Review and harmonisation of framework of fiscal and monetary policies for effective economic management in Nigeria.

Abstract

The objective of this paper, is to review the framework of monetary and fiscal policies with a view to forging a framework for harmonising them for effective economic management. The rest of the paper is divided into six parts. Part 2 is a theoretical overview of some fiscal policy concepts, especially those related to fiscal deficit size and financing. Part 3 examines the macroeconomic policy framework which forms the common basis for the design of fiscal and monetary policies. Parts 4 and 5 analyse in greater details, the framework for fiscal policy and monetary policy, respectively. Part 6 is a critical review of the lack of fiscal and monetary policy harmonisation in Nigeria. Part 7 is a harmonised framework of fiscal and monetary policies for effective economic management in Nigeria.