Fiscal Theory and Policy – Selected Essays(The Complete Book)
Fiscal theory and Policy comprises selected papers presented in various national and international fora; some of the papers have been published in refereed academic journals. The papers deal with expenditure and revenue issues in Nigeria and Africa. The relationship between ﬁscal issues such as taxation and poverty are examined in some of the papers.
Chapter one discusses the macroeconomic policy framework in Nigeria and contends that the economy must be studied from the point of view of disequilibrium.
Chapter two examines the contribution of government expenditure to the growth process in Nigeria during the period 1960-1992. The chapter conﬁrms that infrastructural expenditures contribute positively to the growth process in the country.
Chapter three provides a synthesis on equity, efficiency and incentive effects of revenue policy in Africa drawing on the works of AERC researchers. The chapter shows that tax reforms in many African countries were undertaken and expanded to include the enhancement of efficiency of the tax administration and equity of the tax system.
Intergovernmental fiscal relations in Nigeria is discussed in chapter four. lt appears that political, social and economic factors inﬂuenced the decentralization process in the country. The challenges facing intergovernmental fiscal relations in the country includes; ﬁscal autonomy and independence, the federation account, the derivation fund and problems of the oil-producing areas.
The design and implementation of tax systems to raise revenue for growth and development so as to reduce poverty in Africa are discussed in chapter ﬁve. The issues involved in designing income taxes, land tax, taxing the informal sector and tax administration are examined.
The rudiments of designing and implementing poverty-oriented budgets are presented in chapter six. The chapter suggests that the quality of political leadership and commitment to poverty reduction are vital factors in any poverty reduction strategy in Africa.
The paper in chapter seven indicates that corruption lowers the tax revenue — GDP ratio; openness and the rate of inﬂation do influence the tax revenue – GDP ratio. lt contends that sustained economic development cannot take place in SSA if corruption is not eradicated.
The effects of trade liberalization on government revenue in Africa are examined in chapter eight. The chapter argues that African countries must be cautious because trade liberalization may result in revenue loss; to benefit from trade liberalization, countries in Africa must put in place sound macroeconomic policies and their economies must perform satisfactorily.
Chapter nine discusses financing international cooperation based on the Nigerian experience. The chapter posits that the Nigerian Government depends heavily on oil to ﬁnance international co-operation; external assistance to Nigeria on various aspects of the economy is marginal. Fiscal Theory and Policy (Selected Essays) is highly recommended to ﬁnal year undergraduate students taking public ﬁnance/public sector economics. Postgraduate students particularly those offering public ﬁnance/public sector economics will benefit from the subjects examined in the book. Lecturers, practitioners, civil and public servants as well as those interested in Nigeria’s and Africa‘s development will ﬁnd the book extremely useful.
Akpan H. Ekpo
One: Macroeconomic Policy Framework: Issues and Challenges for Nigeria.
Two: Public Expenditure and Economic Growth In A Petroleum-based Economy: Nigeria, 1960-1992.
Three: Equity, Efficiency and Incentive Effects of Revenue Policy.
Four: Intergovernmental Fiscal Relation: The Nigerian Experience.
Five: Design and Implementation of The Tax System for Growth and Poverty Reduction in Africa.
Six: Poverty Oriented Budget Design and Implementation.
Seven: Corruption and Taxation: Evidence from Selected African Countries.
Eight: Government Revenue Implications of Trade Liberalization in Africa.
Nine: Financing International Co-operation: the Case of Nigeria.
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