Is There Synergy Between Key Economic Development Policies and Financial Commitments on Infrastructural Projects in Nigeria for the Period 2010-2013? (original) (raw)
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The Economic Implications of National Development Plans: The Nigerian Experience (1946-2013)
Developing Country Studies, 2014
This paper reviews the National Development Plans in Nigeria from the period of inception in 1946 to the recent period. At the course of the review, the capital expenditure profile at each period of development plan was examined to weigh the cost-benefit effect-which is the main objective of this research. Being an ex-post-facto research, the data were sourced secondarily and findings include that the National Development Plan were abandoned and in each period of the other development plans, along with their corresponding capital expenditure and allocation. Findings also reveal that no single period of the development plan recorded a fully implemented laid down objectives due to lack of implementable plan. Equally, the research finds that some factors causing failures in the plans include the leaders' inability to transform planned policies to realities, diversion from original focus, and poor budgetary allocation. Conclusively, with the 2013 National Implementation Plan (NIP) instituted recently, there is hope of seeing a planned and totally executed development plan soonest otherwise the Vision 20:2020 through which Nigeria aims at becoming one of the world's leading economies come 2020 is just but a mirage.
Economic Development Management in Nigeria: Dynamics, Dialectics and Outcomes
Economic development is a process whereby the real per capita income of a country is increased and sustained over a long , period of time subject to some caveats. First, this process is subject to the stipulations that the number below the absolute poverty line does not increase and that the distribution of income does not become more unequal (Meier, 1976 and Aboyade, 1976). Second, such a process must experience some elements of modernisation such as enhanced productivity, social and economic equalisation; improved knowledge, attitudes and institutions; and rationally coordinated policy measures that are capable of removing all obstacles to socio-economic transformation (Abciyade, 1976; Obadart, 1998; Ohiorhenuan, 2000). The World Summit for Social Development held in Copenhagen in 1995 and its follow-up in June 2000 added yet another caveat which is to popularise the human dimension of the issue. With this caveat, human beings are placed at the core of any meaningful economic development. They are the means and ends of economic development. As clearly evident in Nigeria's development documents, the primary goal of economic development policies has been geared towards the actualisation of a solid base for long-term economic and social transformation of the country with a view to establishing peace, progress and prosperity. The realisation of this laudable objective informed the adoption of several economic policies and strategies . in the country. Since dependence, economic development policies have been very dynamic. Between 1960 and 1985, government thought that a fixed medium-term National Development Plan framework would transform Nigeria into the type of society it envisaged. The economic crisis of the early 1980s clearly showed the futility of this approach in the Nigerian context. This, therefore, led to the adoption of a comprehensive Structural Adjustment Programme (SAP) which emphasised a policy-based economic management strategy (1986 - 1990). After more than five years of implementing SAP, it became obvious that its performance was mixed and tilted towards non-accomplishment of its major objectives. The adoption of a three-tier planning system since 1990, a framework that comprises a perspective plan, a three-year rolling plan and an annual budget, also left much to be desired in terms of achieving its goals.
Budget and economic development
Fiscal federalism compelled state and local governments to heavily rely on monthly subvention from the federal government to cover their cost of both day to day and long term financial needs. The present arrangement of the revenue distribution formula laid much emphasis on the revenue derivation (revenue source) at the expenses of the financial needs of the state and local government. This subjected most of the states in the northern part of Nigeria to receive very little in spite been relatively densely populated compared with the other geopolitical regions. The repercussion of the foregoing is a massive proliferation of poor more especially in the northern-eastern geopolitical zone. This study critically examines the effect of budgetary allocation of national development. It was found in this paper that skewed budgetary allocation causes unbalance development leading to economic underdevelopment in the northern part of the country. The paper concludes that for Nigeria to achieve holistic national development, resources must be equitably distributed. Specifically, we recommend inward-looking policies that could absorb the bunch of unemployed youth thereby enabling them to contribute their quota toward achieving national development shall be rigorously initiated and vigorously implemented.
Development Plan in Nigeria: The Economic Recovery and Growth Plan (ERGP
2020
Planning helps in the setting of priorities to ensure an all-encompassing development. Every society has evolved from crude to modern sophisticated pathway of development through meticulous planning. This study through the usage of secondary sources of data gathering examines the Economic Recovery and Growth Plan of the Muhammadu Buhari administration with a view to revealing its reasons for establishment, its targets and objectives and implementations and the challenges facing ERGP in Nigeria with subsequent recommendations. Literature Review Development planning can be properly understood by separately explaining the concepts of "planning" and "development". Planning has been simply defined as "deciding in advance what to do, how to do it, when to do it and who is to do it" (Ujo 1994). Invancevich, Lorenzi, Skinner with Crosby (1994) see planning as embracing all the activities that lead to the determination of objectives and the appropriate courses of action that lead to their achievements. For Cole, "planning is an activity which involves decisions about ends as well as means and about conduct as well as result" (Cole 1993). This paper sees, planning is the outline of desirable ends and the means of actualising them.
