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Evaluation of the Effectiveness of Fiscal Policy of Nigeria: a Comparative Studies with Egypt

Student: Akorede Hamza danjuma

Supervisor: Varvara Nazarova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Finance (Master)

Year of Graduation: 2018

The need for developing countries and emerging economies to finance budget deficit due to low income has led to the incentive to seek for funds externally. Often receiving such funds comes at a price and the payment of such price could affect the economy at large. Especially when these funds are not well managed and utilized. This comparative study tries to find out the impact of public debt (external) on the economic growth of Nigeria and Egypt. Secondary data were obtained from the World Bank, from 1990 to 2015. Using regression analysis which is robust against autocorrelation and heteroscedasticity, our result shows that external debt had a negative impact on the economic growth of Nigeria and Egypt during this period, which is in line with existing literature. We then went further to determine the type of expenditures that would have a positive impact on growth. Using regression analysis, the result shows that government expenditures directed towards the agricultural and manufacturing sector would have a positive impact on the growth level for both countries. This is also in line with the hypothesis made. That this resources would have a positive impact on growth as a result of the availability of this resources in there natural form. Keywords: Economic growth, capital formation, low-income countries, budget deficit, external debt, management.

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