investigates the Impact of inflation, exchange rate and interest rate on Pakistan stock Exchange performance KSE-100 index by using monthly time series data which covers the period of 2013 to 2020. The econometrics techniques which are employed includes ADF test, Ordinary Least squares regression Model, testing for Multi-collinearity, Residual analysis serial correlation, testing for co-integration, Error correction model (ECM), variance decomposition (VAR) and Pair wise granger causality test. The results indicate that there is positive impact of exchange rate on PSX 100 index and the impact of inflation and interest rate is fond negative but inflation have insignificant relationship with PSX 100 index and the other two relationships are found significant. From the ECM result it is found that in short run 20% of the variation in dependent variable is due to inflation, exchange rate and interest rate and 80% variation is unexplained in short run. Form the results of VAR test it is concluded that exchange rate 1.67, inflation 14.25%, and interest rate 3.90% variation cause in PSX 100 index performance due to these three independent variables.

scholarly journals The Impact of Internally Generated Revenue on Economic Development in Nigeria

2018 ◽  
Vol 7 (2) ◽  
pp. 166 ◽  
Author(s):  
Cordelia Onyinyechi Omodero ◽  
Michael Chidiebere Ekwe ◽  
John Uzoma Ihendinihu
Keyword(s):  
Economic Development ◽  
Local Governments ◽  
Time Series Data ◽  
Positive Impact ◽  
Series Data ◽  
P Value ◽  
Statistical Tool ◽  
Ex Post ◽  
Test Of Hypotheses ◽  
The Impact

The study investigated the impact of internally generated revenue (IGR) on economic development of Nigeria. The inability of States and Local governments in Nigeria to generate enough revenue to cope with their expenditure responsibilities has been a serious challenge. The improper use of IGR and corruption have remained a setback to economic development in Nigeria, hence the clamour from the citizens. This study made use of ex-post facto research design to specifically examine the impact of total IGR (TIGR), Federal Government Independent Revenue (FGIR), States IGR (SIGR) and Local IGR (LIGR) Governments IGR on the Real Gross Domestic Product (RGDP i.e. proxy for economic development) of the country. The time series data employed covered a period from 1981 to 2016 and were gathered from the Central Bank of Nigeria (CBN) Statistical Bulletin. The statistical tool used for the data analysis was the multi-regression and t-test for test of hypotheses. The findings of the study revealed that TIGR, SIGR and LIGR have robust and significant positive impact (p-value = 0.000 < 0.05) on RGDP, while FGIR also indicated positive and significant influence on RGDP. There was an existence of high correlation between the dependent and independent variables. The study concluded that the positive impact of IGR is not out of place but the physical evidence is apparently lacking and therefore government policies that could eradicate sharp practices in the government system are required. The study also recommends that government official with corruption history should not be allowed to continue to handle responsibilities rather; people with outstanding integrity should be given opportunity to occupy government positions that are sensitive and could help achieve economic development objectives.

scholarly journals Voluntary Assets and Income Declaration Scheme (VAIDS) and Company Income Tax in Nigeria: A Post-Mortem

2019 ◽  
Vol 6 (10) ◽  
pp. 261-273
Author(s):  
Onwuka Okwara Onwuka
Keyword(s):  
Income Tax ◽  
Time Series Data ◽  
Research Work ◽  
Least Square ◽  
Series Data ◽  
Post Mortem ◽  
Ex Post ◽  
Ex Post Facto ◽  
Ordinary Least Square Regression ◽  
The Impact

Abstract The contribution of taxation to any economy globally cannot be over emphasized.  This research work is on Voluntary Assets and Income Declaration Scheme (VAIDS) and Company Income Tax (CIT): A Post-Mortem. The main objective of this study is to explore the impact of Voluntary Assets and Income Declaration Scheme on company income tax in Nigeria. Time series data were applied in carrying out this research work. Ordinary least square regression analysis was employed in this work with the use of STATA 13 package. The scope of the study is basically focused on the assessment and effect of voluntary assets and income declaration scheme on company income tax in Nigeria from June 2017 to March 2018 a period of 9 months but later extended to July 2018 by the Federal Government of Nigeria. This research focuses on a broad range of issues with the collection of a diversity of data in the field of VAIDS and company income. A literature review was used to determine the theoretical basis for research topic and prior research method conducted on various aspects of relating to VAIDS and company income tax. This work adopted the ex-post-facto research design. The findings reveal that Company Income Tax has an insignificant impact on VAIDS. The work recommends that the voluntary assets and income declaration scheme should be a permanent programme as a separate body should be set up to inspect and ensure the smooth running of the programme.  Key words: VAIDS, Tax, Executive, Order, Income

scholarly journals NIGERIA’S REVENUE ALLOCATION AND SUSTAINABLE ECONOMIC DEVELOPMENT

