References
Abubakar, I., & Ibrahim, A. (2020). The effect of fiscal policy on economic growth in Nigeria: An ARDL approach. Journal of Nigerian Economic Studies, 12(3), 45–68. Adetunji, O., & Balogun, A. A. (2023). Fiscal policy and GDP growth in Nigeria: Evidence from ARDL bounds testing. Nigerian Journal of Applied Economics, 21(1), 33–52. Afonso, A., & Jalles, J. T. (2022). The impact of fiscal policy on economic performance across European Union economies. European Economic Review, 145, 105–124. https://doi.org/10.1016/j.euroecorev.2022.105124 Akinlo, A. E., & Apanisile, O. T. (2021). Fiscal policy effects on economic performance in Sub-Saharan Africa: A GMM analysis. African Journal of Fiscal Studies, 18(4), 201– Anagun, A. M., & Sokunbi, G. M. (2025). A disaggregated ARDL analysis of capital formation on economic growth in Nigeria: Evidence from the endogenous growth model. East African Scholars Journal of Economics, Business and Management, 25(2), 5–24. https://doi.org/10.24040/eas.2024.25.2.5-24 Ayana, I. D., Demissie, W. M., & Sore, A. G. (2023). Fiscal policy and economic growth in Sub-Saharan Africa: Do governance indicators matter? PLoS ONE, 18(11), e0293188. https://doi.org/10.1371/journal.pone.0293188 Blanchard, O., & Johnson, D. R. (2023). Macroeconomics (8th ed.). Pearson. Debt Management Office. (2024). Nigeria’s debt sustainability report. Federal Government of Nigeria. International Monetary Fund (IMF). (2024). World economic outlook: Balancing growth and stability. https://www.imf.org Iyoha, M. A. (2023). Public finance in developing economies. Ibadan University Press. Keynes, J. M. (2018). The general theory of employment, interest and money. Springer. (Original work published 1936) Krugman, P. R., & Obstfeld, M. (2022). International economics: Theory and policy (12th ed.). Pearson. Kusi, N., & Kodzo, E. (2022). Fiscal policy and economic growth in Ghana: A VECM approach. African Journal of Economic Policy, 29(2), 57–75. Mankiw, N. G. (2021). Principles of economics (9th ed.). Cengage Learning. Musgrave, R. A., & Musgrave, P. B. (2019). Public finance in theory and practice (6th ed.). McGraw-Hill. OECD. (2023). Economic outlook 2023: Resilience amid uncertainty. Organisation for Economic Co-operation and Development. Ogunleye, F., & Nwachukwu, J. (2022). Fiscal policy, government borrowing, and SME productivity in Nigeria. Journal of Nigerian Small Business Studies, 10(2), 88–107. Okon, E., & Eze, C. (2024). Government borrowing and economic stability in Nigeria: An ARDL analysis. Nigerian Journal of Economic Policy, 15(1), 22–41. Olayemi, L. (2024). Fiscal policy and economic growth in Nigeria: Cointegration and causality evidence. West African Journal of Macroeconomics, 6(1), 12–29. Rosen, H. S., & Gayer, T. (2022). Public finance (11th ed.). McGraw-Hill. Samuelson, P. A., & Nordhaus, W. D. (2022). Economics (20th ed.). McGraw-Hill. Todaro, M. P., & Smith, S. C. (2020). Economic development (13th ed.). Pearson. World Bank. (2023). World development indicators. Retrieved from https://databank.worldbank.org/source/world-development-indicators Data of Fiscal Policy and Economic Performance in Nigeria YEARS Government Expenditure (N’Billion) Government Borrowing (N’ Billion) Gross Domestic Product (N’Billion) 1981 11.4 2.33 139.31 1982 11.9 8.82 149.05 1983 9.6 10.58 158.75 1984 9.9 14.81 165.85 1985 13.0 17.30 187.83 1986 16.2 41.45 198.12 1987 22.0 100.79 244.68 1988 27.7 133.96 315.62 1989 41.0 240.39 414.86 1990 60.27 298.61 494.64 1991 66.58 328.45 590.06 1992 92.80 544.26 906.03 1993 191.23 633.14 1,257.17 1994 160.89 648.81 1,768.79 1995 248.77 716.87 3,100.24 1996 337.22 617.32 4,086.07 1997 428.22 595.93 4,418.71 1998 487.11 633.02 4,805.16 1999 947.69 2,577.37 5,482.35 2000 701.05 3,097.38 7,062.75 2001 1,018.00 3,176.29 8,234.49 2002 1,018.18 3,932.88 11,501.45 2003 1,225.99 4,478.33 13,556.97 2004 1,426.20 4,890.27 18,124.06 2005 1,822.10 2,695.07 23,121.88 2006 1,938.00 451.46 30,375.18 2007 2,450.90 438.89 34,675.94 2008 3,240.82 523.25 39,954.21 2009 3,452.99 590.44 43,461.46 2010 4,194.58 689.84 55,469.35 2011 4,712.06 896.85 63,713.36 2012 4,605.39 1,026.90 72,599.63 2013 5,185.32 1,387.33 81,009.96 2014 4,587.39 1,631.50 90,136.98 2015 4,988.86 2,111.51 95,177.74 2016 5,858.56 3,478.92 102,575.42 2017 6,456.70 5,787.51 114,899.25 2018 7,813.74 7,759.23 129,086.91 2019 9,714.6 9,022.42 145,639.14 2020 8,772.3 12,705.62 154,252.32 2021 10,467.1 15,855.23 176,075.50 2022 13,872.2 18,702.25 202,365.03 2023 19,251.1 87,384.97 234,425.91 2024 23,314.13 112,177.22 262,639.22
