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date: 08 May 2021

Abstract and Keywords

This chapter explores the history and challenges of fiscal policy in Nigeria. It examines fiscal policy since independence in 1960 up until contemporary times. It explores the transition from an agriculture and trade-dominated government to the rise of crude oil as an important and dominating part of government revenues, and the subsequent effects the boom and bust of the crude oil commodity cycles have had. The chapter cycles through the conditions that led to the first oil boom and crash in the late 1970s, the difficult decades of adjustments that followed, and the fiscal reforms enacted during the democratic years. The chapter examines strategies that have been put in place at various points in time and explores the risks for fiscal policy going forward.

Keywords: fiscal policy, boom and bust, crude oil, deficit, debt, oil revenue

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