Budget Evaluation against Fiscal Rules: The Case of Nigeria Using a Fiscal Rascality Index™
Enobong Udoh *
Department of Economics, Benson Idahosa University, Benin City, Nigeria
Bernadette Kouame
Department of Economics, School of Oriental and African Studies (SOAS), London, U.K
Uwem Essia
Pan African Institute for Development – West Africa, Cameroon
*Author to whom correspondence should be addressed.
Abstract
This study investigated if Nigeria’s economic managers’ complied with expenditure budgeting and disclosure laws as contained in the Fiscal Responsibility Act. For the purpose of this analysis, an index of fiscal rascality was used to establish evidence of adherence (or non-adherence) of Nigeria’s national budgets to constituted fiscal rules. The result revealed that there existed unabated appetites for perennial budgeting rascality in Nigeria. The findings however show that democracy in Nigeria is yet to respect the rule of law as it concerns managing Nigeria’s economy through fiscal rules. Consequently, it recommended that the legislative arm of government must enforce its powers by duly recommending economic managers who flout fiscal rules for prosecution as prescribed by the Fiscal Responsibility Act.
Keywords: Fiscal rascality index, fiscal rule, fiscal responsibility act, fiscal strategy paper, chain-base index