The Macroeconomic Determinants of Public Capital Spending in Nigeria

Despite the success of Keynesian theory in increasing the velocity of economic activities in times of recession, few studies have been carried out in this field of study; particularly on public spending. Empirical studies on the determinants of public spending began in the 80s. Before then, attention had been on the revenue aspect of Public Finance in proffering policy recommendations to nations of the world. Recently, there are more academic literature on the aggregated components of public spending, since the major economic issue in many countries of the world has been the declining growth rates which have intensely reduced standards of living, leading to a deep-seated re-examination of adjustment and development strategies. However, empirical literature on the macroeconomic determinants of public capital spending are sparse and mostly cross-country analysed. Hence, the use of panel data analysis which is good and reliable; nevertheless does not control for country-specific peculiarities. Therefore, this work distinctively provides insight into the macroeconomic peculiarity of Nigeria. This book is highly recommended for academics and students