Example: tourism industry

CENTRAL BANK OF NIGERIA

CENTRAL BANK OF NIGERIAM onetary Policy Department Fiscal Policy at a Glance explains fiscal policy and related concepts using graphical illustrations. The publication is aimed at enhancing the knowledge base of users by compiling the concepts and explaining them in a unique, simple and reader friendly format. This pamphlet is therefore, a beautiful gift to those who seek to understand the rudiments of fiscal policy. It is part of the CENTRAL bank of NIGERIA s efforts at promoting economic and financial literacy. I invite you to enjoy a well-packaged literacy (Mrs) Sarah O. AladeDeputy Governor, Economic PolicyMarch 2017iii Fiscal Policy at a GlanceAcknowledgments The At a Glance series seeks to enhance the communication of monetary and financial policies and enrich the Bank s financial literacy initiative.

Public revenue are government income that are recurring by nature and available to meet the day to day expenses of government. They include: Taxes, privatization proceeds, sale proceeds of goods, interest received, commission received, rent received etc. Public revenue is an important tool of fiscal policy and is the opposite of government ...

Tags:

  Nigeria, Public

Information

Domain:

Source:

Link to this page:

Please notify us if you found a problem with this document:

Other abuse

Transcription of CENTRAL BANK OF NIGERIA

1 CENTRAL BANK OF NIGERIAM onetary Policy Department Fiscal Policy at a Glance explains fiscal policy and related concepts using graphical illustrations. The publication is aimed at enhancing the knowledge base of users by compiling the concepts and explaining them in a unique, simple and reader friendly format. This pamphlet is therefore, a beautiful gift to those who seek to understand the rudiments of fiscal policy. It is part of the CENTRAL bank of NIGERIA s efforts at promoting economic and financial literacy. I invite you to enjoy a well-packaged literacy (Mrs) Sarah O. AladeDeputy Governor, Economic PolicyMarch 2017iii Fiscal Policy at a GlanceAcknowledgments The At a Glance series seeks to enhance the communication of monetary and financial policies and enrich the Bank s financial literacy initiative.

2 The Department is grateful for the enormous contribution, time and efforts committed towards the preparation of this book. Foremost, our in-depth gratitude goes to the Management of the CENTRAL Bank of NIGERIA , for the invaluable support and approval, from the concept stage of the book to the final print. We are grateful and acknowledge the DG, Economic Policy Directorate, Dr Mrs Sarah Alade whose effective leadership, mentorship and inspiration is instrumental in the production of this book. We acknowledge and appreciate the efforts of staff of the Monetary Policy Department, for their intellectual contribution and hard work towards ensuring the successful completion of this book. We thank in particular the Heads of Divisions of the Department: Dr Ezema (Monetary Policy Secretariat), Mr Dogo (Financial Policy Division), Dr.

3 (Mrs) Egbuna (Policy Support Division), Mr Okafor (Liquidity Assessment Division), Ms Bala-Keffi (International Economic Relations Division) and Mr Akuns (Administration) for coordinating the initial draft reports. We also wish to commend the efforts of staff that constituted the editorial team for their dedication and meticulous review of the regret any errors of omission or commission in the book, and take responsibility for them. ivMoses k. TuleDirector, Monetary PolicyCentral Bank of NIGERIA March 2017vDisclaimer: We acknowledge that the images used in this series are not our original creation. They are adapted from several internet sources at Fiscal PolicyA nation can not achieve macroeconomic stability without fiscal policy.

4 Fiscal Policy is required for economic growth and stabilization. It can be used to control the production and consumption of particular goods, services and products. The government increases aggregate demand by stabilizing taxes and increasing expenditure. It also boosts demand through tax cuts and increased transfer payments. These measures increase average household incomes and encourage consumer spending. In addition to regulating the demand side of the economy, fiscal policy influences aggregate output and employment by raising the level of infrastructure spending. Overall, fiscal policy can be deployed to correct economic imbalances in periods of recession and depression.(I) Fiscal Policy at a Glance iii(ii) Foreword(iii) Acknowledgments iv(iv) Why Fiscal Policy vi1.

