References
Adewale, A. A. (2024). Effects of budget deficit and money supply on inflation in Nigeria. International Journal of Interdisciplinary Sciences and Academic Research, 7(3), 1-19. African Development Bank. (2024). Nigeria economic outlook. Abidjan: African Development Bank Group. Retrieved from https://www.afdb.org/en/countries-west-africa- nigeria/nigeria-economic-outlook Ajiboye, D. O. (2022). Impact of budgetary deficit on the Nigerian economic growth. Bingham University Journal of Accounting and Business, 7(1), 379-389. Akamobi, O. G., & Unachukwu, I. B. (2021). Macroeconomic effects of budget deficit in Nigeria. European Journal of Economic and Financial Research, 4(4), 128-153. Alam, M. M., Sadekin, M. N., & Saha, S. K. (2020). Impact of selected macroeconomic variables on budget deficit in Bangladesh: Evidence from VECM and Granger causality approach. Asian Economic and Financial Review, 10(7), 745-759. Amade, M. A., & Oyigebe, P. L. (2024). Budget deficit and economic growth in Nigeria: An empirical analysis. International Journal of Health Economics and Policy, 9(1), 1-18. https://doi.org/10.11648/j.hep.20240901.11 Barro, R. J. (1989). The Ricardian approach to budget deficits. Journal of Economic Perspectives, 3(2), 37-54. Brookings Institution. (2023). Fiscal policy options for growing out of debt: Evidence from Nigeria. Washington, DC: Brookings Institution. Brooks, C. (2019). Introductory econometrics for finance (4th ed.). Cambridge: Cambridge University Press. Brown, R. L., Durbin, J., & Evans, J. M. (1975). Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society: Series B, 37(2), 149-163. Central Bank of Nigeria. (2022). Fiscal policy. Retrieved from https://www.cbn.gov.ng/MonetaryPolicy/Fiscal.html Central Bank of Nigeria. (2023). CBN Statistical Bulletin (Vol. 34). Abuja: Central Bank of Nigeria. Central Bank of Nigeria Monetary Policy Committee. (2024). Monetary Policy Committee communiqué (No. 296). Abuja: Central Bank of Nigeria. Chukwu, N. C., Otiwu, K. C., & Okere, P. A. (2020). Budget deficit and macroeconomic variables of Nigeria: 1980-2019. International Journal of Academic Research in Economics and Management Sciences, 9(1), 168-187. Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49(4), 1057-1072. Ekpo, U. N., Akpan, B. L., & Ekaetor, E. A. (2024). An examination of fiscal deficit-economic growth nexus for Nigeria using the bound test approach. AKSU Journal of Administration and Corporate Governance, 4(1), 108-120. Esu, G. E. (2023). Fiscal imbalances, economic growth and macroeconomic stability in Nigeria. International Journal of Research and Innovation in Social Science, 7(86), 887- 901. https://doi.org/10.47772/IJRISS.2023.7866 Granger, C. W. J. (1969). Investigating causal relations by econometric models and cross- spectral methods. Econometrica, 37(3), 424-438. Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). New York: McGraw- Hill/Irwin. Ibikunle, B. H., & Akutson, S. K. (2022). The macroeconomic implications of deficit financing in Nigeria: 1986-2020. Journal of Global Economics and Business, 3(11), 35-59. P-ISSN 2695-186X International Monetary Fund. (2024). Nigeria 2024 Article IV Consultation Staff Report. IMF Country Report No. 24/102. Washington, DC: International Monetary Fund. Kerlinger, F. N. (1973). Foundations of behavioral research (2nd ed.). New York: Holt, Rinehart and Winston. Keynes, J. M. (1936). The general theory of employment, interest and money. London: Macmillan. National Bureau of Statistics. (2023). Consumer Price Index Report: December 2023. Abuja: National Bureau of Statistics. Nkrumah, K. O., Orkoh, E., & Owusu, A. M. (2016). Exploring the budget deficit-economic growth nexus: New evidence from Ghana. Journal for the Advancement of Developing Economies, 5(1), 1-15. Nwikina, C. G., Meekor, J. J., Cookey, S. C., & Gbarator, L. M. (2021). Deficit financing and economic development: The Nigeria's experience. International Journal of Advanced Academic Research, 7(6), 45-57. Nwosu, N., Inam, U. S., & Orebiyi, P. A. (2024). Fiscal deficit inflation nexus in Nigeria. International Journal of Research and Innovation in Social Science, 8(7), 3274-3287. https://doi.org/10.47772/IJRISS.2024.807249 Okoro, A. S., & Oksakei, O. S. (2020). Federal government fiscal deficits and macroeconomic variables in Nigeria: An ARDL approach. International Journal of Advanced Studies in Economics and Public Sector Management, 8(2), 54-72. Onwuka, I. (2022). Budget deficit, inflation and economic growth in Nigeria: An empirical analysis. International Journal of Economics and Financial Research, 8(1), 1-14. Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. Phillips, P. C. B., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346. Shamsideen, A. Y., & Abisoye, A. (2020). The impact of budget deficit on economic growth in an emerging market: An application of ARDL technique. Asian Development Policy Review, 8(4), 351-361. https://doi.org/10.18488/journal.107.2020.84.351.361 Sunday, B., Bereh, P., & Gopar, N. (2020). Budget deficit and macroeconomic variables in Nigeria (1981-2015): VAR and Granger causality approach. International Journal of Business and Social Sciences, 11(2), 1-15. Toriola, A. K., Adebosin, W. G., Oyewole, A. S., & Aberu, F. (2022). Monetary inflation and fiscal spending in Nigeria. Journal of Public Administration, Finance and Law, 23, 242- 253. Tule, K. M., Onipede, F. S., & Ebuh, G. U. (2020). Monetary and fiscal policy mix in a small open economy: Evidence from Nigeria. Scientific African, 8, e00429. Ubi, P., Ebi, B., & Udah, E. (2021). Fiscal deficit, economic uncertainty and macroeconomic performance in Nigeria. Universal Journal of Accounting and Finance, 9(6), 1510- 1523. https://doi.org/10.13189/ujaf.2021.090628 Umaru, A. D., Aliero, H. M., & Abubakar, M. (2021). Budget deficit and economic growth in Nigeria. CBN Economic and Financial Review, 59(2), 23-41. Uremadu, S. O., Umezurike, I. N., & Onyele, K. O. (2024). Effects of budget deficit financing on the economy of Nigeria. AKSU Journal of Administration and Corporate Governance, 4(2), 166-190. https://doi.org/10.61090/aksujacog.2024.028 World Bank. (2024). Nigeria development update: Staying the course on reforms. Washington, DC: World Bank Group. P-ISSN 2695-186X World Bank. (2024). World development indicators: Nigeria. Washington, DC: World Bank Group. Retrieved from https://data.worldbank.org/country/NG World Bank. (2025). Nigeria macro poverty outlook. Washington, DC: World Bank Group.