The paper is organized into four sections, after introduction. Macroeconomic, sectoral and distributional impact of gas. The state of education in nigeria has been affected by the persistent change in the educational policy and poor funding. It aimed to find out the relationship between monetization of fringe benefits and the direction of inflation rate. Some studies have examined the links between dollarization and inflation, armas and grippa 2005 argued that inflation targeting remains an appropriate approach to the complex phenomenon of a dual currency economy like peru. Thus, the paper argues that there are various controversies surrounding the 19992007 reforms in nigeria. Without evaluation of wisdom in electing public officers, monetization of nigerian politics will continue to deny nigerians of good leadership. The legal backing for monetary policy by the bank derives from the various statutes of the bank such as the cbn act of 1958 as amended in cbn decree no. There are both positive and negative effects of the monetization policy on the nigeria civil servants. Abdulrasaki 2011 described monetization as a form of monetary policy which means benefits being enjoyed by public servants who would be paid in lump sum. Surprising rules for successful monetization innovation is the most important driver of growth. The nigerian public servants have expressed doubt as to the governments sincerity in carrying out the implementation of the monetization policy to a logical conclusion.
With reforms of the isolationist trade measures and monetization of fiscal policy, investors could capitalize on attractive nigerian asset valuations and high yields, but he suggested that until. As the national urban development policy of nigeria observes, inadequate housing is a major problem facing cities in the country and which often manifests itself in, among other ways, the inability of supply to cope with demand, poor housing conditions, and paucity of basic infrastructure services and amenities. Monetization policy which is also referred to as monetization of fringe benefits is an. It is no news that most nigerian politicians often use sustainable development in education as a central manifesto in their campaigns. By tochukwu jude omenma department of political science university of nigeria, nsukka. Other variables like labour productivity and money supply whichwere tested along with monetization had positive impact on gross domestic output in nigeria.
Monetization of fringe benefits as part of public service reforms in nigeria a cost benefit analysis angbas, jonathan avre abstract nigeria currently prides itself as a country undergoing reforms especially, in the public sector. An appraisal of monetization policy under president. Nigerias national domestic gas supply and pricing policy. In nigeria, monetary policy has been used since the central bank of nigeria cbn was saddled the responsibility of formulating and implementing monetary policies by central bank act of 1958. What a sensible government should do is the following. Impact of politics on education nigeria a case study. It is expected that the reform program will minimize the massive waste, misuse, abuse and fraud that characterized the provision of fringe benefits to the public servants. While it usually refers to the coining of currency or the printing of banknotes by central banks, it may also take the form of a promissory currency. Section 12 subsections 1 to 5, cbn act of 2007 ammended. In 2003, the government of president olusegun obasanjo revisited the monetization policy. In banking, the term refers to the process of converting or establishing something into legal tender. Com dedicated to nigerias history, socioeconomic and political issues. The monetization policy is one of the most recent measures of the obasanjos administration to reduce.
Monetization of fringe benefits is a good economic policy that can minimize waste, eradicatecorruption and enhance labour. Pdf monetisation policy and the development of nigeria public. The monetization policy of federal government of nigeria. The work examines effect of monetization policy on the morale of nigeria workers with a view to explore the federal ministry of works, lagos. A new national gas policy 2017 recognized a fullblown energy crises in nigeria in spite of its abundant gas resources. While this might seem like a new trend, monetizing data or the ability to. Pdf on jan 1, 2017, jombo onyekachi and others published monetisation policy and the development of nigeria public service. The following was approved for the chief justice of nigeria and judges of the supreme court under the monetisation policy a accommodation to be provided by the government with an option to. Nigeria has adopted a new monetization policy that will help to improve the countries development, economy and future planning. Introduction policy aspirations given the abun dance of nigerias gas resources, government has identified the accelerated development of the domestic gas sector as a focal strategy for achieving the national aspiration of aggressive gdp growth 10% increase per annum. Also, monetization of nigerian politics exposes the country to foreign manipulation through stringedsupports from rich foreigners. Since the approval of the monetization of fringe benefits till date, there has been different reactions and concern over the implications of the policy on nigerians and the nigerian workers. Monetization in the nigerian public service african.
The macroeconomic impact of monetization on the nigerian economy. On may 29, 1999 during the inaugural speech, president olusegun obasanjo had this to say. Monetization, recurrent expenditure, capital expenditure, output, salary and fringe benefits. In nigeria, programmes are announced before planning commences. The fourth identified the components of monetization policy. The corruption in the public service and the cynical contempt for integrity in the bureaucracy will be stamped out.
The paper adopted theoretical model that hinged on inputoutput models and analysis of observed cases as its. Request pdf the monetization policy of federal government of nigeria and its implication since the attainment of political independence in 1960, there has. This role has facilitated the emergence of active money market where treasury bills, a. Section 3 examines the macro economic effects of the policy.
