IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 5 NO. 4 2019

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Effect of Social and Economic Service Expenditure on Economic Development in Nigeria, (2006 – 2016)

Paago Ledibabari AND Akpeekon, Barisua

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Abstract

Government of every nation in the world spends on social and economic services such as security, health, education, servicing of federation debts, capital investments and administrative expenses. Social and economic services expenditure investment especially on productive venture is expected to accelerate the pace and level of economic development. This study therefore seeks to examine the effect of social and economic service expenditure on economic development (2006 – 2016). Data used in the study was on Gross Domestic Product (GDP), Gross National Product (GNP), social and economic services expenditure in indicators Health and Education and it was source for and extract from the Central Bank of Nigeria online statistical database and (https://www.indexmundi.com). The data spanned from 2006 -2016. The method Ordinary Least Square (OLS) multiple regression technique was used to estimate the hypotheses formulated in line with the objectives of this study. The results of this study revealed that the Federal social and economic service expenditure has no positive and insignificant impact on the economic development of Nigeria for the period under study. In view of the above facts, it was recommended that government should allocations diversify more resources to other sectors of the economy such as agriculture and industry into bring about feasible economic development.

Social Service, Economic Service, Expenditure and Economic development.

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