10.26458/1843 ◽  
2018 ◽  
Vol 18 (4) ◽  
pp. 97-112
Author(s):  
Cordelia Onyinyechi Omodero
Keyword(s):  
Economic Development ◽  
Time Series Data ◽  
Negative Impact ◽  
Positive Impact ◽  
Ordinary Least Squares ◽  
Series Data ◽  
Monthly Basis ◽  
Use Of Resources ◽  
Revenue Allocation ◽  
The Government

AbstractSustainability of economic development in Nigeria has been a serious challenge despite the huge revenue allocated to the three tiers of the government on a monthly basis from the federation account.  This recurring decimal has left the country in a pitiable condition with inadequate infrastructures to carry on economic activities.  The study examines the extent to which revenue allocation enhances economic development using time series data obtained from CBN Statistical Bulletin which covered a period from 1981 to 2016.  Ordinary Least Squares technique was employed and the findings revealed that FASG and NDSD have significant negative impact on PCI while FAFG has insignificant negative impact on PCI.  On the contrast, the result shows that FALG has a robust significant positive impact on PCI.  The study attributes this poor performance to misuse of resources and suggest that more stringent measures be employed by the government to fight graft in the public sector and among government officials.  This will help to curb corrupt practices and ensure efficient and effective use of resources to boost economic development.   Keywords: Revenue allocation, economic development, federation account, Resources, Nigeria.

scholarly journals Role of Agriculture in Reducing Consumption Expenditure in Nigeria

2018 ◽  
Vol 8 (4) ◽  
pp. 130
Author(s):  
Cordelia Onyinyech Omodero ◽  
Amah Kalu Ogbonnaya
Keyword(s):  
Crop Production ◽  
Time Series Data ◽  
Negative Impact ◽  
Positive Impact ◽  
Well Being ◽  
Ordinary Least Squares ◽  
Series Data ◽  
Consumption Expenditure ◽  
Livestock Farming

There is a general consensus that agriculture as an economic sector has contributed so much to the well-being of the Nigerian people, this understanding is without a thorough evaluation of the specific sub-sectors of agriculture and their individual contribution especially in reducing the cost of living in the country. This study tries to investigate the role of the four sub-sectors of agriculture in Nigeria in reducing consumption expenditure. The study employed time series data which covered a period from 1981-2017 and were obtained from CBN Statistical Bulletin, 2017 edition. The data were collected on the four agriculture sub-sectors which include: crop production, fishing, forestry and livestock (being the independent variables) and on consumer price index (dependent variable) used as proxy for consumption expenditure. The Ordinary Least Squares (OLS) method of multiple regression analysis was used to analyze the data. The findings revealed that crop production and livestock farming have significant positive impact on consumption expenditure while fishing had insignificant negative impact, then forestry had significant negative impact on CPI. The implication is that fishing and forestry farming require more investment to contribute positively to the Nigerian economy. Therefore, the study has suggested among others that the government should provide adequate funding for agriculture sub-sectors through access to bank facilities with less difficulty on the part of the farmers.

scholarly journals REVENUE DISTRIBUTION FROM FEDERATION ACCOUNT AND MONEY SUPPLY: EVIDENCE FROM NIGERIA

10.26458/1914 ◽  
2019 ◽  
Vol 1 (1) ◽  
pp. 65-82
Author(s):  
Cordelia Onyinyechi OMODERO
Keyword(s):  
Money Supply ◽  
Local Governments ◽  
Time Series Data ◽  
Positive Impact ◽  
Least Square ◽  
Series Data ◽  
Federal State ◽  
Monetary Policies ◽  
Revenue Allocation ◽  
The Impact