Dpr presentation to dgso stakeholders forum 02 nov. Ekaette, 2003, chukwu, 2006, eke, 2007, bakare, 2011, and a host of others agree that the monetization policy sought to. Pdf challenges of policy implementation in nigeria. In addition, the study covers the roles of monetization policy, its components, functions, objectives as well as how it affects civil servants. The policy makers believed that the scheme will encourage private initiatives and facilitate creativity and motivation and most importantly, improve the service of. Request pdf the monetization policy of federal government of nigeria and its implication since the attainment of political independence in 1960, there has been a persistent decline in. Whats the problem of monetization in nigeria answers. The macroeconomic impact of monetization on the nigerian. Monetization policy and productivity of civil servants in nigeria federal ministries abuja. Domestic gas is defined as gas utilized locally within the shores of nigeria either for home, industrial. The monetization policy is an integral part of governments reform efforts aimed at achieving efficiency in resource allocation. He argues that cash payment for benefits will act as incentive to. In other words, does nigerian monetization policy of beneficial to public workers. The third examined the evolution of monetization of fringe benefits in nigeria.
The monetization policy of federal government of nigeria and its. Introduction governments all over the world exist to provide goods. They hope that this monetization will help improve the value of the. Today, more than ever, companies need to innovate to survive. Actualization of the goals of the needs policy of federal. Companies obsess over being creative and innovative and spend significant time and expense in designing and building products, yet struggle to monetize. Prior to the introduction of the monetisation policy, public servants in nigeria used to. Since the attainment of political independence in 1960, there has been a persistent decline in productivity in the public sector, marked by a colossal increase in the cost of governance, resulting to a plethora of policy prescriptions, to bail nigeria from a state of suspended paralysis. The economic implications of monetization policy in. Dollarization, inflation and interest rate in nigeria. Solving the challenges in the domestic gas value chain. This paper investigated the economic implications of the monetization policy using nigeria data.
New public management and public service effectiveness in. The overall policy objective is the promotion of an enabling institutional, legal, regulatory, technological, and infrastructural environment for the sustainable development of outsourcing business in nigeria. The long run effects of monetization on the nigerian economy. The policy makers believed that the scheme will encourage private initiatives and facilitate creativity and motivation and most importantly, improve the service of quality delivery, promote patriotism and efficiency among civil servants. The paper adopted theoretical model that hinged on input. The policy of monetization was introduced in june 2003, while implementation started with political office holders, including ministers and members of the national assembly. Monetization in low and middleincome countries1 prepared by cameron mcloughlin2 and noriaki kinoshita3 authorized for distribution by paul mathieu june 2012 abstract the degree of an economys monetization, which has an important implication on economic growth, can be affected by the conduct of monetary policy, financial sector reform, and. Introduction since the nigerianization of the civil service in 1960 a number of efforts have been made to reform and revitalize the nigerian public services the civil. But successful innovationmeasured in dollars and centsis a very hard target to hit. The monetization policy though of recent origin in nigeria has attracted a lot of accolades as well as condemnations from writers and commentators. Thus we can conclude that monetization policy is a failure in nigeria. Monetization policy has been fully implemented among civil servants in abuja.
The model provides a complete analysis of how output equation using generalized moments method gmm variations affect aggregate consumption expenditure, investment, capital stock, labor, job cuts. Government, monetization, policy, fringe benefits, public service, public servants. The monster called monetisation policy nigeria and world. Joint undpworld bank energy sector management assista nce programme esmap strategic gas plan for nigeria february 2004. Data monetization from dataversity to view the on demand recording of this presentation, click here about the webinar scan any number of financial industry news publications, and stories regarding wall streets hunger for new data sets to improve alpha abound. Pdf monetization policy and productivity of civil servants in. At the stage of pronouncement, nigeria should know. These two factors came to being because of poor political ideology in nigeria.
Effects of the monetisation policy on employee performance in the. The economic implications of monetization policy in nigeria. The policy was subsequently extended, first to core civil service and is now being extended to all arms of the public service. The effect of monetization on federal civil servants in. It thereby aims to increase gas utilization with more contribution to gdp, grow key sectors of the economy and reduce gas flaring to 2 percent. Public policy and administration research issn 22245731paper issn 22250972online vol. This paper examines inflation and monetization of fringe benefits in nigeria. Will the policy ensure financial efficiency in governance. Conceptually, monetization as a policy has been very difficult to define in concrete terms. The monetization policy and organizational citizenship. Monetization or monetisation is, broadly speaking, the process of converting something into money. Protagonists of the policy argue that it will help reduce the cost of governance in nigeria. The fifth analyzed the interface between monetization and productivity and the challenges facing implementation of policies in nigeria and monetization, while the sixth suggested the way.
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