Interrogating Fiscal Policy for National Economic Growth and Development in Nigeria

This paper explored the role of fiscal policy in driving national economic growth and development in Nigeria through the lens of the Structuralist theory of fiscal policy. The paper identified the strengths and weaknesses of fiscal policies within the context of Nigeria's unique economic structure, marked by its dependence on oil revenues, and highlighted the challenges posed by external factors like global market volatility and internal issues such as lack of public accountability and corruption. The paper found that despite the lessons we ought to have learnt from previous overreliance on oil during the post-independence period, successive democratic administrations in Nigeria continued to depend heavily on oil revenues. It concluded by offering policy recommendations that align with the structuralist perspective to foster inclusive growth, reduce economic disparities and to enhance sustainable development in Nigeria. The study recommended amongst others that Nigeria government should discontinue the use ofexternal debt to finance budget deficit in the economy, but look inward through sustainable internal revenue generation, as well as embrace economic diversification policies, coupled with a drastic cut down on cost of governance in Nigeria.