Balance of the Federal Budget

The article is devoted to the problem of balancing the budget from the point of view of the form of implementation of the principle of building the budgetary system of the Russian Federation and the state of the federal budget, provided that all its expenses are covered by its revenues. If income is insufficient, a budget deficit occurs. The research methodology provides for a comparative analysis of the concepts and content of budget balance, tools for its provision, the main directions of budget policy and solutions to strategic problems. The result of the study is the proposals for assessing the balance of the budget to cover the deficit and the need for sources of financing the budget deficit. The formulated recommendations are focused on the optimisation of income, expenditures, the formation and use of budgetary reserves, public debt management, as well as effective regulation of intergovernmental fiscal relations. The federal budget deficit is subject to regulation in the direction of its reduction, for which the instruments for balancing it and priority directions for the activities of the financial bodies of the Government of the Russian Federation have been determined.

A deadlock of Russian fiscal federalism

Subject. Highly regulated financial system, where only federal budget's interests are observed, is inefficient. It entails irrational use of taxable capacity of regions and municipalities and contributes to inflation upturn. This urgent problem requires the earliest solution, as about one third of able-bodied citizens of the Russian Federation are involved in its public sector. Objectives. The aim of the study is to review the status of intergovernmental fiscal relations in the Russian Federation and underpin the need for cardinal changes. Methods. The study rests on the systems approach, methods of scientific knowledge and statistical techniques. Results. The paper provides a rationale for the crisis state of the budgetary regulation system in Russia and shows prospects to overcome it; reveals and analyzes gaps in the current order of inter-budget relations formation; defines the need for a shift towards the principles of decentralization of budget organization. Conclusions and Relevance. The study will contribute to substantiation of the change-over to the liberal model of inter-budget relations, which corresponds to world standards.

Fiscal Federalism and Challenges of National Development in Nigeria

In emerging and developmental state of Nigeria, the construct of federalism has continued to attract gamut of attentions due to its configuration and cosmetic nature. The Nigerian state since amalgamation of the 1914 and subsequent constitutional development that ushered in federalism, revenue allocations and transfers of resource control had become contending issues and debates that had propelled lingering questions on Nigerian federal practices. The witness is the persistent struggle for redrafting of revenue allocation parameters and quest for restructuring. The most worrisome is the power of government at the centre determining what constitutes revenue allocations and how it would be shared among the federating units. However, it is against this backdrop that the study appreciates the intergovernmental fiscal relations, institutions and measures aimed at controlling excesses and imbalances amongst the tiers of government in Nigeria. Methodologically, the study utilized documentary method and data were generated through the secondary sources and analyzed in content. The framework of analysis for the study was anchored on the power theory. The findings of the study had adequately revealed that components and federating units are engulfed with myriads of developmental challenges due to the nature and character of the fiscal and federal deficits. Therefore, the paper recommends the need for defined statutory role of each and culture of self reliant among the tiers of government.