5 Fiscal Policies 12. Instruments/tools of Fiscal Policy 33. Government Revenue 54. Tax Revenue 75. Tax Avoidance 96. Tax Evasion 117. Non tax Revenue 138. Direct Tax 159. Indirect Tax 1710. Government Spending 1911. Capital expenditure 2112. Recurrent Expenditure 2313. Non-debt recurrent expenditure 2514. Statutory Transfer 2715. Government Borrowing 29 TABLE OF CONTENTvii16. Types of Fiscal Policies 3117. Deficit and Deficit Financing 3318. Components of the Nigerian Federal Government Budget 3519. Oil Revenue 3720. Non-Oil Revenue 3921. Types of Budget 4122. Balanced Budget 4323.

6 Deficit/Expansionary Budget 4524. Surplus/Contractionary Budget 4725. Fiscal Buoyancy 4926. Subsidy 5127. Loan Conditionalities 5328. Fiscal Operations 5529. Debt 5730. public Debt 5931. Domestic Debt 6132. External Debt 6333. Debt service 6534. Debt sustainability 6735. Fiscal strategy 6936. Fiscal Dominance 7137. Medium Term Expenditure Framework (MTEF) 7338. Multilateral Debt Buyback 75viiiix39. Overall Fiscal Balance 7740. Fiscal Federalism in NIGERIA (I) 7941. Fiscal Federalism in NIGERIA (II) 8142. Fiscal Federalism in NIGERIA (III) 8343. Fiscal Federalism in NIGERIA (IV) 8544.

7 Budget Cycle 8745. Consolidated Budget 8946. Budget Appropriation 9147. Extra Budgetary Expenditure 9348. Spending Ratio 9549. Allocative efficiency 9750. Eco Tax (Environmental tax) 9951. Budget Flexibility 10152. Saving Bonds 10353. Reciprocity 10554. Gap Financing 10755. Fiscal Rule 10956. Primary Fiscal Balance 11157. Sovereign Wealth Fund 11358. Excess Crude Account 11559. Bond Insurance 11760. Debt Structure 11961. First Line Charges 12162. Refinancing 12363. Ways and Means Advances 12564. Special Purpose Bonds 12765. Diaspora Bond 12966. Flat tax 13167. Fiscal stability 13368.

8 Gross revenue 13569. Net revenue 13770. Excise Duties 13971 Fiscal Decentralization 14172. Double Taxation 14373. Fiscal Buffers 14574. Reserve Fund for Future Generation (RFGF) 14775. State General Reserve Fund 14976. Income Distribution 15177. Effective Tax Rate 15378. Withholding Tax 15579. Joint Venture Cash Calls (JVCs) 15780. Stabilization Fund 15982. Social Securities 16183. Non-Oil Budget 16384. Deficit to GDP Ratio 16585. Production Sharing 16786. Income Transfers 169xxi87. Performing Budget 17188. Credit Worthiness 17389. Non Contributory Income Support 17590. Sovereign Rating of a Country 17791.

9 Fiscal Transparency 17992. Tax Areas 18193. Royalty Regimes 18394. Income Tax 18595. Export 18796. Import 18997. Export duties 19198. Single Taxation 19399. Transfer Payments 195100. Gate Keeper 197101. Debt capacity 199102. Mandate 201103. Fiscal Sustainability 203104. Budget Year 205105. Budget Act 207106. Cyclical Balance 209107. Structural Fiscal Balance 211108. Gross debt 213109. Net Debt 215110. Contingency Liability 217111. General Government 219112 Fiscal Austerity 221113. Fiscal Stimulus 223114. Tobin Tax 225115 Progressive tax 227116.

10 Regressive Tax 229117. public Sector 231118. Break-even Oil Price 233119. Fiscal Multiplier 235120. Appropriation 237121. Allotment 239122. Annulation 241123. Bennium 243124. Cancellation 245125. Budget 247126. Fiscal Note 249127. General Funds 251128. Spending Plan 253129. Budget Reserve 255130. Consumer Price Index Urban 257131. Internal Service Funds 259132. Revenue 261133. Revolving Funds 263134. Special Funds 265135. Fiduciary Funds 267xii136. Direct Appropriation 269137. Open Appropriation 271138. Targets 273139. States aids 275140. Personal Income 277141.


Related search queries