IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 10 NO. 8 2024
DOI: 10.56201/jafm.v10.no8.2024.pg241.257

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National Assembly Budget Allocation Expenditure and Welfare of Citizens: 2000-2022

Ekokotu, Rita Nkeiru & Ven. Prof. JKJ Onuora

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Abstract

This study examined national assembly budget allocation expenditure and welfare of Nigerian citizens. The study specifically focused on administration, economic services, and social and community services allocation expenditure on Human Development Index (HDI) of Nigerian citizens. The study adopted the ex post facto research design and data were obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin, spanning from 2000-2022. The unit root test using Augmented Dickey-Fuller (ADF) showed stationarity at 1(0), 1(1), and 1(2). The hypotheses were tested using the multiple linear regression technique. Interestingly, the results showed that a significant positive effect of budgetary expenditure on administration on the HDI; secondly, a negative effect of budgetary expenditure on economic services on HDI in Nigeria; lastly, budgetary expenditure on social and community services does not have a significant effect on HDI in Nigeria.From these findings, the study recommends Enhance transparency and accountability in the allocation and utilization of funds earmarked for administration. The Executive and Legislature should implement mechanisms to ensure that funds are used effectively and efficiently to benefit the citizens and contribute to overall human development. In addition, government should encourage diversification of economic services to promote inclusive growth and development across various sectors. Allocating funds towards industries that have the potential to create jobs, increase incomes, and stimulate economic activity will contribute to enhancing the overall human development outcomes. Additionally, government should increase support and funding for SMEs, which are vital contributors to economic growth and employment generation. The government should strengthen social protection mechanisms by expanding coverage of social safety nets, such as cash transfer programs, food assistance, and unemployment benefi

keywords:

Budget Allocation Expenditure, Citizens’ Welfare, Human Development Index

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