Evaluation of Fiscal Responsibility Legislation in Sub-Saharan Africa: Issues and Challenges on the Nigerian Economic Growth
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Fiscal responsibility and public procurement reforms have been part of the broader public sector reform strategies in Nigeria seeking to improve public sector effectiveness in service delivery and ensure fiscal discipline. This paper evaluates the impact of fiscal responsibility legislations on the economic growth of Nigeria, and further analysed its existing challenges towards attaining sustainable macroeconomic performance within the context of fiscal framework. Various literature on the impact of fiscal responsibility and public procurement legislations are extensively reviewed but with the majority of these studies focusing more on the developed countries. Hence, the existing literature shows the growing need for investigating the phenomenon in developing countries. Analytical and descriptive approach are employed to show whether the challenges of fiscal responsibility legislation are responsible for the fluctuating macroeconomic growth. The study argued that the benefit of fiscal responsibility legislation cannot be realised by merely passing laws or statutory amendments to that effects, but strict compliance with the legislation is necessary in order to achieve fiscal discipline. As such, legislative functions need to be concentrated towards developing the fiscal transparency and the promotion of independent analysis on fiscal framework. Nigeria must accept the challenges to sustainable development by restructuring its fiscal practices towards attaining higher macroeconomic growth and performance in the long-run.
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