Abstract
Despite the current financial crisis facing all levels of governments of Nigeria, virtually no efforts have been directed at the sociological analysis of the finances. The situation particularly begs for attention considering the dwindling agricultural status, focusing on cocoa, and the multiple socio-economic, political and cultural distortions embedded in its monolithic source of revenue. The literature is replete with the sociological analysis of pubic financial management. However, those analyses appear to be much more concentrated on the advanced than the developing economies. In this review article, we attempted a public economy discourse of developing economies, focusing on the deleterious interplays between the dominant oil income and agricultural outputs and how the duo has made Nigeria a rentier economy. With a critical review of integrated literature on the sociology of oil politics; the institutional and symbolic element of the tax-dependent economy; and the historical volatility of rentier economies; we critically drew a nexus between the current life-threatening revenue profile of Nigeria and her major, if not solitary, reliance on petrodollar as well as the socio-cultural manifestations. Like this, the essay advanced the significance of fiscal sociology as a veritable tool for constructing a theory about state finances. DOI: 10.7176/JESD/10-14-08 Publication date: July 31 st 2020
Highlights
In recent time, Nigeria, like other oil-dependent nations, witnessed significant downturns in her revenue profile due mainly to the volatile global price of the natural resources
The situation begs for attention considering the dwindling agricultural status, focusing on cocoa, and the multiple socio-economic, political and cultural distortions embedded in its monolithic source of revenue
Despite the current financial crisis facing all levels of governments of Nigeria, virtually no efforts have been directed at the sociological analysis of the finances in regards to the dwindling agricultural status and the multiple socio-economic, political and cultural distortions embedded in its monolithic source of revenue
Summary
Nigeria, like other oil-dependent nations, witnessed significant downturns in her revenue profile due mainly to the volatile global price of the natural resources. As rightly positioned by Izuchukwu (2011), agriculture has always contributed to the economic development of Nigeria by providing food for the citizens; providing necessary materials for manufacturing; provision of employment; provision of international relations in terms of exporting goods for revenue and establishing trade centres the Agric sector. The effect of crude oil exploration on agriculture in Nigeria Nigeria's economy is monolithic and heavily reliant on proceeds from oil revenue, which like every other issue in the country, the political terrain and the economic crises that determine the volume of cocoa production revolves around petroleum. The agricultural sector faced the most significant challenge by dropping to less than 50% contribution to GDP from about 70% in the preceding decades and later to as low as 16.05% in 2005 (Olaiya, 2016)
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