Nigeria returned to democratic rule in 1999 with the enthusiasm to chat new political and socioeconomic dispensation. The introduction of National Economic Empowerment and Development Strategy (NEEDS) as a medium term planning strategy was a blueprint for new order. It contains all the envisaged policies and programmes of the federal government for the period 2003-2007 and far beyond, and serves as the fountain of the much-touted Obasanjo’s reforms. NEEDS is not only a macro-economic plan document, but also a comprehensive vision, goals and principles of a new Nigeria that would be made possible through four key policies of wealth creation, employment generation, poverty eradication and value reorientation. This paper is a reflection on NEEDS. Using historical and content analysis methods, the paper explores common indices of development planning in the country. It reveals that NEEDS is not different from previous development plans in Nigeria, despite the claims to the contrary. While claiming to be a home-grown plan, it is very much in line with the wishes of the international agents of developed capitalist economies; there is lack of commitment of the leadership in pursing plan objectives; corruption is still rife and priority in selecting plan projects is still poor. The paper recommends among others, the need for committed leadership, continuity with NEEDS II document, drawing adequate scale of preference in choosing policies and programmes, and determined efforts to break from the crutches of neo imperialist and neo colonial tendencies of the developed countries.
Capital budgeting and infrastructural development Nigeria
International Journal of Research in Human Resource Management
The study assesses Nigeria's infrastructure development and capital budgeting execution. A substantial correlation between the dependent and explanatory factors was found using Pearson Correlation Analysis, which assessed the link between the study's dependent variable and explanatory variables. In contrast, generalised least square regression was used to assess the study's assumptions. The study determined that the explanatory variables accounted for 40% of infrastructure improvements via the deployment of capital budget implementation, resulting in a coefficiency determination of 40%. A generalised least square regression study revealed that capital budgeting adoption has a favourable and substantial impact on the housing, transportation, and technology sectors. The results conclude that allocating funds from the capital budget for infrastructure development would increase the availability of fundamental public goods for the populace. Therefore, the government should make serious efforts at all levels to establish enough budget allocations for the provision of health care in Nigeria to improve noticeably. Similar improvements would be made to the energy supply if the requisite fiscal commitments could be made. Budgetary resources should also pay special attention to the road sector and healthcare services. Additionally, it is advised and consistent with development theory that the Nigerian government minimise its reliance on outside funding for infrastructure improvements and instead create homegrown strategies to stop infrastructure deficits.
International Journal of Academic Management Science Research (IJAMSR) , 2018
Development planning in Nigeria has suffered from lack of coordination and harmonization of programmes/policies both within the tenure of an administration and those succeeding it. However, this study seeks to examine the causes of failure in achievement of most of the National development plans in Nigeria taking a theoretical approach and findings revealed that there is no coordinated efforts and participative decision making in the course of achieving these plans which has led to their failure. Conclusively, the era of the Sustainable Development Goals (SDGs) has come with indicators for all the seventeen (17) set goals to give a direction to Nigeria in the pursuit of her development goals. Based on the observed gaps which are; inconsistency of coordinated effort and directions; inadequate review of previous plan to ascertain area of deviation of actual form planned and absence of participative decision, the researcher therefore recommends that there is a need to continuously review set plans in order to ascertain if the plans are properly achieved before going further to set or achieve another and when setting new goal, the weakness of the previous goal must be considered for proper control measure. Also, investment in human capital must be priotized and included in the National development plans for rapid economic growth. There is also the need to encourage participative decision in the setting of National development plans to aid the selection of a strategy suitable for attaining specific economic goals.
Public Policies/Programmes and National Development in Nigeria
Nigeria evidently has a history of national economic planning of policies and programmes which spans both the colonial and post-colonial periods as enunciated in this paper. There is however, no gain saying the fact that no country can attain any form of development without putting in place sound policies and programmes. It is on this premise that the paper established the nexus between government policies/programmes and national development. Thus, Nigeria must thrive to put in place sound policies and programmes if the country must attain the much needed national development towards becoming an economic giant by the year 2020. In the context of the foregoing, the paper recommends among others that; Policies and programmes must be a direct reflection of available human and material resources, cultural realities and political persuasions and also policies and programmes must be rooted in deep democratic norms of accountability, transparency and fiscal discipline because of the choking impact of corruption on policies and programmes in Nigeria over the years.