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ABSTRACT
The general objective of the study is to analyze the effect of deficit financing on Nigeria’s economic growth. Secondary data emanated from the publication of the Central Bank of Nigeria Statistical Bulletin, vol. 26, 2015 was utilized. The data collected spanned from the year 1981-2015. Augmented Dickey Fuller (ADF) unit root test, Johanson Co-integration test and Error Correction Model (ECM) were employed for the analysis and the finding shows that the all the variables were integrated of order 1(2) long-run relationship existed among them. The study therefore concluded that long run equilibrium relationships exist between dependent and independent variables. The research findings revealed that deficit financing through External debt borrowing has a significant negative effect on Nigeria’s economic growth. Also Domestic debt has a positive significant effect on Nigeria’s economic growth, while Debt service has no significant effect on Nigeria’s economic growth. The study therefore, recommends that Government should setup monitoring teams that will make sure that the budget is well and carefully implemented and as well as loan borrowed in other to reduce corruption and wastage.
BACKGROUND OF THE STUDY
Government, Military or Civilian believes that one way of solving social and economic problems is by increasing spending. Government as an agent of the people requires revenue to provide education, employment, adequate health services, infrastructures and good roads but in the process of discharging this enormous responsibility the revenue and/or spending requirements of the government may sometimes outstrip its availability, hence the recourse to deficit financing so as to fill the gap between expenditure needs and revenue availability.
Nigeria’s budget deficit experience dates back to 1961, and appeared justified during the immediate post-independence era, and since then till now 85% of Nigeria’s budget runs in deficit. Okoro (2013) stated that deficit financing arises largely because of the need to expand the economy Governments’ inability to carry out or execute capital projects most times is what births deficit. This ignites the need for Government to finance these projects either through internal borrowing, external borrowing or implementation of monetary instrument to increase the flow of fund in the economy. However there is a repel effect on the economic performance of any country whom the state of its economic activities are financed through the prolonged debt from foreign countries because it frustrates sole investors due to the high interest rate.
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SIMILAR ACCOUNTING FINAL YEAR PROJECT RESEARCH TOPICS
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1. THE EFFECT OF POOR ACCOUNTING RECORDS IN SMALL AND MEDIUM PROFIT MAKING ORGANIZATION (A CASE STUDY OF ASA VENTURES LTD, OZORO, ISOKO NORTH L.G.A)
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2. INTERNAL AUDITING AS AN INSTRUMENT FOR EFFECTIVE FINANCIAL MANAGEMENT IN THE BANKING INDUSTRY
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3. THE USE OF “UTAZI” LEAF EXTRACT (GONGRONEMA LATIFOLIUM) AS A MEANS OF EXTENDING THE SHELF LIFE OF A LOCALLY BREWED SORGHUM BEER.
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4. IMPACT OF PUBLIC RELATIONS ON A CORPORATE ORGANISATION (A STUDY OF FIRST BANK OF NIGERIA PLC ENUGU ZONAL HEADQUARTERS)
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5. AN ASSESSMENT OF GOVERNMENT PALLIATIVE MEASURES IN THE BANKING SECTOR DURING AND AFTER THE 2008 GLOBAL FINANCIAL CRISIS
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6. EFFECTIVENESS OF REHABILITATION PROGRAM IN THE NIGERIAN PRISON
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7. ASSESSMENT OF HEALTHY TIMING AND SPACING OF PREGNANCY APPROACH IN LONG ACTING REVERSIBLE CONTRACEPTIVES ACCEPTANCE AMONG WOMEN IN YALA LOCAL GOVERNMEN...
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8. OWNERSHIP STRUCTURE AND THE INFORMATIVENESS OF ACCOUNTING EARNINGS OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
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9. TAXATION AND ITS EFFECT ON THE NIGERIAN ECONOMY (A CASE STUDY OF EDO STATE TAX SYSTEM).
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10. THE IMPORTANT OF WASTE MANAGEMENT TO ENVIRONMENTAL SANITATION, A CASE STUDY OF IGBARA-ODO LOCAL GOVERNMENT AREA OF EKITI STATE
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