Issues in Sub-National Borrowing in Nigeria
| Autor: | Ekpo, Akpan H. |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2015 |
| Předmět: |
EMERGING MARKET COUNTRIES
TAX DEBT DATA EXTERNAL BORROWINGS ECONOMIC GROWTH MACROECONOMIC IMPACT TOTAL EXTERNAL DEBT EMERGING MARKET FEDERAL MINISTRY DEBT MANAGEMENT FUNCTIONS BOND ISSUES BENEFICIARIES POLICY COORDINATION GOVERNMENT BORROWING MARKET BORROWINGS PERSONAL INCOME SUB-NATIONAL SUB-NATIONAL GOVERNMENTS DEBT SERVICE DEBT MANAGEMENT OFFICE BONDS PUBLIC FINANCES DOMESTIC BANK MEDIUM ENTERPRISES LOCAL GOVERNMENT BORROWING CREDIT SCHEME STATE GOVERNMENT EXCHANGE COMMISSION FARMERS RISK MANAGEMENT FISCAL RESPONSIBILITY TRANSPARENCY FEDERAL TRANSFERS BALANCE OF PAYMENTS BORROWER SUB-NATIONAL BORROWING DEBT MANAGEMENT PRACTICE CORPORATE BOND ISSUANCE REVENUE ALLOCATION EXTERNAL DEBT NATIONAL GOVERNMENTS PRIVATE CAPITAL PUBLIC DEBT DEBT CONTINGENT LIABILITIES SUB-NATIONAL GOVERNMENT CASH FLOW FINANCIAL MANAGEMENT CENTRAL BANK MARKET DISCIPLINE DOMESTIC DEBT MANAGEMENT DOMESTIC DEBT CAPITAL MARKET MINISTRY OF FINANCE PAYMENT ORDER SUB-NATIONAL FINANCE MACROECONOMIC STABILITY PORTFOLIO LENDER TAXATION HUMAN DEVELOPMENT INCOME TAX DEBT PORTFOLIO DOMESTIC BORROWING LOCAL GOVERNMENT DEBT MANAGEMENT DEPARTMENT CAPITAL MARKETS DECENTRALIZATION LOCAL GOVERNMENTS CENTRAL GOVERNMENT EXCHANGE RATE FINANCIAL INSTITUTIONS STATE GOVERNORS ECONOMIC POLICIES BOND BANK LOANS AMOUNT OF LOANS ECONOMIC POLICY EXTERNAL BORROWING SINKING FUND GOVERNMENT SPENDING DEBT CONTROL LOAN DEBT MANAGEMENT DEVELOPING COUNTRIES SECURITIES COMMERCIAL BANKS DEBT SERVICING CAPACITY DEBT SERVICING PUBLIC DEBT MANAGEMENT ADMINISTRATIVE CONTROLS NATIONAL DEBT PAYMENT ORDERS REPAYMENT CORPORATE BOND ISSUANCE CREDIT SCHEMES SUB-NATIONAL DEBT LOAN REPAYMENTS EXTERNAL LOANS NATIONAL ECONOMIC POLICIES SAVINGS PROVISION OF INFRASTRUCTURE CAPACITY BUILDING FISCAL FEDERALISM EXTERNAL LOAN NATIONAL DEBT MANAGEMENT STATE GOVERNMENTS FEDERAL DEBT INTEREST RATE LOCAL CURRENCY EXPENDITURE |
| Popis: | Since 1991 the share of sub-national outlays in total government spending has increased, reflecting their active role in service delivery and greater autonomy in policy-making and implementation. As a result, sub-national economic policies have taken on an increasingly important role in ensuring macroeconomic stability. The rising share of sub-national finance, including sub-national Governments (SNGs) debt as a share of general public debt abundantly reflects this trend of greater devolution of spending responsibilities, revenue - raising authority and the capacity to incur debt. The growing importance of SNG finances and the recognition that the trend can pose dangers to macroeconomic stability have informed different institutional responses to the difficulties of decentralized decision-making, especially addressing the need to improve policy coordination across levels of government and contain sub-national borrowing. The purpose of this paper is to articulate some issues in SNG borrowing arising from the peculiarities of the Nigerian situation. To this end, the paper is divided into four parts. Part one gives introduction. Part two outlines the models of control of sub-national borrowing across the developing and emerging market countries. It also highlights Nigeria's efforts in this regard. Part three outlines the structure of fiscal federalism in Nigeria highlighting constitutional, legislative, and administrative provisions for the sector, revenue allocation, revenue - expenditure gap, while part four dwells on the leading issues and challenges in SNG borrowing in Nigeria. |
| Databáze: | OpenAIRE |
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