THE IMPACT OF GOVERNMENT EXPENDITURE ON INFLATION IN NIGERIA
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Abstract
This study examined the impact of government expenditure on inflation in Nigeria. This research work made use of secondary data which were collected from the central bank Nigeria Statistical Bulletin (2017). The data were collected for a period of thirty two years (i.e. 1981-2017).
Abstract
This study examines the effect of public spending on inflation in Nigeria from 1980 to 2017.
Secondary data were sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin (various issues). The study used public capital (GCE) and recurrent (GRE) spending as the main explanatory variables while money supply (MSS) and exchange rate (EXR) were added as check variables. The Auto Regressive Distributed Lag (ARDL) was used to analyze the relationship between public spending and inflation in Nigeria. The result shows that government capital spending impacts negatively on inflation; government recurrent spending has a negative and an insignificant impact on inflation. Also, money supply has both a positive and negative impact on inflation while exchange rate has a positive and an insignificant impact on inflation. Based on these findings, the paper therefore recommends that government needs to ensure appropriate channeling of its expenditure to infrastructural development in order to stimulate investment and production thereby stabilizing price. Also, there is need for the government to efficiently engage monetary policy instruments that are adequate in ensuring a given level of money supply that stabilizes prices
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