AbstractMoney supply in every economy is very vital for economic growth and stability.  However, the role of revenue distribution in ensuring the success of monetary policies revolving around money supply in Nigeria cannot be over-estimated.  The study examines the impact of revenue distribution to the three tiers of government on money supply (MSS) in Nigeria.  Time series data used for the study estimation span from 1981-2016 and were obtained from CBN statistical bulletin, 2016 edition and World Bank website.  The specific purpose of the study is to establish the extent to which revenue allocation to federal, state, local governments and derivation allowance to the mineral producing states affect money circulating in the Nigerian economy.  Ordinary least square method (OLS) was employed with the aid of SPSS version 20 to test the impact of revenue distribution on money supply.  The findings reveal that revenue allocation to federal government has a significant positive impact on money supply.  Allocation to local government councils has insignificant positive impact on money supply.  On the contrary, allocation to states and the derivation allowance to Niger Delta States exert significant negative influence on MSS in Nigeria.  The study concludes that, revenue allocation to states and derivation allowance contribute to inflation in the country and recommended stringent monetary policies that will determine the percentage of allocated revenue usage by all tiers of government in a particular period to avoid too much money in circulation.   Keywords:  Revenue distribution, allocation, money supply, economic stability, derivation.JEL CODE: E51, E64.  

scholarly journals A MONETARY ANALYSIS OF GHANA: EXAMINING THE IMPACT AND THE CAUSAL RELATIONSHIP BETWEEN MONETARY POLICY AND INFLATION IN GHANA

2020 ◽  
Vol 4 (1) ◽  
pp. 1-14
Author(s):  
Edmund Obeng Amaning ◽  
Ali Napari Seidu
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Causal Relationship ◽  
Money Supply ◽  
Time Series Data ◽  
Positive Impact ◽  
Negative Relationship ◽  
Theory And Practice ◽  
Series Data ◽  
The Impact

Purpose: The main objective of the study was to examine the impact and the causal relationship between monetary policy and inflation in Ghana.Methodology: Annual time series data spanning from 1985 to 2017 with Auto Regressive Distributed Lagged (ARDL) model were employed for the analysis.Findings: The outcome from the study shows that, monetary policy rate had insignificant negative relationship with inflation in both the short and the long run. Again, interest rate, domestic investment and money supply were found to have significant positive impact on inflation in both the long and the short run for a specific period chosen for the study.The causal relationship shows that monetary policy rate granger causes money supply within the period understudyUnique contribution to theory and practice: The study recommends that policy makers need to keenly consider the levels of money supply in Ghana so as to ensure a stable retail price levels. The Government of Ghana needs to evaluate the prevailing levels of retail prices and set the interest rates on the 91-day Treasury bills because they are majorly treated as risk free rate hence determines other interest rates and inflation levels in Ghana.

scholarly journals The Use of E-payment Products and their Impact on Currency-in-Circulation in Nigeria

2020 ◽  
Vol 6 (1) ◽  
pp. 31-46
Author(s):  
Kanu Success Ikechi ◽  
Eke Karen Chinonso ◽  
Nwadiubu Anthony ◽  
Ikechukwu Robert Eze
Keyword(s):  
Monetary Policy ◽  
Time Series Data ◽  
Negative Relationship ◽  
Least Square ◽  
Series Data ◽  
Ex Post ◽  
Payment Instruments ◽  
Significant Negative Relationship ◽  
Ex Post Facto ◽  
The Relationship

This study is set to ascertain the relationship between the use of e-payment products and the value of currency in circulation in Nigeria. An ex-post facto research design was adopted in the investigation. A least square regression analysis was carried out on a time-series data. The objective was to ascertain relationships between the variables, whether positive or negative and to determine its significance. The outcome of the study indicates that only REMITA and WEBPAY have an inverse but significant negative relationship with currency in circulation in Nigeria. At the same time, the use of ATM and POS maintained a positive and significant relationship. This isn’t surprising considering ATM and POS machines are verified sources of cash withdrawals in Nigeria. Presently, due to the relatively low use of e-payment products, their influence on monetary policy has been insignificant. The Central bank of Nigeria has not recorded a decrease in currency in circulation followed by an increase in the use of e-payment products; instead, it is recorded that between 2009 and 2018, the value of currency in circulation grew by about 97.18%. It is important to stress the fact that any innovation takes time to mature and become accepted in the market. It might be too soon to complain. We ought to expect that in the future, e-money products could be made more acceptable as regular payment instruments. Following this, their influence on monetary policy could be increased. This depends on the extent to which it will substitute the currency in circulation. This means that a developing nation like Nigeria needs to monitor the trend of development of e-money on the market and the increasing degree of use by institutions and clients. Lastly, the regulatory authorities need to develop the capacity to manage an e-money driven economy more closely and more carefully.

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