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TitleA Decisive Moment in Nigeria: Fiscal Strategy, Policy Coordination, and Macroeconomic Stability
AuthorOlumuyiwa Adedeji
Date of Publication2022
PublisherCenter for Global Development
Number of Pages17
KeywordsInternational Financial Institutions, AfricaTrade, Sustainable Development Finance, Domestic Resource Mobilization
AbstractDespite the enthusiasm associated with political campaigns in Nigeria, the reality is that the next administration will have to contend with a nation facing significant fiscal-macroeconomic challenges. This note focuses on adopting a more integrated and comprehensive framework for the conduct of fiscal policy, with emphasis on improving domestic resource mobilization, enhancing expenditure efficiency, and exploring alternative sources of fiscal-deficit financing consistent with macroeconomic stability and growth. The note equally discusses the criticality of coordination between fiscal and monetary policy. The new administration has a major role to play in adopting a more encompassing fiscal framework and ensuring more effective policy coordination, including through limiting or eliminating the quasi-fiscal activities of the monetary authority and other agencies and establishing a fiscal and monetary coordination council. The international financial institutions need to stand ready to assist the new administration in terms of additional financing, strategic technical assistance, and reverting to considering intergenerational equity in their fiscal policy advice to Nigeria.
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