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.
Detalhes
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Autor
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Data do documento
2015/03/01
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TIpo de documento
Documento de Trabalho
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No. do relatório
95345
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Nº do volume
1
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Total Volume(s)
1
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País
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Região
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Data de divulgação
2015/04/01
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Disclosure Status
Disclosed
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Nome do documento
Issues in sub-national borrowing in Nigeria
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Palavras-chave
cash flow statement;developmental agendas;small and medium enterprise;federal government;amount of loan;total public debt;external borrowing;domestic bank loan;exchange rate loss;balance of payment;debt management department;local government borrowing;fiscal responsibility law;prudent risk management;corporate bond issuance;capital market borrowing;federal capital territory;provision of infrastructure;devolution of power;debt management function;Public Debt Management;emerging market country;public domestic debt;total government spending;total external debt;Oil and Gas;source of revenue;value added tax;personal income tax;Oil & Gas;debt service capacity;domestic borrowing;administrative control;Borrowing activities;Macroeconomic Stability;debt control;external loan;macroeconomic impact;contingent liabilities;sinking fund;democratic governance;fiscal target;debt ceilings;borrowing program;public policy;negotiation process;empirical evidence;fiscal revenue;debt portfolio;sustainable level;bond issue;loan repayment;domestic loan;staff development;expenditure gap;guarantee issue;commercial bank;capacity deficit;Fiscal Federalism;administrative provision;farmer association;revenue allocation;debt datum;credit scheme;government access;contingent liability;federal transfer;state spending;cost-benefit analysis;federal level;legislative power;management performance;state budget;annual budget;effective work;national economy;Economic Policy;current income;private capital;traditional bank;public finance;state governors;mining revenue;capital expenditure;fiscal component;debt profile;
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