FAPERTA UNRASFAPERTA UNRAS

Jurnal Saintifik (Multi Science Journal)Jurnal Saintifik (Multi Science Journal)

Nigerias economic paradox of sustained GDP growth alongside rising unemployment, poverty, and income inequality underscores the limitations of relying solely on headline economic indicators. While fiscal policy plays a crucial role in financial management, its effectiveness in fostering inclusive growth remains debatable. This study examines the impact of fiscal policy on economic growth and macroeconomic stability in Nigeria using time-series data from 2003 to 2023, employing econometric techniques such as regression analysis. The study evaluates the relationship between government expenditure, taxation, and income distribution, highlighting the structural inefficiencies that hinder fiscal effectiveness. Findings suggest that while fiscal policy has contributed to GDP growth, its impact is weakened by inefficient government spending, revenue dependency, particularly on oil, and institutional weaknesses. Moreover, fiscal interventions have failed to significantly reduce income inequality due to misallocation of resources and corruption. The study recommends targeted interventions to enhance fiscal policy effectiveness, including increased investment in human capital development, tax reforms, and improved governance. Strengthening fiscal discipline, diversifying revenue sources, and promoting transparency in public finance management are crucial for ensuring equitable and sustainable economic growth. These insights contribute to the broader discourse on the resource curse and the challenges of fiscal policy implementation in developing economies, offering valuable implications for policymakers in Nigeria and similar contexts.

The study concludes that fiscal policy is crucial for Nigerias economic growth but has been hindered by inefficiencies, corruption, and over-reliance on oil revenues.Despite fiscal interventions driving growth, structural weaknesses like poor revenue management and unsustainable borrowing continue to undermine long-term development.To achieve stable, inclusive growth, Nigeria must strengthen non-oil revenue sources, improve financial transparency, and adopt a balanced fiscal strategy to avoid excessive debt.

Berdasarkan temuan penelitian ini, beberapa saran penelitian lanjutan dapat diajukan. Pertama, penelitian lebih lanjut diperlukan untuk mengkaji secara mendalam dampak spesifik dari berbagai instrumen kebijakan fiskal, seperti subsidi, insentif pajak, dan investasi publik, terhadap sektor-sektor ekonomi yang berbeda di Nigeria. Hal ini akan membantu mengidentifikasi kebijakan yang paling efektif dalam mendorong pertumbuhan inklusif dan mengurangi kesenjangan pendapatan. Kedua, penelitian mendatang dapat mengeksplorasi hubungan antara kualitas tata kelola pemerintahan, tingkat korupsi, dan efektivitas kebijakan fiskal di Nigeria. Investigasi ini akan memberikan wawasan tentang bagaimana peningkatan transparansi, akuntabilitas, dan supremasi hukum dapat meningkatkan dampak positif kebijakan fiskal terhadap pertumbuhan ekonomi dan kesejahteraan sosial. Ketiga, studi komparatif yang membandingkan kebijakan fiskal Nigeria dengan negara-negara berkembang lainnya dengan karakteristik serupa dapat memberikan pelajaran berharga tentang praktik terbaik dan tantangan umum dalam mengelola keuangan publik dan mencapai pembangunan berkelanjutan. Penelitian ini harus mempertimbangkan faktor-faktor kontekstual seperti struktur ekonomi, sistem politik, dan norma sosial untuk memastikan relevansi dan validitas temuan.

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